Losses widened dramatically at sports car manufacturer Aston Martin in the first quarter of the year as it sold nearly 50 per cent fewer cars than in 2019.
Pre-tax losses hit £118.9 million for the three months to March 31, 2020, compared to £17.3 million in the same period last year.
Listed Aston Martin also said today that revenue more than halved for the period, falling from £196 million to £78.6 million.
The company, which is headquartered in Gaydon in Warwickshire and runs a major factory at St Athan in South Wales, said the covid-19 pandemic had hurt dealer demand during the quarter, with 578 fewer vehicles sold in the three months, compared to 1,057 in the equivalent period in 2019.
It has also begun
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Newly installed executive chairman Lawrence Stroll said: "While in the short term, we will have some difficulties due to the onset of covid-19, having been in the business for a few weeks now I am even more enthusiastic and confident in the multi-year plan we have set out to bring new and exciting products to market to drive demand and build the Aston Martin brand.
"My immediate priority is to rebalance supply and demand, reducing dealer stock.
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"Although nearly all our dealers are compromised and our factories were closed, we are focused on achieving results and delivering our plan.
"We have made very good progress very quickly, with dealer inventory down 428 units in just one quarter, more than double the level achieved in the whole of 2019.
"With St Athan reopened safely last week, I am extremely pleased that DBX remains on track for deliveries in the summer and has a strong order book behind it extending into 2021."
Chief executive Andy Palmer added: "During this difficult time, our primary concern remains the health and safety of our employees and their families, our business partners, customers, and the local communities where we operate.
"I am particularly proud of the hard work of our people in producing personal protective equipment for frontline NHS workers to whom we all owe an enormous debt of gratitude.
"Covid-19 and the resulting global economic shutdown has had a material impact on our performance this quarter but during this unprecedented time we completed a £536 million capital raise and continued to implement our exciting strategy to reset and safeguard the long-term future of the business.
"Part of the reset includes reducing our global dealer inventory to a luxury norm to rebalance supply and demand, to build resilience and profitability for the future.
"Although there is still much uncertainty around the duration of the pandemic and the shape of the economic recovery, we remain focused on and excited about our plans."