Yahoo Finance Aston Martin starts shipping £2.4m Valkyrie hypercar following delays
Luxury car-maker Aston Martin has said it has finally started shipping its luxury Valkyrie hypercar to customers following delays.
Bosses added that the company’s DBX SUV, on which they have pinned a long-awaited recovery, is selling well, with more than 3,000 units shifted last year.
Wholesale sales grew 82% to 6,182, including 3,001 new DBX cars – taking around 20% of the luxury SUV sector. Sales of the DBX along with GT vehicles on forecourts were even higher.
Aston Martin said its first £2.4 million Valkyrie hypercar shipped at the end of last year, having earlier faced electrical issues.
The first was built in November, but only 10 have so far been shipped to wealthy customers – fewer than previously planned.
The company said: “Following an extensive and challenging development and testing schedule, which has now successfully completed, the game-changing Aston Martin Valkyrie hypercar programme is in production and deliveries to customers have commenced.”
As a result of the delays, underlying pre-tax profits will be around £15 million lower than expected when the firm announces its full-year results later this year.
But bosses said this is only a timing issue, and profits from the vehicle will be reflected in future results.
Cash balance at the end of the year for Aston Martin will now be £420 million – higher than expected.
Executive chairman Lawrence Stroll said: “I am extremely pleased that our core business has delivered to plan with over 6,000 core wholesales in the year whilst driving inventory to levels that are appropriate for an ultra-luxury business.
“The evidence is there that our strategy is working, as retail sales are well ahead of wholesales supported by strong pricing and improving residual values. It is a very long time since the core business was in such good health as it is today.”
He added that the company has also benefited from returning to Formula One “which has significantly increased our brand exposure, perception and desirability”.
Chief executive Tobias Moers said: “Our core business delivered as planned while navigating a challenging external operating environment.”
