Luxury British car-maker Aston Martin Lagonda predicts the softening market for its motors will continue into next year.
The company – which produced over 1,000 cars in the first quarter of the year - expects full-year wholesale to be between 6,300-6,500 vehicles.
“While this short-term wholesale correction is disappointing, retail sales have grown by 26% in the first half, production for DBX, our first sports utility vehicle, and Aston Martin Valkyrie remain on plan,’’ said its update.
“During the first half, we have been disciplined, as appropriate for our luxury positioning in maintaining the quality of sales with core wholesales up 9% supporting a continued reduction in dealer inventory as we prepare the network for DBX.
"In this period, The Americas and APAC have continued to deliver strong growth while UK and European markets have decelerated further,’’ it continues.
Dr Andy Palmer, Aston Martin Lagonda president and group chief executive officer, said: "While retails have grown by 26% year-to-date, our wholesale performance is adversely impacted by macro-economic uncertainty and enduring weakness in UK and European markets.
"We are disappointed that short-term wholesales have fallen short of our original expectations, but we are committed to maintaining quality of sales and protecting our brand position first and foremost.
"We are today taking decisive action to manage inventory and the Aston Martin Lagonda brands for the long-term. We remain focused on the successful execution of the Second Century Plan and on delivering sustainable long-term growth."
