Aston Martin has issued a trading update to the stock exchange, warning that it expects to miss its EBITDA (earnings before interest, taxes, depreciation and amortisation) target for 2021 by around £15 million as a result of delays readying the Valkyrie hypercar for production.
Describing the hypercar project as “challenging” and noting that it was “inherited” when he led a consortium buying into the firm in 2020, executive chairman Lawrence Stroll highlighted that production had now begun and that 10 customer cars were delivered before the end of last year.
Aston’s trading statement said: “This was fewer than previously planned and accordingly adjusted EBITDA is anticipated to be c.£15m lower than expected. The impact is timing only, all Aston Martin Valkyrie Coupés are sold and remain allocated to customers with significant deposits.”
The statement also noted that customer demand for the Valkyrie Spider was double the allocation of cars that will be built and that the income from the Valkyrie project is delayed rather than lost as a result of the ongoing demand for the cars.
