Aston Martin core earnings rise, appoints ex-Ferrari boss as CEO

Luxury car maker Aston Martin Lagonda reported a rise in adjusted core earnings on Wednesday amid strong retail demand and announced the appointment of former Ferrari boss Amedeo Felisa as chief executive.

Adjusted EBITDA increased for the three months to March 31 by 18% to £24.4m. Losses before tax widened to £111m from £42.2m.

Revenue increased 4% to £233m driven by a rise in average selling prices and the delivery of the Valkyrie model during the period. The company said retail customer demand continued to run ahead of wholesales, with GT/Sports models sold out for the year.

Its new V12 Vantage was also announced, with all 333 units sold-out by launch in March following unprecedented demand, Aston Martin added.

Felisa’s appointment follows the departure of Tobias Moers “by mutual agreement” with immediate effect after two years with the firm. The Financial Times reported Moers had caused friction in Aston Martin with his management style.

Looking ahead, Aston Martin said the global operating environment remained uncertain due to the war in Ukraine, ongoing global Covid-19 lockdowns, notably in China, continued supply chain and logistics disruptions, and raw material cost inflation.