11th Feb 2022 07:44
(Alliance News) - The executive chair of Aston Martin Lagonda Global Holdings PLC said the luxury sports car maker does not need to raise new funds, despite admitting to delays in the production of its Valkyrie hypercars, the Financial Times reported on Thursday.
"We don't need any more money at all," Lawrence Stroll said, according to the newspaper. "Let me be crystal clear, black and white: we do not need money, and car sales are on track."
Less positively, Stroll said the Valkyrie, which will be priced at GBP2.5 million each, are taking longer than expected to build due to their complexity. "This is a Formula One car for the road," he said according to the FT. "We overestimated the amount of cars we could build until we started building."
https://www.ft.com/content/abf7d63d-d1e9-4eaa-8a29-3cbf817a7d92
Aston Martin reports annual results on February 24. Last month, Aston Martin warned that its adjusted earnings before interest, tax, depreciation and amortisation for 2021 will be GBP15 million lower than previously anticipated.
At the time, it said it had a cash balance of GBP420 million at the end of December, higher than it had expected.
By Tom Waite; [email protected]
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