Kuwait-backed Aston Martin logs loss of USD110.9m

17 Oct 2015

(MENAFN) British luxury carmaker Aston Martin, which has Investment Dar of Kuwait as a 24 percent shareholder, saw its losses almost triple in 2014, the fourth consecutive year it has failed to post a profit.

The brand, famous for making the DB5 sports car driven by fictional secret agent James Bond, posted a loss of USD110.9 million last year, compared with a loss of USD25.4 million in 2013.

Chief Executive said the firm would not return to profitability until at least 2017 as it pumps money into an expansion that includes plans to build its first crossover sport-utility vehicle.

Sales of the brand’s elite range of luxury sports cars fell from 4,200 in 2013 to 3,661 in 2014. It had to recall most of its cars built between late 2007 and the start of last year due to the use of a counterfeit plastic material.

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