(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc shares slumped after the luxury car-maker said it will deliver fewer vehicles than expected this year due to persistent supply-chain problems.

The company now expects to deliver as few as 6,200 cars, down from an earlier projection of more than 6,600 units after parts shortages prevented some 400 autos from being shipped in the third quarter, it said Wednesday. Aston also reported a worse-than-expected operating loss in the period.

“Although these headwinds, which are already improving in Q4, have disrupted our near-term financial performance and modestly impacted our full year guidance, the medium and long-term outlook is robust,” Executive Chairman Lawrence Stroll said in a statement.

The carmaker has been struggling with a turnaround plan to raise output and lower debt, and has long been suffering from the supply-chain problems that have plagued the industry. Volkswagen AG last month cut its sales expectations for the year as semiconductor availability remains scarce and logistics continue to pose a challenge. Japan’s Toyota Motor Corp. lowered its production target for the same reasons.

Aston plunged as much as 16.5% in London, the steepest intraday drop in more than four months. The shares are down around 81% this year.

New Investors

In September, the manufacturer completed a £654 million ($752 million) rights issue with Saudi Arabia’s Public Investment Fund becoming an investor. It also attracted China’s Zhejiang Geely Holding Group Co., which acquired a 7.6% stake in the carmaker. Geely, which owns Volvo Car AB and controls British roadster maker Lotus, is considering boosting its stake in Aston over time to foster collaboration, Bloomberg reported last month.

“Aston Martin is facing a huge challenge to reduce its debt level,” said Orwa Mohamad, an analyst at Third Bridge. “This is particularly concerning in a deteriorating macro backdrop. Aston Martin has fantastic cars and a strong brand, but their financial position makes success a real challenge.”

Aston lowered its net debt to £833 million, down from £892 million at the end of last year, and said it’s still seeing strong demand for its luxury cars.

Once touted as a peer to Ferrari NV, Aston has suffered a number of setbacks since its 2018 initial public offering. With dwindling cash and rising debt, the manufacturer sought a rescue in 2020 from Canadian billionaire Stroll, who injected cash and forged closer ties with Germany’s Mercedes-Benz AG.

(Updates with shares in fifth paragraph.)

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