(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc. more than quadrupled revenue last quarter as the the carmaker ramped up sales of its first-ever sport utility vehicle.
The $180,000 DBX paced a revenue surge to 274.4 million pounds ($381 million) from 57.2 million pounds a year ago, beating analysts’ average estimate. Adjusted earnings also exceeded expectations.
Aston Martin racked up losses and debt after going public in 2018 and has spent the last year restructuring after a rescue by Canadian billionaire Lawrence Stroll, who took over as chairman. The 62-year-old fashion mogul injected much-needed cash, pared bloated vehicle inventory and forged closer ties with Daimler AG’s Mercedes-Benz to ensure the company survives tumultuous times for the auto industry.
“The demand we see for our products, the new product pipeline and the quality of the team we have in place to execute, gives me great confidence in our continued success,” Stroll said Wednesday in a statement.
In October, Aston Martin reached an agreement for Mercedes to supply hybrid and electric components to the U.K. company, expanding on an engine tie-up that started in 2013. Mercedes will boost its stake in the carmaker from 2.6% to as much as 20% over three years.
Aston Martin will begin shipping the new Valkyrie hypercar in the second half of the year. Earlier this month, the company unveiled a production version of its 950-horsepower Valhalla, a plug-in hybrid supercar. The mid-engine model will go into production in 2023, with prices expected to be over 600,000 pounds.
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