(Bloomberg) -- Aston Martin Lagonda Global Holdings Plc Chief Executive Officer Adrian Hallmark pledged to step up cost-cutting efforts after the luxury-car maker reported another quarterly loss.
The British manufacturer reported an operating loss of £12.1 million ($15.7 million) for the three months through September, although this wasn’t as bad as analysts were expecting. It cited issues including weak demand in China.
The slowdown in Asia’s largest economy, along with supply-chain disruption, prompted Aston Martin to follow rivals in issuing a profit warning last month. The company confirmed its revised outlook on Wednesday, adding that it’s actively managing the supplier issues and sales in China.
Synonymous with the James Bond movies, Aston Martin was rescued in 2020 by Lawrence Stroll but the Canadian billionaire is struggling to turn it around. He tapped former Bentley Motors Ltd. boss Hallmark, who began as CEO last month, to aid the effort.
Aston Martin shares rose as much as 5.9% on Wednesday. The stock is still down by more than half this year.
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