Aston Martin Slashes Loss As Luxury Car Sales Soar

London, May 6 (UrduPoint / Pakistan Point News - 6th May, 2021 ) :British luxury carmaker Aston Martin Lagonda on Thursday announced a large reduction in losses in the first quarter on soaring sales, notably of its DBX sports utility vehicle.

James bond's favourite car brand Aston Martin announced a pre-tax loss of �42.2 million ($59 million, 49 million Euros) in the first three months of 2021, it said in a statement.

That compared with a loss totalling �110.1 million in the first quarter of 2020.

"I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation," chief executive Tobias Moers said in the statement.

Total revenue more than doubled to �224.4 million from �88.8 million.

"My co-investors and I are very confident in the future success and potential for Aston Martin as we transform the company to be one of the greatest luxury car brands in the world," added chairman Lawrence Stroll.

Aston, hit hard by weak global demand before the pandemic struck, won a cash injection from Canadian billionaire Stroll at the start of 2020.