British luxury carmaker Aston Martin recently reported a sharp rise in company losses. This is the sixth consecutive year that the company failed to post any profit. Despite this, the carmaker said that they are optimistic this year with the launch of the Aston Martin DB11.
Aston Martin reported that the launch of the DB11 have helped increase sales during the latter part of 2016. Regarding its losses, the company reported a 27 percent increase in pre-tax losses. This translates to $200 million in losses.
Despite another disappointing year, Aston Martin was able to mitigate the loss with the release of the DB11. During the last quarter of 2016, the company reported that sales rose by as much as 50 percent with the release of the Aston Martin DB11.
"I think it's fairly easy to see the transformational effect the DB11 has on the brand," Aston Martin chief executive Andy Palmer said in a statement acquired by Fortune. "Obviously that's going to be reiterated many times over now with Vantage and Vanquish replacements."
Aston Martin DB11 sales boost wasn't enough to avoid losses https://t.co/DI4kTNKvGV pic.twitter.com/iRSuOUxdmP
— Fortune (@FortuneMagazine) February 24, 2017
Aston Martin closed 2016 with 3,687 cars sold. This represents a 1.9 percent increase year-to-year. However, despite this sales uptick, the company still lags behind close rivals like McLaren and Ferrari.
In a bid to boost production, Aston Martin is building a new manufacturing facility in Wales. This is part of the company's $250 million investment in order to increase production of the new crossover SUV, the Aston Martin DBX.
According to Motor Trend, Aston Martin has also added the DB11 to the growing lineup of cars supported by its Q customization division. The aptly named "DB11 Q by Aston Martin" will debut at this year's Geneva Motor Show along with the Vanquish S and the AM-RB 001. Aside from new color options, the Q division will also offer customization options on both the car's interior and exterior.
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