Aston Martin shares fell 4.5% after it issued its second profit warning in just two months, saying it expects a profit of £280 million in 2024, down from £305.9 million last year.
The luxury automaker cited a slight delay in deliveries of exclusive Valiant models as the main reason for the shortfall.
In addition to delivery delays, Aston Martin has already cited weak demand in China in September, as a slowing economy weighed on luxury vehicle sales.
To bolster its finances, the company plans to raise £210 million through a mix of new equity and debt.
CEO Adrian Hallmark said in a statement that the funding will support the company’s future growth and product innovation, while ensuring a more balanced production and delivery profile.
Aston Martin now expects to deliver half of its 38 Valiant orders by the end of the year, which is lower than its original forecast. The value of the company’s shares has halved since the beginning of the year.
Along with the recession in China, Aston Martin has also faced supply chain issues, resulting in an expected car production drop of around 1,000 cars from initially planned for 2024.
