Aston Martin opens new tab posted a bigger-than-expected first-quarter pretax loss on Wednesday as the British luxury carmaker made fewer cars and burned more cash than analysts anticipated, sending the shares 11% lower.

Aston Martin, which has launched several new cars over the past year including its next generation sports cars the DB12 and Vantage, stopped production of old models ahead of the ramp up in production of fresh models later this year.

“Our first-quarter performance reflects this expected period of transition,” Chairman Lawrence Stroll said in a statement.
The second quarter is expected to be broadly similar to the first, it said.

Shares fell as much as 14% in early trading to 128 pence, their lowest level since November 2022.

“This miss would raise questions, in our view,” analysts at JP Morgan wrote in a note.

Total wholesale volumes for the first three months of the year came in at 945, below analysts’ average expectations of 1,024, according to a company-compiled consensus.

Free cash outflow was also bigger than expected for the quarter.

The company kept its 2024 outlook unchanged, and reported an adjusted pretax losses of 111 million pounds ($138 million) for the three months ended March 31, compared with 57 million pounds a year earlier.

Analysts, on average, were expecting an adjusted pre-tax loss of 93 million pounds.

Aston Martin announced its upcoming V12 flagship sports car on Wednesday, which will be propelled by a new engine and is scheduled to start deliveries in the fourth quarter.

The ultra-luxury carmaker, which has pushed back its first electric vehicle by a year, has doubled down on a powerful V12 combustion engine that typifies the noise and power associated with high-performance cars.