Aston Martin Lagonda Global Holdings PLC (LSE:AML) shares fell 24% on Monday after the luxury carmaker warned supply chain issues would hit profits this year.
Wholesales volumes were guided to fall from 6,620 over the full year, against previous expectations for growth, while gross margins were also set to miss a targeted 40%, Aston Martin said.
This follows supply chain issues which have hampered the company’s plans to ramp up production over the latter part of the year following new model releases.
Ongoing macroeconomic weakness in China was also cited as hitting profitability, with Aston Martin noting efforts had been made to re-align volumes in line with a demand-led strategy.
Shares fell 24% to 121.3p following the update.