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Aston Martin to shut down UK production from Wednesday

The supercar maker will shutter its manufacturing facilities until 20 April as part of efforts to protect its finances and employees during the coronavirus outbreak

Aston Martin Lagonda Global Holdings PLC - Aston Martin to shut down UK production from Wednesday

Aston Martin Lagonda Global Holdings PLC (LON:AML) is to shut down its UK manufacturing facilities from tomorrow until 20 April as part of efforts to protect its finances during the coronavirus outbreak.

The supercar maker said around a third of its dealer network was currently closed while another third were operating at a limited capacity, although it warned that this number could increase over time.

READ: Aston Martin increases cash injection by £36mln as coronavirus hits market

However, the firm said it is working with suppliers and business partners to ensure it was ready to deliver production to meet demand once the suspension was lifted.

Development of the company’s Valkyrie model was also continuing with first deliveries still planned for the second half of 2020, while third production trial DBX’s models have been built with final testing continuing.

The order book for the DBX had “continued to build”, Aston said, with deliveries still planned to start in the summer period, subject to factories and suppliers returning to normal operations.

The company also said it is taking action to “control and re-phase” it operating costs and capital expenditure to protect its financial position.

The upbeat outlook sent the shares motoring 16.1% higher to 219p in mid-afternoon trading on Tuesday.

Quick facts: Aston Martin Lagonda Global Holdings PLC

Price: 77.95 GBX

LSE:AML
Market: LSE
Market Cap: £738.16 m
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