(Reuters) -Aston Martin Lagonda has forecast it would hit targets of 500 million pounds ($635.85 million) in adjusted profit and 2 billon pounds in revenue by 2024-2025, the Financial Times reported on Monday.
The luxury carmaker, which had the capacity to sell 10,000-15,000 models a year, will likely sell “maybe 17 (thousand) at its peak in years to come,” FT quoted Aston Martin Executive Chairman and top shareholder Lawrence Stroll as saying.
Aston Martin is set to drop official targets for sales when it sets out mid-term targets on Tuesday, and will focus instead on cash flow, margin improvements and revenue targets, according to the newspaper.
Stroll’s forecast comes as the British company on Monday reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in return for access to its “high performance” technology.
In March, Aston Martin said that it expects profitability to improve this year and to turn free cash flow positive in the second half as it begins deliveries of its next-generation sports cars in the third quarter, forecasting wholesale volumes of about 7,000 units for 2023.
The carmaker, without commenting on the FT report, said it would update investors on performance against its targets at the company’s capital markets day on Tuesday.
($1 = 0.7863 pounds)
(Reporting by Juby Babu in Bengaluru; Editing by Maju Samuel)
