Aston Martin Lagonda, Britain’s only carmaker listed on the London Stock Exchange, is grappling with substantial financial setbacks, missing all 2024 targets as production cuts, supply chain issues, and a steep drop in Chinese demand impact performance.

The luxury automaker, led by new CEO Adrian Hallmark, is burning through cash at over £1 million a day, with net debt climbing to £1.21 billion—nearly 50% higher than a year ago.

The company, controlled by executive chairman Lawrence Stroll alongside Saudi Arabia’s PIF and Chinese carmaker Geely, has faced ongoing challenges. After a disappointing third quarter, in which Aston Martin reported a £12 million loss despite an 8% revenue rise to £391 million, it revised its outlook. Hallmark, formerly with Bentley, cut production targets by 14% to 6,000 vehicles annually and has recalibrated growth expectations.

One of the biggest blows to Aston Martin has been the plummet in demand for the DBX 4×4, particularly in China—the world’s largest auto market—where sales of the model have dropped by 54%. Previously Aston’s best-seller, the DBX now accounts for only 30% of sales. The company’s overall volumes remain down 17% this year, with revenues slipping 4% to £994 million.

In response to these setbacks, Aston Martin has abandoned its goal of achieving cashflow break-even by the end of 2024. Hallmark remains optimistic about the company’s “diverse, dynamic, and desirable portfolio,” asserting that a steady supply chain and stabilised markets could restore momentum. “We are on track to meet our revised full-year guidance,” he said, underscoring a renewed focus on adjusting production volumes to align with market conditions and supply limitations.

Aston Martin’s stock rose slightly following the announcement, closing at 111p, but shares remain far from the £4.3 billion valuation the company boasted when it floated six years ago. As the carmaker faces increasing competition in the luxury electric segment, all eyes will be on its ability to stabilise operations and capture market share amid mounting challenges.