Shares of Aston Martin Lagonda Global Holdings PLC (LON: AML) rose 7% on Wednesday after the James Bond’s carmaker said it witnessed an uptick in demand in June.
Other than, Aston Martin’s first-half report was quite bleak. The luxury carmaker reported a first-half loss of £227 million as sales tumbled 41% amid the pandemic. Aston Martin lost £80 million in the same period last year.
A major restructuring process has been initiated in the company after a consortium led by Canadian billionaire Lawrence Stroll took over. Aston Martin replaced its CEO and installed a new finance boss.
“It has been a challenging period with our dealers and factories closed due to COVID-19, in addition to aligning our sales with inventory with the associated impact on financial performance as we reposition for future success,” said Stroll.
The UK-based carmaker said its retail sales jumped 11% in June on a year-to-year basis.
“From next year, we will have the great benefit of a highly competitive Aston Martin branded Formula One team giving us a significant global marketing platform to further strengthen our brand”.
Aston Martin share price soared 7% today on reports that the demand is recovering. Shares fell over 90% since the IPO in 2018.