Aston Martin’s quarterly loss worse than expected

(Reuters) -Aston Martin posted a bigger-than-expected first-quarter pretax loss on Wednesday as the British luxury carmaker made fewer cars than market expectations and finance costs soared.

Total wholesale volumes for the first three months of the year came in at 945, below analysts’ average expectations of 1,024, according to a company-compiled consensus.

“Our first-quarter performance reflects this expected period of transition, as we ceased production and delivery of our outgoing core models ahead of the ramp-up in production of the new Vantage, upgraded DBX707 and our upcoming V12 flagship sports car,” Chairman Lawrence Stroll said in a statement.

The company kept its 2024 outlook unchanged, and reported an adjusted pretax losses of 111 million pounds ($138.45 million) for the three months ended March 31, compared with 57 million pounds a year earlier.

Analysts, on average, were expecting an adjusted pre-tax loss of 93 million pounds.

($1 = 0.8017 pounds)