German and British automakers Porsche and Aston Martin today released their results for the first quarter of 2023. With overall satisfactory figures, the luxury car brands are aiming to further improve their profitability.
Expected to be on the cusp, luxury carmakers Aston Martin and Porsche announced their first-quarter results on Wednesday.
British brand Aston Martin posted a smaller quarterly pre-tax loss at 74.2 million pounds ($92.7 million), compared with 111.6 million pounds ($139.5 million) a year earlier.
The brand benefited from strong sales of its DBX sport utility vehicle and higher selling prices. Free cash flow in the quarter was 118 million pounds, up from 25 million pounds a year ago.
German brand Porsche, meanwhile, said its profits and sales jumped more than 25 percent. The company reported first-quarter 2023 sales of 10.1 billion euros and operating profit of 1.84 billion euros, beating the expectations of three analysts surveyed by Refinitiv.
Operating profit at its financial services arm fell to €86 million from €102 million previously.
Better profitability for Aston Martin
Aston Martin, whose models are beloved by British spy James Bond, said in March that it expects improved profitability this year and positive free cash flow in the second half. The brand will begin delivering its next-generation sports cars in the third quarter.
Featured photo : © Top Gear