Aston Martin expects deliveries to rise by 8 percent this year after surging demand for its DBX SUV helps to offset delays for the automaker's Valkyrie hypercar.
Aston Martin reported fourth quarter earnings before interest, tax, depreciation, and amortization of 65.6 million pounds ($89.2 million) on Wednesday, falling short of analysts' estimates of 81 million pounds.
In January, Aston said delayed deliveries of the 2.4 million-pound Valkyrie had reduced its Ebidta by about 15 million pounds.
Still, Aston Martin it sold more than 3,000 DBXs in the year, giving it a 20 percent share of the luxury SUV market, the company said.
Aston plans to deliver as many as 90 Valkyries this year.
The automaker added it planned to launch its first full-electric vehicle in 2025 and that as of 2026 all new car lines would have an electric option.
Aston Martin has spent the last 18 months restructuring after a rescue by Canadian billionaire Lawrence Stroll. The 62-year-old fashion mogul injected cash and forged closer ties with Mercedes-Benz to ensure the company survives tumultuous times for the auto industry.
"We have successfully transitioned our operating model to that of an ultraluxury performance brand, with customer demand well ahead of supply," Stroll said. "Our core business is strong and delivered to plan, with substantially improved profitability."
The first two new vehicles produced by Aston Martin's new management -- the DBX707, a high-performance variant of its luxury SUV, and the V-12 Vantage sports car -- will be launched this year "with improved profitability compared with prior models," the company said.
Aston Martin said it had started incorporating technology from Mercedes, which increased its stake in the struggling automaker in 2020, but added there were "currently no plans to issue additional shares" to the German automaker until early 2023.
That deal in 2020 expanded an existing supply agreement to give Aston Martin access to key Mercedes' technology, including hybrid and electric drive systems.
The company said it is on track to achieve its medium-term revenue and profit targets.
"We always mentioned that 2023 is the year we become profitable," Stroll said in a Bloomberg TV interview.
Bloomberg and Reuters contributed to this report
