Aston Martin will almost double production this year after working through inventory issues that have plagued the luxury automaker since its 2018 initial public offering.
The British company plans to make 6,000 vehicles this year, up from 3,394 in 2020, according to a statement on Thursday.
Aston Martin's quarterly revenue and adjusted earnings beat estimates on strong demand for its DBX SUV.
The automaker is in the midst of a restructuring plan a year after it was bailed out by Canadian billionaire Lawrence Stroll.
The 61-year-old fashion mogul has injected much-needed cash and forged closer ties with Daimler's Mercedes-Benz to ensure the company survives tumultuous times for the auto industry.
After not having turned a profit since it went public in 2018, Stroll has set targets for Aston Martin to earn 500 million pounds ($706 million) on 2 billion pounds of revenue by 2025. Stroll also has returned the company to Formula 1 racing.
The automaker is counting on sales of the DBX that Stroll has previously said was sold out through April to pace its recovery. Deliveries of the model began last year during the COVID-19 pandemic and ensuing lockdowns.
Kerrigan Advisors’ proprietary annual OEM Survey of over 100 executives reveals that the majority of respondents are worried about the financial impact of Chinese automakers’ growing global market share, and most expect that the EV transition to be slower than expected. The survey also queried executives on their outlooks for dealership valuations and profitability, as well as their expectations for the future of dealer networks and facility requirements.
Aston also will begin shipping its Valkyrie hypercar in the second half of 2021 as planned.
The company reached an agreement in October for Mercedes to supply hybrid and electric powertrains to the company, building on an engine tie-up that started in 2013.
In exchange, Aston will issue new shares to Mercedes, which will boost its stake from 2.6 percent to as much as 20 percent over three years.
Aston tried banking off Ferrari's successful 2015 IPO with its own listing three years later, but disappointing sales and inventory issues have sent the shares down 84 percent since their debut.
Aston Martin fell further into the red in 2020 with a 466 million-pound ($660 million) pre-tax loss as its vehicles sales tumbled.
In 2021, it expects "to see the first steps towards improved profitability," the automaker said on Thursday.
Reuters contributed to this report
