Aston Martin has announced it is scrambling to raise cash as it issues its second profit warning in two months.
The UK luxury carmaker now expects to post profits of up to £280m ($352m) in 2024 – down from £305.9m last year.
The company, famous for its ties to the James Bond movie franchise, said the drop was due to “slight delays” in the delivery of its highly exclusive Valiant models.
Aston Martin was already there Warned about its profits In September, it said it faced a slowdown in demand in China, where a sluggish economy has hit sales of high-end goods.
To bolster its finances, the carmaker has said it will issue new shares and debt totaling £210m.
“The financing we are taking on supports our growth and provides investment to continue future product innovation,” Aston Martin chief executive Adrian Hallmark said in a statement.
“We are already taking decisive steps to better position the group for the future, including a more balanced production and delivery profile.”
Aston Martin said it now expects to deliver about half of the 38 Valiant model orders by the end of the year. It had previously said it would be able to deliver the majority of these cars.
UK-listed shares in the premium carmaker have now halved since the start of the year.
Aston Martin is a well-known brand that builds high-end cars in relatively small quantities.
Last year, it sold 6,620 vehicles, nearly a fifth of which went to the Asia-Pacific region.
On top of the slowdown in China, it has faced multiple supplier issues, affecting its ability to produce several new models.
As a result, Aston Martin has said it will build about 1,000 fewer cars this year than originally planned.
Carmakers across Europe have been struggling lately, with disappointing sales and increased competition from abroad taking a heavy toll on earnings.