Aston Martin warns ‘disruptive' Trump tariffs puts brakes on profit
The London-listed firm has joined Stellantis, Porsche and Mercedes in warning investors over higher import costs as it faced 'evolving and disruptive' trade policy changes from the US.
The group previously stated that it was expecting profit growth this year but said it is now forecasting that underlying earnings will 'improve towards breakeven'. Shares in Aston Martin were down 2¾p or 3.5 per cent to 76p.
Aston Martin's Valhalla design
ASTON MARTIN
Aston Martin reported a 25 per cent decline in revenue for the first half of the year, down from £603 million to £454.4million, and the company's operating loss widened from £106.1 million to £134.7 million. The volume of cars sold dropped by 4 per cent to 1,922.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
16 minutes ago
- BBC News
'He definitely has it', so why did Hamilton say he was useless?
Lewis Hamilton insisted he "still loves" Formula 1 after his most challenging weekend of his Ferrari career so far at the Hungarian Grand Saturday, Hamilton had said he was "just useless" after the seven-time champion qualified 12th on the grid, while his team-mate Charles Leclerc took Ferrari's first grand prix pole position of the Sunday, Hamilton finished in the same place, while Leclerc, after fighting with the race-winning McLarens for the first two-thirds of the race, faded to fourth place, his car apparently afflicted by a problem in the final said he felt "the same" as he had after qualifying. He said: "There's a lot going on in the background that is not… great, so…" But added: "I'm sure there are positives to take from the weekend and I'm sure there's learnings."As is often the case when Hamilton struggles, not only does his mood plumb the depths, but the F1 rumour mill spins into Hamilton over the hill, some wondered after qualifying? Would he even quit Ferrari at the end of the year, or perhaps even before the end of the season?That one, at least, Hamilton rejected, saying he would be back in the car at the Dutch Grand Prix at the end of August after F1's summer break."I'm looking forward to coming back," he said. "I'll be back, yeah."Anyone who knows Hamilton, and his determination, and refusal to give up, knows the answers to the other questions about his future, performance, in the wake of some upgrades on the Ferrari car at least gives him some room for optimism."Definitely some improvements that have been made on the upgrades," Hamilton said. "Naturally, it's a shame we're not as competitive as the guys at the front, but you've seen Charles has had a really strong run of the last two races."The car is definitely progressing, so we have to keep trying to extract more from it." What does his boss think? Team principal Frederic Vasseur injected some perspective into Hamilton's situation."For sure when you are seven times world champion, your team-mate is in pole position and you are out in Q2, it's a tough situation," Vasseur the race result, Vasseur pointed out that Ferrari had gambled on a one-stop strategy starting on the hard tyre on a track where overtaking is notoriously difficult, and it "didn't work.""I can understand the frustration from Lewis," he said, "but this is normal, and he will come back."Vasseur, who was instrumental in persuading Hamilton to leave Mercedes to join Ferrari for this season, pointed out that the results in Hungary made his driver's weekend look worse than it Hamilton had been 0.247 seconds slower than Leclerc when he was knocked out of qualifying after the second session. But Leclerc himself had found it hard to progress, and Hamilton had been just 0.155secs adrift of his team-mate in the first past two races have seen a stall in the positive momentum Hamilton had been building after a difficult start to his Ferrari Miami in early May, there has been little to choose between the two drivers in qualifying, and Hamilton out-qualified Leclerc in three of the four races before Belgium, a week before errors of different kinds in the qualifying sessions for the sprint and grand prix at Spa made Hamilton look uncompetitive when he was anything was a match for Leclerc on pace in Belgium, but an off followed by a spin caused by a combination of factors relating to a new braking material saw him out in the first session in sprint qualifying, and the same thing happened when he misjudged the exit of the 180mph+ swerves at Eau Rouge and went slightly outside track limits in qualifying for the grand with the problems in Belgium and Hungary, and the need to adapt to a new car of very different characteristics at the start of the season, Hamilton's average qualifying deficit to Leclerc is 0.146 seconds this not what Hamilton would expect of himself, but it should be viewed in the context of that Ferrari - and many others in F1 - regard Leclerc as the fastest driver over a single lap in the critics point to his struggles against George Russell in his final season at Mercedes last 40-year-old has found the ground-effect cars introduced into F1 in 2022 do not fit his late-braking style as well as the previous generation of cars. And it does remain a mystery that he has not been able to adapt as well as would have been expected, or apparently as well as other Vasseur rejected any idea that he might be worried about Hamilton's situation."He's demanding," Vasseur said, "but I think it's also why he's seven times world champion, that he's demanding with the team, with the car, with the engineers, with the mechanics, with myself also. But first of all he's very demanding with himself." What does his former boss think? Toto Wolff, Hamilton's former team boss at Mercedes, was asked about Hamilton's downbeat self-assessment."That is Lewis wearing his heart on the sleeve," he said. "It's what he thought very much when he was asked after the session. It was very raw."He was doubting himself, and we had it in the past when he felt that he underperformed his own expectations and your team-mate is on pole, and he's been that emotionally transparent since he was a young boy or young adult."As for Hamilton's general performances, Wolff said: "He's the GOAT, and he will always be the GOAT, and nobody's going to take that away. That's something he needs to always remember, that he's the greatest of all times."Lewis has unfinished business in Formula 1. In the same way that Mercedes underperformed over this latest set of regulations since 2022, we kind of never got happy with ground-effect cars. And in the same way, it bit him."Maybe it's linked to driving style. So he shouldn't go anywhere. Next year is brand new cars, completely different to drive, new power-units that need an intelligent way of managing the energy."Can Hamilton still win that elusive eighth title, Wolff was asked?"If he has a car underneath him that he has confidence in, that does what he wants, then yes," he replied."If he has a car that it's not giving him the feedback that he wants, and that was the Mercedes of the past few years, and that seems to be the Ferrari, and even worse, then not."But you ask me whether he has it, he definitely has it."
Daily Mail
17 minutes ago
- Daily Mail
Firms call for interest rate cuts as taxes bite
Business leaders last night urged the Bank of England to press ahead with interest rate cuts this week. The heads of the Confederation of British Industry (CBI), British Chambers of Commerce (BCC) and Federation of Small Businesses (FSB) told the Daily Mail that now was the time to lower borrowing costs to ease pressure on companies and households struggling despite four rate cuts since last August. They also warned firms have been clobbered by Rachel Reeves' £25billion National Insurance tax raid on employers. Fears are mounting of more tax hikes this autumn to plug a gaping hole in the Chancellor's Budget plans. A report by the Institute of Directors last week showed business confidence has collapsed to a record low under Labour, with morale lower than during Covid lockdowns. Interest rates are expected to be cut from 4.25 per cent to 4 per cent on Thursday – though with inflation well above the 2 per cent target and the highest in the G7 at 3.6 per cent, the CBI warned the Bank is 'walking a tightrope'. Alpesh Paleja, deputy chief economist at the CBI, said: 'We expect a rate cut and then two more after that, so that rates settle at 3.5 per cent early next year. 'However, interest rates rank fairly low in the spectrum of costs. Firms continue to grapple with the rise in employer NICs, high energy costs and more general uncertainty. 'The cumulative burden is something the Government needs to be mindful of, as we head closer to the next Budget.' David Bharier, head of research at the BCC, said small firms in particular 'are increasingly impatient for more cuts'. He added: 'Interest rate cuts are only part of the solution right now. For many SMEs, the cost of doing business is too high with new tax and administrative burdens. To restore business confidence and stimulate investment, a comprehensive growth plan is essential.' Martin McTague, chairman of the FSB, said: 'Small firms will be hoping for a cut to ease some of the financial pressure they are under and enable more of those who need finance to grow to access it. 'If no cut is forthcoming, the Bank should set out a clear path for the rest of the year, building in a gradual easing of the base rate to encourage investment and unlock growth.'
The Sun
17 minutes ago
- The Sun
Labour must come up with a deterrent that makes migrants worry their money won't get them what or where they want
Boats sailed WHEN will the Government finally get the message on illegal immigration? Home Secretary Yvette Cooper's announcement of 300 extra National Crime Agency officers to tackle people-smuggling gangs is welcome, of course. 1 Anything that disrupts this evil trade is a good thing, in the same way that a crackdown is needed on profiteers who employ the migrants on the cheap — no questions asked — when they get here. But if this £100million investment is the Government's grand plan to 'break the business model' of the crooks then it is doomed to failure. When the risk-versus-reward equation is so much in their favour, the smugglers and the illegal migrants will always find a way. The incentives are too great: millions of pounds for the smugglers, for little effort; hand-outs, accommodation and black market jobs for the migrants, with virtually no chance of being deported. The only way to break the business model is to come up with a deterrent which makes the migrants worry that their money — and the dangers they will face — won't get them what they want. Or where they want. A deterrent like the Rwanda scheme, which was already beginning to work but which Labour couldn't wait to ditch. The soaring number of Channel small boats is the inevitable consequence. Jobs shame THE number of young people facing unemployment is one of the most heart-breaking results of the Chancellor's job-wrecking tax hikes. A million Neets — youngsters Not in Education, Employment or Training — is a disaster for the economy as well as a tragedy for them. Migrant boats are carrying 'bad people' REJECTED by other NATIONS says Trump At a time in their lives when they are desperately trying to find their place in the world, a job — or the skills to get one — gives them purpose and a sense of who they are, just as surely as being dumped on benefits crushes that. The Skills Tax Relief proposed by more than 100 business chiefs would be a vital boost to apprenticeships and vocational training, offering young Brits a route into the workplace. If Rachel Reeves isn't swayed by the thought of saving so many from the scrapheap, then she should be swayed by the £10billion of welfare savings it could bring over the next five years. It's not the water temperature that puts them off but the sewage dumped in it. What a blow for our coastal communities and seaside resorts.
