LONDON -- Aston Martin posted a first-quarter loss of 119 million pounds ($146 million) after sales dropped by nearly a third due to the impact of the coronavirus crisis, though the automaker said production of its key DBX SUV was on track.
The U.K. automaker said on Wednesday that the pandemic meant it could no longer provide full-year guidance and it may raise more funds.
"The company is proceeding on the assumption that trading remains challenging," it said in a statement. "Given the ongoing uncertainties, as is prudent, the company continues to review all future funding and refinancing options to increase liquidity."
Aston Martin has seen core retail sales slump by an annual 31 percent, has furloughed staff, introduced additional safety measures and cut the pay of its senior management as part of measures to handle the crisis caused by the pandemic.
The company has resumed operations at its new plant in Wales that is building the DBX. It has not named a date for the restart of its core plant in Gaydon, England.
Deliveries of the DBX are on track to begin in summer, and retail orders continue to grow, the company said.
The company received a capital injection of up to 536 million pounds ($663 million) from investors earlier this year including its new chairman, Canadian billionaire Lawrence Stroll. It said it will take further action to reduce costs and control cash as the coronavirus pandemic weighs on business.
Bloomberg contributed to this report