By Joe Hoppe
Aston Martin Lagonda Global Holdings said Tuesday that it is on track to deliver on its 2024-25 financial targets and set out a range of new targets for 2027-28, and said it expects to invest around 2 billion pounds ($2.54 billion) over the next five years.
The luxury car maker said ahead of its capital markets day that it expects to meet its near-term targets of GBP2 billion in revenue and around GBP500 million in adjusted earnings before interest, taxes, depreciation and amortization by 2024-25. The company said it expects to achieve the targets in 2024, and with persistent momentum, is likely to exceed them in 2025.
The company also set out new midterm targets, aiming for revenue of around GBP2.5 billion, and an adjusted Ebitda of around GBP800 million for 2027-28, among others.
Aston Martin expects to invest GBP2 billion from 2023-27 into its long-term growth and the transition to electricification, comprising GBP1.8 billion of capital expenditure and around GBP200 million in technology access fees.
On Monday, Aston Martin said it had agreed preliminary terms for a deal with U.S. electric-vehicle maker Lucid Group, for the creation of ultra-luxury high-performance electric vehicles.
“With the heavy lifting now behind us, I have never been as confident in our future,” Executive Chairman Lawrence Stroll said.
Write to Joe Hoppe at joseph.hoppe@wsj.com