Aston Martin shares slide after slashing of sales forecast

Shares in luxury British car maker Aston Martin have fallen by over 20%, after the company announced that it was going to cut its sales forecasts for the remainder of 2019.

This adds to the woes the company has recently faced, as the iconic brand has seen its shares fall by almost 50% on the London Stock Exchange since last October.

Aston Martin has reduced their estimates of 7300 vehicles down to 6300, and blamed weaker demand for the brand across Europe and current economic uncertainties. Sales across the continent fell by a fifth over the last 12 months.

But it was not just in Europe where the company has struggled in recent times. Aston Martin stated that sales to dealerships had fallen by 17% in Britain, and by 19% in Europe, the Middle East and Africa (EMEA region).

However, the company has seen growth in America and the Far East – a trend they believe will continue.

The sales forecast announcement has arrived a week before its half-year results – adding to the already mounting pressure on the firm.

Following today’s news, Aston Martin has further announced that it is cutting back on its spending in order to increase efficiency and tackle the issues it is currently facing. In total, spending has been reduced from £320m to £300m.