Even the highest-end car manufacturers are not above supply chain problems. Just ask Aston Martin.
The British luxury sports car company is blaming supply chain snarls for slumping sales and worse-than-expected financials, Reuters reports.
The company recently trimmed its annual vehicle delivery goal by about 400 cars to 6,200 vehicles, according to the report. It also posted a 58.5 million pound loss in the third quarter, up from 30.2 million pounds during the same time last year.
“Carmakers globally have faced problems sourcing parts and chips in the pandemic and difficulties have continued since Russia's invasion of Ukraine,” Pushkala Aripaka writes for Reuters. “Aston Martin has also had its own challenges since its market debut in 2018, undergoing restructurings and management changes.”
The company in September raised more than 575 million pounds from a group of investors that includes Saudi Arabia's sovereign wealth fund. The company said at the time that the move would allow it to lower its debt and invest in new models.
After the latest financial and sales data was made public, the company once again sounded an optimistic tone.
"Whilst (the supply issue) has created short-term impacts on our performance, I am confident that with the actions we are taking, we will exit the year in a stronger position to deliver on our goals for 2023 and beyond," Aston Martin Chief Executive Amedeo Felisa told Reuters.
Aston Martin Defects Pose Safety Concerns
The company also has not been completely immune from design and production issues that put drivers, passengers and everyone else on the road at risk.
In 2020, for example, Aston Martin recalled a range of vehicles over faulty airbag fasteners. It said at the time that the defect could cause the safety devices to deploy improperly, increasing the risk of injury.
Later the same year, the company called back certain DBX vehicles that it said were constructed without headliner foam blocks. The missing blocks also increased the risk of injury for passengers, the automaker acknowledged at the time.
Aston Martin is not alone. Manufacturers recall millions of vehicles around the globe every year, citing a wide range of defects that pose serious safety risks.
The good news for car owners in California is that you do not need to wait for a recall to get a malfunctioning vehicle fixed.
The California lemon law generally requires car manufacturers to perform a wide range of repairs on vehicles while they are under warranty. It also forces the companies to buy back (or replace, in some cases) cars that they cannot or will not fix. That includes covering the vehicle’s purchase price and financing costs, as well as rental car and other related expenses.
Speak with a Lemon Law Attorney
If you are locked in a dispute with a car manufacturer over a malfunctioning or defective vehicle, an Los Angeles lemon law attorney at Bickel Sannipoli APC can help.
We have successfully assisted car owners across the state. Our offices are conveniently located in Los Angeles, San Diego and San Francisco. Call us at (888) 800-1983 or contact us online to speak with a lawyer at our firm today.