Aston Martin shares surge 14% on profitability forecast for 2023
The exterior of an Aston Martin store.
Jeremy Moeller | Getty Images News | Getty Images
LONDON — British luxury carmaker Aston Martin Lagonda forecasts better profitability this year, after widening its 2022 pretax losses on the back of a weakening U.K. currency.
The company more than doubled year-on-year pretax losses to £495 million ($598 million) in 2022, from £213.8 million in 2021, saying earnings were “materially impacted” by a revaluation of some U.S. dollar-denominated debt, “as the GBP [U.K. currency] weakened significantly against the US dollar during the year.”
Adjusted operating losses also swelled to £118 million last year, from £74 million in 2021. Revenues rose by 26% on the year to £1.38 billion, with gross profit up by 31% year-on-year to £450.7 million.
Despite acknowledging supply chain and logistics disruptions — which have been pervasive in the automotive industry, notably as a result of semiconductor shortages — the company said its wholesale volumes increased by by 4% year-on-year to 6,412. The figure included more than 3,200 of vehicles from the Aston Martin DBX range, of which more than half were driven by the launch of the DX707 SUV model unveiled in February last year.
Aston Martin Lagona shares soared, up 14% at 10 a.m. London time, after Aston Martin Lagonda issued more optimistic guidance for this year.
“For 2023 we expect to deliver significant growth in profitability compared to 2022, primarily driven by an increase in volumes and higher gross margin in both Core and Special vehicles,” it said Wednesday, flagging a pick-up in activity in the second half of 2023.
“In addition to the ramp up of the already sold-out DBS 770 Ultimate, we expect deliveries of the first of our next generation of sports cars to commence in Q3.”
The company expects wholesale sale volumes to pick up to 7,000 units in 2023, anticipating its adjusted earnings before interest, taxes, depreciation and amortization to add roughly 20%.
It noted the ongoing pressures of a volatile operating environment, high inflation rates and “pockets of supply chain disruptions.”
“Our order book’s never been stronger,” Aston Martin Lagonda Executive Chairman Lawrence Stroll told CNBC last month. “The future is fantastic, the cars are coming, fundamentals of the business are extremely strong. And demand has never been stronger.”
Stroll on Wednesday reiterated the company’s target to deliver 10,000 wholesale units over the coming years, as well as the target to become “sustainably free cash flow positive from 2024,” after raising £654 million of equity capital in a move that also saw Saudi Arabia’s Public Investment Fund become an anchor shareholder.
“Over the last three years, I have consistently referenced our target to deliver around £2bn of revenue and £500m of adjusted EBITDA by 2024/25,” Stroll said. “I am extremely proud that given the strong progress we have made to transform Aston Martin into a truly ultra-luxury business, demonstrated by the trajectory of our ASP and gross margin, we are on track to meet these financial targets, but with significantly lower volumes than I originally envisaged.”
“2022 in line with consensus is already positive news for AML,” Jeffrey analysts said in a Wednesday note, flagging the upside of the company’s guidance on units and EBITDA margin.
As Texas braces for tighter power margins and record demand on the ERCOT grid, Sunrun and NRG Energy are transforming home batteries into a giant virtual power plant. The two companies are integrating more home battery storage into the grid and tapping those batteries when the state needs power the most.
The solar + storage provider and energy company announced a new multi-year partnership aimed at accelerating the adoption of distributed energy in Texas, with a focus on solar-plus-storage systems that can be aggregated and dispatched during periods of high demand. The idea is simple: use home batteries as a flexible, on‑demand power source to help meet Texas’s rapidly growing electricity needs.
Under the deal, Texas homeowners will be offered a bundled home energy setup that pairs Sunrun’s solar and battery systems with retail electricity plans from NRG’s Texas provider, Reliant. Customers will also get smart battery programming designed to optimize when their batteries charge and discharge. As new and existing Sunrun customers enroll with Reliant, their combined battery capacity will be made available to support the ERCOT grid during times of stress.
“This partnership is a major step in achieving our goal of creating a 1 GW virtual power plant by 2035,” said Brad Bentley, President of NRG Consumer. “By teaming up with Sunrun, we’re unlocking a new source of dispatchable, flexible energy while giving customers the opportunity to unlock value from their homes and contribute to a more resilient grid.”
Sunrun, which has one of the largest fleets of residential batteries in the US, will be paid for aggregating the capacity, and participating Reliant customers will be compensated by Sunrun for sharing their stored solar energy.
The arrangement gives Texas households a way to earn money from their batteries while also improving grid reliability in a state that continues to see rapid population growth, extreme weather, and rising electricity demand.
Read more: The US’s first residential V2G power plant is running on Ford F-150 Lightning trucks
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Volkswagen is gearing up to launch a new family of affordable EVs, starting with the ID.Polo. Can it fill the shoes of the popular low-cost hatch?
Volkswagen announces ID.Polo EV range and more
The ID.Polo will be the first of four new entry-level electric vehicles that Volkswagen plans to launch, starting in Spring 2026.
The electric Polo “marks the beginning of a new generation of Volkswagen,” the brand’s CEO, Thomas Schäfer, said. The Polo is one of the best-selling VW models of all time, and its electric successor promises to build upon its legacy.
It will be the first “ID” model to bear an established Volkswagen name. Although it’s about the same size as its predecessor at 4,053 mm long, 1,816 mm wide, and 1,530 mm tall, with a wheelbase of 2,600 mm, the Polo EV offers more interior space.
Thanks to its compact drive modules, the electric Polo offers an extra 19 mm of interior length, which is “particularly noticeable in the rear.”
The luggage compartment is 24% larger than the classic Polo, with 435 L, up from 351 L. Folding the rear seats opens up 1,243 L of load volume, up from 1,125 L.
According to Volkswagen, the electric ID.Polo is “more versatile than any of its predecessors,” making it the perfect EV for getting around the city or as an everyday driver.
The Volkswagen ID.Polo will initially be available with three power outputs: 85 kW (114 hp), 99 kW (133 hp), and 155 kW (208 hp), while a sporty GTI variant will follow later in 2026 with 166 kW (223 hp).
The 85 kW and 99 kW versions will be equipped with a 37 kWh lithium iron phosphate (LFP) battery, while the 155 kW and 166 kW versions will be powered by a 52 kWh nickel manganese cobalt (NMC) battery, which Volkswagen said will deliver up to 450 km (280 miles) WLTP driving range. It will also support DC charging speeds up to 130 kW.
Based on a new MEB+ platform, Volkswagen promises that the new, highly efficient electric drive will reduce costs and energy consumption.
The new PowerCo unified cell uses cell-to-pack technology, combining cells directly into the battery pack. Volkswagen said the new design reduces costs, saves space, and unlocks more range while increasing energy density by about 10%.
VW’s MEB+ platform will also introduce new advanced driver assistance systems (ADAS) features, including a drastically improved Travel Assist. The ID.Polo will also be the first VW model to offer traffic light and stop sign recognition.
Can it live up to the task?
According to Autocar, which got the chance to test a prototype, the ID.Polo “feels remarkably like the current Polo. Switch from the petrol Polo into this and, a lack of engine noise aside, you would barely notice the difference.”
The reviewer, James Attwood, said the electric Polo delivered a “genuinely impressive ride for a car of this size,” adding it “drives and feels like you’d expect a Volkswagen to.”
With an affordable price tag, “the ID.Polo should be a strong all-rounder among the pack of small EVs suddenly battling for attention,” Attwood explained.
“It has a classically Volkswagen feel, poise and maturity, and blends a pleasingly mature driving experience with decent practicality and a reassuringly solid feel,” he said, adding, “A Volkswagen that feels like a Volkswagen, then. For that alone, it should be a winner.”
Others who got an early taste of the ID.Polo reported similar thoughts, including Auto Express, which said it “shows VW at its best.”
“Solid, well connected, comfortable and even quite engaging to drive, the ability to build all of this into a well-priced package is something we all hoped for; the surprising bit is how much of VW’s innate ‘character’ has come through,” Jordan Katsianis said after testing the pre-production prototype.
The ID.Polo will launch in Europe in Spring 2026 with prices starting from 25,000 euros ($29,500). It will be the first of four new affordable Volkswagen EVs, followed by the ID.Cross SUV and the smaller ID.1 electric car.
Although Volkswagen has yet confirm it, the ID.Polo is (sadly) not expected to launch in the US. It’s an affordable electric car aimed at Europe’s growing entry-level EV segment. Given the recent policy changes under the Trump administration and America’s love for big trucks and SUVs, don’t expect to see the electric Polo successor in the US anytime soon.
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BYD offered a first look at its new flagship electric SUV and sedan, claiming the new EVs redefine high-end standards.
BYD preps to launch new flagship EV sedan and SUV
With over 480,000 new energy vehicles (NEVs) sold in November, BYD is coming off its best sales month of 2025. With new technology and vehicles launching across multiple segments, the company expects momentum to pick up in 2026.
That will include a pair of high-end flagship EVs, the Seal 08 sedan and Sealion 08 SUV. BYD confirmed the names for the first time on Monday alongside teaser images revealing the silhouette of each.
According to CarNewsChina, both models are set to debut in the first three months of 2026 and will feature BYD’s latest tech and software.
Both models are based on the Ocean S concept BYD revealed in April at the Shanghai Auto Show, featuring its latest design theme, Ocean Aesthetic 2.0.
Although China’s MIIT released a sales license for a BYD vehicle named the Seal 08 earlier this year, it launched as the Seal 06 EV this summer.
At 4,720 mm long, 1,880 mm wide, and 1,495 mm tall, the electric sedan is about the size of the Tesla Model 3. It’s offered with 46.1 kWh or 56.6 kWh battery packs, delivering a CLTC range of 470 km and 545 km, respectively.
Although BYD has yet to reveal prices or any other details, the Seal 08 is expected to deliver a longer driving range with added power.
Local news outlet 163 claims the new Sealion 08 will be 5,040 mm long, or slightly bigger than the Tesla Model Y-sized Sealion 07 SUV.
The new flagship SUV and sedan will join other BYD Ocean Series models, including the Seagull, Dolphin, Seal, and Song Plus.
Although November was BYD’s best sales month of the year, growth has slowed in 2025. BYD’s chairman and president, Wang Chuanfu, told investors (via CnEVPost) that the company’s biggest advantage lies in its advanced technologies, including next-gen batteries, smart driving features, charging, and other related EV tech.
“I say our technology isn’t sufficiently advanced now because we have major technological announcements coming, but I can’t disclose details at this time,” Wang said earlier this month.
BYD is also aggressively expanding overseas to drive growth. Last month, BYD’s exports surged 325% with a record nearly 132,000 vehicles shipped overseas.
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