After Lawrence Stroll took over Racing Point and rebranded it as Aston Martin in 2021, the Silverstone-based team had a great turnover the following year with the team and its F1 fraternity posting a turnover of $39,000,000 in 2022. Despite this, Aston Martin reported a loss of $64,000,000 coming into 2023, as per Motorsport.com
This has come amid Lawrence Stroll’s team’s trying to get into the championship mix in F1. In spite of having two bad years on the trot, Fernando Alonso helped the British team to their most successful spell in F1 to date, as they hold P4 in the 2023 championship with six races to go.
The investments in the new Aston Martin factory cost around €200M. #F1 #Formula1 #IAM #Vettel #BelgianGP #Stroll #Alonso pic.twitter.com/8XdqzEeRdK
— Fastest Pitstop (@FastestPitStop) August 7, 2022
Because Aston Martin has been doing well, their overall sales have also increased. They reported a sale of $183,819,590 in 2021 which increased to $230,619,954 in 2022. With that, their overall cost of sales and team spending went to $185,656,528 from $131,501,341.
How did Aston Martin suffer the loss after the 2022 season?
The loss in annual turnover has come amid Aston Martin’s try to improve their F1 scenario. It is to be noted that they have improved significantly, and are no longer considered to be backmarkers, as they were in the previous two years.
As they targeted a better position in the F1 grid, they employed more employees back at the factory for development work. They had 403 people working for them in 2021, with the number increasing to 504 in 2022.
The first podium trophy entering the new factory of Aston Martin pic.twitter.com/atUNTAsbUv
— Aston Martin F1 updates (@startonpole) August 28, 2023
Furthermore, the overall cost of maintaining the staff has increased to $66,998,489, which was ten percent of last year’s expenses. Along with this, the team also spent a significant amount in their new factory back at Silverstone.
Nevertheless, the administrative expenses and other Government grants resulted in a loss of $64,500,474 in 2022, from $52,785,525 in 2021. In the end, the 2023 figure saw an overall loss of $64,900,000.
Despite the loss, how can Lawrence Stroll and Co. move ahead?
As Aston Martin established a state-of-the-art facility with cutting-edge technology at Silverstone with millions of dollars, Lawrence Stroll and the rest of the team expects them to get significantly better in the years to come.
Regarded as a game changer for the Silverstone-based team, the factory will house all the departments under one roof, something very much needed for Lawrence Stroll and his team.
This 37,000 square meter site factory has been a five-year plan for the team which is expected to push them towards contending for the championship in the next few years after this season’s struggle. Hence, despite their recent struggles, it is highly likely that the team will pick up pace once again.
