StockMarketWire.com - Luxury carmaker Aston Martin Lagonda said it would raise up to 20% of its current market capitalisation via a share placing as the Covid-19 crisis hits sales. Proceeds would provide flexibility to successfully emerge from an extended lockdown and dealers' inventory de-stocking period, the company said. Aston Martin said it expected sales to be lower in the second quarter than the first following coronavirus-led disruptions. Wholesale average selling prices continued to be impacted by a de-stocking process, it added. The company said it continued to make progress on its plans to reset the business, including a reduction in core sports car wholesales to rebalance supply to demand. Dealer stock had fallen by 617 units year-to-date to the end May. Testing and development of Aston Martin Valkyrie had resumed after the Covid-19 related closure of test facilities and deliveries were now expected to start in 2021. The company's interim results for the six months to 30 June 2020 were due to be announced on 29 July 2020.

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