The UK luxury carmaker said wholesale car sales fell by 22% in the UK in the second quarter and cut its full-year outlook.
Shares in Aston Martin have plunged as it cut sales and profit forecasts blaming macroeconomic uncertainty and weak markets in the UK and Europe.
The British luxury carmaker said it was taking immediate action to improve efficiency and cut costs as it issued the trading update ahead of half-year results next week.
It said wholesale car sales fell 22% in the UK and by 28% in Europe, the Middle East and Africa in the second quarter of the year, though there was strong growth in other parts of the world.
The company said the “challenging external environment” it had first flagged in May had worsened, as had “macro-economic uncertainties”.
“We anticipate that this softness will continue for the remainder of the year and are planning prudently for 2020,” it added.
The company’s chief executive Andy Palmer has previously warned of the damaging impact a no-deal Brexit could have on carmakers.
Shares fell 26% by the close, taking the price down below £8 – less than half the £19 which valued the company at £4.3bn when it first floated last October.
Aston Martin said retail sales grew by 26% in the first six months of the year but the weak performance in wholesale – which grew by only 6% – prompted a downgrading of full-year financial expectations.
It now expects wholesale volumes of 6,300 to 6,500 vehicles for the full year, down from 7,100 to 7,300 forecast at the time of annual results in February.
Profit margins are also expected to be lower than previously forecast and investment spending trimmed.
Mr Palmer said: “Whilst retails have grown by 26% year-to-date, our wholesale performance is adversely impacted by macroeconomic uncertainty and enduring weakness in UK and European markets.
“We are disappointed that short-term wholesales have fallen short of our original expectations, but we are committed to maintaining quality of sales and protecting our brand position first and foremost.”