British carmaker Aston Martin Lagonda Global Holdings is limiting the supply of its luxury cars to the United States to soften the blow from President Donald Trump’s auto tariffs.
According to CEO Adrian Hallmark, the company uses existing stocks held by its US dealers.
The automaker reported a 13% revenue drop in the first quarter and a pre-tax loss of $107 million. Aston Martin shares fell 1.3% at the opening of London trading on April 30. Overall, the stock has fallen 35% this year.
Aston Martin does not produce cars in the United States. The company has already announced that it plans to raise prices for some models it imports there.
In the first three months of the year, 319 luxury cars were shipped to the United States, up 5% from the previous year.
According to Aston Martin, its profits fell by about 15 million pounds ($20,018,250) after it invested in improving its car software.
Aston Martin is not the only British automaker that has reduced deliveries in response to Trump’s tariffs. Luxury SUV manufacturer Jaguar Land Rover suspended exports to the US in April.