Shares in Aston Martin dived more than 20% on Wednesday after the automaker cut its sales forecasts for 2019.

The company blamed weaker demand across Europe after sales to dealers in the region fell by almost 20% in the first half of the year, the BBC reported.

Aston forecast sales of 6,300-6,500 cars to dealers this year, down from earlier prediction of 7,100 to 7,300.

A "challenging external environment" had worsened, it said, 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 said.

The BBC noted Aston was the latest car company to take a hit to its business from a slowdown in consumer confidence in Europe.

Aston Martin said wholesales had fallen 17% in the UK in the first half, year on year, and by 19% in Europe, the Middle East and Africa.

It also said it had scaled back its investment plans by GBP40m, despite a continued strong performance in the US and Asia.

The automaker said it would now take "decisive action to manage inventory" with reports suggesting it was likely to scale back production.

Shares in the company are down by about 45% since it listed on the London Stock Exchange last October, the BBC added.

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