London (CNN Business) Aston Martin shares tanked nearly 20% in London after the UK carmaker revealed that rising costs had wiped out its profits for 2018.

The company on Thursday posted an annual loss of £68 million ($90 million) after being profitable in 2017. The loss was entirely due to costs of £136 million ($181 million) related to its October IPO

Ferrari RACE The favorite automaker of fictional British secret service agent James Bond , Aston Martin has struggled to overcome doubts about its ability to compete with rivals including

Shares in the company dropped 5% on their first day of trading last year, and even a 25% increase in revenue in 2018 couldn't stop investors from dumping the stock on Thursday. It has now plunged over 40% since its debut.

Aston sold 6,441 cars last year, according to its earnings statement. CEO Andy Palmer said he expects that figure to grow once the company completes a new factory in Wales and begins selling its DBX SUV. The company expects to begin trial production of the DBX in the second quarter of this year, with full production commencing in the first half of 2020.

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