Overview

• Management now expects a full‑year loss larger than £110 million and projects wholesale volumes to fall by a mid‑to‑high single‑digit percentage versus 2024.
• Third‑quarter wholesale deliveries slipped to 1,430 from 1,641 a year earlier on weaker demand in North America and Asia‑Pacific.
• Valhalla customer deliveries are pushed into the fourth quarter with about 150 units expected, with the company warning certification timing in the US could pose added risk.
• Capital expenditure guidance is cut to roughly £375 million, an immediate cost and product‑cycle review is under way, and positive free cash flow is no longer expected in the second half.
• Shares fell roughly 8–11% after the update, and the company flagged increased supply‑chain risk tied to the recent Jaguar Land Rover cyber incident.