Overview

• Q3 wholesale deliveries dropped to 1,430, missing guidance for a level similar to last year’s 1,641.
• The company now guides full-year wholesale volumes to fall by a mid-to-high single-digit percentage versus 2024.
• Management expects an underlying loss exceeding £110 million in 2025 and no longer forecasts positive free cash flow in the second half.
• Valhalla customer deliveries shift to the fourth quarter with about 150 cars planned, with certification timing in the US flagged as a potential risk.
• A rapid review of costs, capital spending and the product cycle is under way, with the firm engaging US officials and pressing the UK government for stronger support as tariff-quota rules and JLR’s cyber incident complicate planning.