Aston Martin - comment

Revenue and volumes were light relative to our expectations, and AML has reduced its volume target for 2023. AML experienced problems ramping up production of the DB12. The company says the production issues have been resolved, but it is a little worrying given the roster of new model launches over the next few years. In itself, this does not change our view on our position in AML. We still view AML as funded through free cash flow generation. Margins were better than we forecasted. AML also affirmed its medium-term volume and margin targets. The Q3 webcast is at 0830 today.