Aston Martin - comment
The article suggests a significant number of Q1 sales were instead booked in Q4, resulting in a weaker-than-necessary Q1. Our analysis points to deliveries of delayed DBXs delivered after semiconductors were received and cars finished. We had expected some weakness in GT/Sports in Q1 as customers waited to order the new DB12. We don’t dismiss the premise of the article as the timing of the (Saudi) PIF and Geely equity injections did puzzle us a little. However, we had always expected new entrants to the shareholder register, and Geely has been a frontrunner to buy Aston Martin for some time.