RE: Rinse and repeat16 Nov 2022 07:45
Missing sales target of 6600, run rate is more like 5500 this year.
US sales are down 20% year to date.
DBX sales down 15% year to date
Net debt INCREASING (up £25m), even after a £650m fund raise?
Claims sports cars are sold out when they are HALF what they were pre-covid, they are sold out because they ave reduced 2 production lines to 1 in ***don. (Producing 5/6000 cars a year when the max is 14,000)
Management blaming fall in sales on supply chain issues when Ferrari, Lambo, Bentley, RR are increasing sales with no problems
Management blaming low US sales on hurricane Ian which struck 2 days before the end of Q3 and only hit a few southern states
Management failing to answer questions in analyst call as to when to expect the new models, blaming they don’t answer questions an anything further out than 1 year away from launch date (except Valhalla conveniently)
Raise £650m to pay down “the goddam debt” promising up to half of the funds reserved for that, then only pay off 27% of it and keep the rest cash because they burn through so much it will only last them a year.