RE: Official statement from IR of AML27 Jan 2026 19:10
Harry Martin (Bernstein): I have two questions on Valhalla to start with. The first one,
with the activation going on right now and in the coming months, would you expect to be
fully sold for the 2026 build slots by the year-end of this year? What is your updated
expectation for the full 999?
And then the second question on the Valhalla is, just how many of the 150 deliveries in the
guide for this year are earmarked for the U.S. if we do get an ongoing government
shutdown there?
Adrian Hallmark: Okay Harry, so I'll start with the easy one first. The number of cars
going to the States is around 40 in the final quarter of this year.
In respect to the government shutdown, the certification process that we have to run is
complete. The documentation has all being submitted. And until about 10 days ago, we
were still getting responses from them until they ran out of funding. So, it is tight. We no
longer have a significant risk on quotas. We're not gleeful about this, but the unfortunate
and critical situation that JLR found themselves in has probably taken significant pressure
off the quota allocation risk for Q4. So yes, you're right, we now just still face the
certification risk, but until a few days ago, we were still in active contact. The work has been
done. The documents are submitted. So, we're cautiously optimistic that it will flow, and we
should know in the coming weeks how that looks.
In terms of the sellout of Valhalla, I mean it would be great if we could sell them all
tomorrow. By the year-end, I think certainly, we will have sold the majority that will be
available in 2026, because we've already sold most of them as we sit here today, if you add
the total numbers up. And in terms of the 999, that's still a plan over the 2.5 year period, of
all the cars in the marketplace. And we are encouraged by the fact we've got more than
50% of those sold before anybody saw the actual car or drove it. So, we have a high
number of people that are currently specing, negotiating and finalising arrangements for the
car. So, I won't predict exact numbers and exact dates, but it's looking positive as we open
up the marketing channel.
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