Core Insights - Aston Martin has warned of deepening losses this year due to weaker-than-expected demand in North America and Asia-Pacific, compounded by the impact of US tariffs [1][3] - The company no longer anticipates meeting its previous wholesale guidance for 2025 following disappointing third-quarter performance and revised fourth-quarter expectations [2] Financial Performance - Adjusted EBIT for 2025 is now forecasted to be a loss of £-110 million (-$148 million), below market consensus, due to reduced volumes and pressure on gross margins [4] - Capital expenditure for 2025 is expected to be around £375 million, down from an earlier estimate of £400 million, while SG&A is projected to decline by approximately 10% from 2024's £313 million [4] Sales and Deliveries - Wholesale deliveries in Q3 2025 were approximately 1,430 units, below prior guidance and down from 1,641 units in Q3 2024, attributed to softer demand in North America and APAC [6] - Retail volumes in the quarter were consistent with wholesales, but financial performance was negatively impacted by a less favorable mix due to fewer special deliveries [6] Future Outlook - The company does not expect to generate positive free cash flow in the second half of 2025, although it anticipates sequential improvement in Q4 [5] - Aston Martin expects a material improvement in profitability and free cash flow in 2026, supported by consistent Valhalla deliveries and ongoing cost reduction measures [5] Product Development - The company has continued to roll out new core derivatives, with deliveries of the Vanquish Volante beginning in Q3, and expects to start delivering the Vantage S and DBX S in Q4 [7] - Aston Martin completed the sale of shares in AMR GP during Q3, ending the period with total liquidity of approximately £250 million [8]