ARGGY - Aston Martin Lagonda Global Holdings plc (AMGDF) Q1 2024 Earnings Call Transcript

2024-05-01 17:11:09 ET

Aston Martin Lagonda Global Holdings plc (AMGDF)

Q1 2024 Results Conference Call

May 01, 2024 3:30 AM ET

Company Participants

Douglas Lafferty - CFO & Executive Director

Conference Call Participants

George Galliers - Goldman Sachs

Henning Cosman - Barclays

Horst Schneider - Bank of America

Akshat Kacker - JP Morgan

Christoph Laskawi - Deutsche Bank

Philippe Houchois - Jefferies

Presentation

Douglas Lafferty

Good morning, everyone. Thank you very much for joining the Aston Martin Lagonda First Quarter 2024 Results Q&A Call. Only a few weeks ago at our 2023 full year results, we laid out a clear and exciting plan to transition from our previous range of core models to an entirely new and reinvigorated range by the end of 2024. Building on our 111-year history, this new core range alongside our program of Specials uniquely positions Aston Martin transcending the ultra-luxury and high performance markets and supports the delivery of our demand-led growth strategy into 2025 and beyond. Performance in the first quarter of 2024 was in line with our expectations and reflects the planned period of transition.

Our portfolio transformation remains on track as we ceased production and delivery of outgoing core models ahead of the ramp-up in production of 3 new core vehicles this year in addition to our next ultra-exclusive Special. Given we remain on track, we are reiterating our 2024 guidance and medium-term targets, which importantly includes achieving our targeted inflection point for positive free cash flow generation in the second half of this year. Following the exceptionally strong reception received for DB12 with orders now extending into the fourth quarter of the year, enthusiasm is building for the new Vantage, upgraded DBX707 and our upcoming V12 flagship sports car, which we also confirmed today. Underpinning our confidence in the new model range is the feedback we're gathering from the extensive media test driving of the new Vantage, which is currently taking place in Seville....

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