Week Ending 1st November 2026
FTP READING GUIDE · ISSUE 48
Settle in for this one.
From Blackthorn’s championship celebrations to Aston Martin’s latest financial results, there’s plenty to enjoy and consider this week. Take your time — the kettle might come in handy.
ESTIMATED READ
45 to 50 minutes
At a comfortable reading pace
Image © Fuel the Passion, Blackthorn Racing Aston Martin Vantage GT3, Victory Trophies, Barcelona, International GT Open 2026.
EDITOR’S INTRODUCTION — DAN, FUEL THE PASSION
It’s good to have you with us for Issue 48 of the Fuel the Passion Weekly Roundup. November begins with a championship to celebrate, a new Aston Martin to admire and an important financial update to examine. There’s also a Sunday double bill here at FTP.
Last weekend, I spent three days with Blackthorn Racing in Barcelona, filming the conclusion of Charles Bateman’s International GT Open championship campaign. Being there meant seeing the care and preparation behind the racing, but also feeling the uncertainty when Sunday’s deciding race immediately became more difficult than anyone had hoped.
Henrique Chaves went off the circuit at the very first corner and slipped down the order. The plan to build a buffer before Charles took over had become a recovery drive almost as soon as the race began. Team members, family and friends followed the changing positions from inside the garage, sharing the concern and trying to work out what each development meant for the championship.
Then came the fightback. Henrique recovered places and overtook, before Charles took over and continued the effort in the second stint. Watching that determination from inside the team, then capturing the relief, happiness and embraces as the championship picture became clear, was something special. Charles secured the Pro-Am drivers’ title through a season-long effort involving his co-drivers and the whole Blackthorn team.
It was a winning weekend, and a privilege to share it with them.
We also have a concise look at Aston Martin’s difficult United States Grand Prix and the racing still ahead before the season closes.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin DBX GT.
Away from the circuits, Aston Martin Lagonda’s third-quarter results deserve proper attention, so we’ve given them room in this issue. There’s further evidence of improving operating performance and reduced cash consumption, alongside continuing losses and substantial debt.
We explain the figures in plain English, revisit the questions raised in our earlier reporting and consider what the latest results tell us about Adrian Hallmark’s strategy.
The central question remains straightforward: can Aston Martin turn the strength of its cars into the sustained profit and cash needed to fund its future?
That discussion also connects this week’s news with the product programme ahead. DBX GT, Valen and Valhalla Spider offer different opportunities to build on engineering already developed. After the financial assessment, we take a closer look at the Spider itself.
As this is the first Roundup of November, we also return to our monthly look at Aston Martin Lagonda’s share-price performance. We follow the past five weeks and compare the picture with the same period in 2025 and 2024.
Today also sees The Bloodline published alongside this Roundup. Beginning with the distinctive face of my own FTP Vantage, our new Featured Article investigates why Aston Martin deliberately challenged its familiar appearance. From DB10 and Vulcan to Hunter, Vane and the design thinking behind Valen, it explores the people and ideas behind some of the marque’s most debated creations.
There’s another Car of the Week waiting further inside, too. For now, though, let’s return to Barcelona and the people who helped turn a difficult start into a championship celebration. Let’s dig in!
BLACKTHORN RACING | THE PEOPLE BEHIND A CHAMPIONSHIP-WINNING WEEKEND
Image © Fuel the Passion. Henrique Chaves (left), pointing to Charles Bateman, International GT Open Pro-Am Drivers’ Champion sitting on top of the Aston Martin Vantage that transported them to victory.
In Issue 47, we looked ahead to Barcelona with Charles Bateman leading the International GT Open Pro-Am drivers’ championship on 88 points, eight ahead of Alexander Fach on 80. Two races remained, and spending the weekend with Blackthorn Racing gave FTP an extraordinary opportunity to experience that title battle from inside the team.
Image © Fuel the Passion. Blackthorn Racing Aston Martin Vantage GT3. Final checks prior to race 2.
Being there revealed the care behind that challenge. Everything was prepared, checked and double-checked, right down to positioning extra seat padding for both drivers. Those small adjustments were part of a collective determination to give Charles and Henrique Chaves the best possible opportunity.
Understanding the partnership
Pro-Am brings professional and amateur drivers together in the same car. Henrique was the professional supporting Charles, the amateur, Bronze-rated driver. Both had substantial responsibilities, driving roughly half of each Barcelona race and changing over during a compulsory pit stop. The team nominates its driver order for the weekend, with one driver qualifying and starting the first race and the other doing so for the second.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes.
Henrique Chaves | Professional driver
Portuguese racer Henrique Chaves has been an Aston Martin works driver since 2024. He won the International GT Open title with Miguel Ramos in 2020, followed by the GT World Challenge Europe Sprint Cup Pro-Am crown in 2021. In 2022, he claimed a class victory at the 24 Hours of Le Mans with TF Sport’s Aston Martin Vantage, sharing with Ben Keating and Marco Sørensen, bringing considerable championship and endurance experience to his partnership with Charles.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes.
Charles Bateman | Pro-Am drivers’ champion
British racer Charles Bateman’s background spans Caterhams, Porsche Carrera Cup GB and British GT. A multiple British GT race winner, he won the Silverstone 500 and finished third in the championship in 2012. Following an extended break, he returned to Porsche Carrera Cup GB with Team Parker Racing in 2022. Now competing as a Bronze-rated amateur, Charles has added the 2026 International GT Open Pro-Am drivers’ title with Blackthorn Racing to an already accomplished racing career.
Viewers of Trust the Car and The Race Is On, our Silverstone films now available on Blackthorn Racing’s YouTube channel, will recognise that relationship through Tom Canning’s coaching and support for Claude Bovet during their Michelin Le Mans Cup weekend.
Image © Fuel the Passion. Blackthorn Racing garage next to Fach Porsche Team, Bateman’s closest Championship rival.
Charles’s closest championship rival was Alexander Fach, the Silver-rated professional sharing the #11 Fach Auto Tech Porsche 911 GT3 R Evo with Bronze-rated amateur Alexander Schwarzer. Both members of a Pro-Am pairing score championship points individually, allowing Charles and Fach to contest the same title despite their different roles within their cars.
The Porsche team’s garage was right next to Blackthorn’s. We could watch their pit stops and driver changes while following the times, just as they could follow Blackthorn.
The championship opposition was right next door, making an already close contest feel even more intense.
From preparation to fightback
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes. Blackthorn Racing Aston Martin Vantage GT3 being hit on the first corner of Race 2. Debris is visible at the bottom left of the image.
Charles started Saturday’s race before handing over to Henrique, whose charge to second in Pro-Am helped limit the damage from Fach and Schwarzer’s class victory. Charles ended the day on 96 points, with Fach on 90. The advantage was down to six.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes. Driver change and pit stop during Race 2.
On Sunday, Henrique started with the aim of building a buffer before Charles took over. His trip through the gravel at the very first corner immediately changed that task into a recovery drive. Instead of pulling clear, he was fighting back through traffic, overtaking cars and recovering lost ground. Blackthorn also had an additional 15 seconds of pit-stop time to serve under the championship’s success-handicap system.
Under GT Open’s Pro-Am rules, a class victory adds ten seconds to the compulsory pit-stop time for the following race, while second place adds five. These success handicaps accumulate up to a maximum of 20 seconds and can be reduced by finishing outside the class podium. Blackthorn carried ten seconds from its Monza victory, with Saturday’s second place adding another five for Sunday. The Aston Martin therefore had to remain stationary for 15 seconds beyond its normal required stop — time the drivers needed to make up on the circuit, adding another challenge to their recovery.
The team, family and friends behind the screens
Image © Fuel the Passion & Blackthorn Racing. Family watching from live pictures inside the Blackthorn garage.
At the back of the garage, team members, family and friends followed the race pictures, positions and championship calculations, urging both drivers on. Some of Henrique’s family watched the television on the wall in the space where the Aston Martin would normally stand. There were serious faces, concern and a keen focus on what could still be achieved.
Image © Fuel the Passion & Blackthorn Racing. Blackthorn Racing Team, family & friends watch on, as the Blackthorn Racing Vantage fights through the field.
This was a part of the weekend that a race broadcast can’t always convey. Standing among people with such a personal connection to the drivers, feeling their tension and hearing their encouragement through each turn, brought another dimension to the racing. It was truly special to be there and capture it.
Charles continued the fightback in the second stint. At one stage, seventh in class left him provisionally only two championship points ahead, with two professional drivers around 1.5 seconds behind. Losing those positions could have pushed him outside the points. His passes on Hubert Darmetko’s BMW and Darren Kell’s McLaren lifted him to fifth, earning vital breathing room while the pursuing cars remained close.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes. Blackthorn Racing Aston Martin Vantage GT3, Race 2, Barcelona.
Then, in the final minutes, Fach received a five-second penalty, ultimately dropping the Porsche to third in Pro-Am. That gave Charles greater protection in the championship calculations as the race approached its conclusion.
Image © Fuel the Passion & Blackthorn Racing. Celebrations in the Blackthorn Racing garage.
As the implications became clear, Blackthorn’s race control room erupted. Friends, family and team members, including Dan Jeal, Claude Bovet and Julien Draper, embraced. Henrique was in the middle of it all, his relief and happiness evident after the frustration of the opening lap. I filmed those moments, and they were lovely to witness.
Charles still had to finish. Sixth in Pro-Am brought him three points and a season total of 99, three clear of Fach’s 96.
International GT Open · Barcelona · 24–25 October 2026
The championship in points
Charles Bateman’s lead narrowed across the weekend. He finished the season three points ahead.
FINAL WINNING MARGIN
| Championship stage | Charles Bateman #97 · Blackthorn · Aston Martin | Alexander Fach #11 · Fach Auto Tech · Porsche | Bateman’s lead |
|---|---|---|---|
| Before Barcelona Two races remaining | 88 points | 80 points | 8 points ahead |
| After Race 1 Saturday 24 October | 96 2nd in Pro-Am · +8 | 90 1st in Pro-Am · +10 | 6 points ahead |
| After Race 2 Sunday 25 October · season complete | 99 6th in Pro-Am · +3 | 96 3rd in Pro-Am · +6 | 3 points · title secured |
2026 Pro-Am drivers’ champion
Charles Bateman
Blackthorn Racing · #97 Aston Martin Vantage GT3 Evo
Individual drivers’ points, not combined team totals. Source: GT Open’s published Pro-Am classification, labelled provisional by the organiser.
Four victories had laid the foundations: Portimão and the Monza 500 with Chaves, and both Paul Ricard races with Jonny Adam. Kobe Pauwels also contributed at the Hungaroring. This was Charles’s drivers’ championship, achieved with the support of his co-drivers and the work of the entire Blackthorn team.
Read the full Barcelona report in our International GT Open section and explore Blackthorn’s Featured Team section in the FTP Motorsport Hub.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes. The whole team, friends & family celebrating on the podium. Barcelona 2026.
I’ve put together a 75-second Short, available to watch now on the Blackthorn Racing YouTube channel. It gives you a taste of our Barcelona weekend and a preview of the longer films coming soon, which will include interviews with the drivers, Claude Bovet and Dan Jeal at different stages of the weekend.
Being there to capture even a small part of the work, tension and celebrations behind Charles’s championship success was a real privilege.
Click the YouTube button to visit Blackthorn Racing’s channel, then select Subscribe so you don’t miss the longer Barcelona films.
Watch the Short and subscribe to the Blackthorn Racing channel so you don’t miss the fuller story when the films are released.
You might expect Blackthorn to enjoy a well-earned break before preparations for 2027 gather pace, but another challenge is already approaching. Racing as Ecurie Ecosse Blackthorn, the team will contest the 2026/27 Asian Le Mans Series, beginning at Circuit Paul Ricard on the weekend of 13th–15th November.
Because of the ongoing conflict and resulting logistical uncertainty in the Middle East, this season will take place entirely in Europe under the Winter Le Mans Series banner. Further weekends at Jerez and Portimão complete a programme of six four-hour races. There’s plenty more racing ahead for this team.
Ecurie Ecosse Blackthorn · 2026/27
Asian Le Mans Series
An exceptional European season, running under the Winter Le Mans Series banner.
THREE EVENT WEEKENDS
| Rounds | Event dates | Circuit & location |
|---|---|---|
| 1 & 2 | 13–15 November 2026 | Circuit Paul Ricard Le Castellet · France |
| 3 & 4 | 15–17 January 2027 | Circuito de Jerez Jerez de la Frontera · Spain |
| 5 & 6 | 19–21 February 2027 | Autódromo Internacional do Algarve Portimão · Portugal |
Dates show the full event weekends, not individual race start times. Calendar checked 28 October 2026; subject to change. Official calendar.
Image © Fuel the Passion. Blackthorn Racing Ecurie Ecosse Aston Martin Vantage GT3 waiting for the Asian Le Mans 2026-27 Championship to begin. Photographed beside the Blackthorn truck at Barcelona 2026.
Blackthorn’s championship success gave Aston Martin supporters plenty to celebrate last weekend. Over in Austin, the Formula 1 team had a more difficult story to tell.
FORMULA 1 | A DIFFICULT AFTERNOON IN AUSTIN
Image © Honda Motor Co. Ltd & Aston Martin Aramco. Used for editorial purposes. Fernando Alonso in the AMR26, Austin 2026.
Aston Martin left Austin without adding to its seven championship points, with Lance Stroll finishing 15th and Fernando Alonso 16th, both a lap down.
Alonso’s opening-lap contact with Alex Albon’s Williams caused damage that compromised his race. A front-wing change on lap 42 ended the intended one-stop strategy, while insufficient straight-line speed had already made overtaking difficult. Stroll recovered from a pit-lane start following repairs and car changes, but a loss of rear downforce after his second stop restricted his progress.
Kimi Antonelli won for Mercedes, extending his championship lead over George Russell to 123 points and moving closer to a first world title. The fallout from Alonso’s opening-lap contact with Albon continued in Mexico. Speaking on 29th October, Alonso stood by his criticism of driving standards towards the back of the grid, arguing that greater patience was needed: “Lap 1 is not the end of the world.” Albon disagreed, defending the strength of the current field. Neither driver was penalised for the Austin collision. Alonso also acknowledged that Aston Martin’s own task is to qualify further forward and escape those battles, bringing the discussion back to the team’s continuing need for improved performance.
Image © Honda Motor Co. Ltd. Used for editorial purposes.
Austin also marked Honda’s 500th Formula 1 race, a milestone we explored in Issue 47. Both Aston Martin AMR26s carried a special Honda500 commemorative logo, with matching branding on the HRC race engineers’ uniforms, recognising the occasion as Honda’s story continues alongside Aston Martin.
For the full race report and Aston Martin’s weekend in more detail, visit the Formula 1 section of the FTP Motorsport Hub.
ASTON MARTIN MOTORSPORT | THE FINAL RACES OF 2026
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valkyrie, Heart of Racing, #009.
Although the 2026 motorsport season is drawing to a close, Aston Martin still has some exciting racing ahead. From the V12-powered Valkyrie's final World Endurance Championship appearance of the year at Monza, to the opening rounds of the Asian Le Mans Series at Paul Ricard and the marque's eagerly anticipated return to Macau, there’s plenty for enthusiasts to look forward to before the year is out.
ASTON MARTIN MOTORSPORT · 2026
Still to Race This Year
Five Formula 1 Grands Prix and three major endurance and GT racing events remain before the 2026 motorsport calendar concludes.
STILL TO COME IN 2026
| Event dates | Championship | Race & circuit | Aston Martin entries |
|---|---|---|---|
| 30 Oct – 1 Nov Race: 1 November | Formula 1 Round 19 |
Mexico City Grand Prix
Autódromo Hermanos Rodríguez Mexico City · Mexico |
Aston Martin Aramco F1 Team Fernando Alonso · Lance Stroll |
| 6–8 November Race: 8 November | Formula 1 Round 20 |
São Paulo Grand Prix
Interlagos São Paulo · Brazil |
Aston Martin Aramco F1 Team Fernando Alonso · Lance Stroll |
| 6–8 November Race: 8 November | FIA World Endurance Championship 2026 season finale |
6 Hours of Monza
Autodromo Nazionale Monza Monza · Italy |
2 × Valkyrie Hypercar
2 × Vantage LMGT3 Aston Martin THOR Team / Heart of Racing |
| 13–15 November Two four-hour races | Asian Le Mans Series 2026/27 season opener |
4 Hours of Le Castellet
Circuit Paul Ricard Le Castellet · France |
4 × Vantage GT3 Evo
Heart of Racing (2) Car Blanche by RSL (1) Ecurie Ecosse Blackthorn (1) |
| 19–21 November Race: 21 November (local) | Formula 1 Round 21 |
Las Vegas Grand Prix
Las Vegas Strip Circuit Las Vegas · USA |
Aston Martin Aramco F1 Team Fernando Alonso · Lance Stroll |
| 19–22 November Macau Grand Prix weekend | FIA GT World Cup Aston Martin returns to Macau |
Macau GT World Cup
Guia Circuit Macau |
2 × Vantage AMR GT3 Evo
Comtoyou Racing Marco Sørensen · Jamie Day |
| 27–29 November Race: 29 November | Formula 1 Round 22 |
Qatar Grand Prix
Lusail International Circuit Lusail · Qatar |
Aston Martin Aramco F1 Team Fernando Alonso · Lance Stroll |
| 4–6 December Race: 6 December | Formula 1 2026 season finale |
Abu Dhabi Grand Prix
Yas Marina Circuit Abu Dhabi · UAE |
Aston Martin Aramco F1 Team Fernando Alonso · Lance Stroll |
For the latest Aston Martin race reports, results, championship standings and upcoming events, visit our Motorsport Hub.
Dates cover full event weekends, not individual session times. Calendar checked 28 October 2026; subject to change.
Affiliate link note: Some links may be affiliate links, which means Fuel the Passion may earn a small commission if you purchase through them, at no extra cost to you. Thank you for your support.
FORMULA 1 | CRAWFORD BEHIND THE SCENES AND A NEW ROLE FOR ALONSO
Image © Honda Motor Co. Ltd & Aston Martin Aramco. Used for editorial purposes. Jak Crawford, Austria 2026.
Aston Martin’s wider Formula 1 news brings attention to both its developing talent and its commercial partnerships as the championship reaches Mexico City.
On 22nd October, the team announced that third driver Jak Crawford would take over Lance Stroll’s AMR26 for the opening free-practice session, known as FP1. The allocation was intended to complete Aston Martin’s four required rookie practice appearances for 2026. For the 21-year-old American, Mexico also marks a return to the circuit where he made his Formula 1 practice debut in 2025.
Image © Honda Motor Co. Ltd & Aston Martin Aramco. Used for editorial purposes. Jak Crawford, Austria 2026.
A separate team feature, published on 27th October, provides an interesting account of Crawford’s less visible responsibilities. At the AMR Technology Campus, he works in a simulator combining a realistic cockpit, moving platform and surrounding screens. Alongside the engineers, he tests car settings, helps refine how electrical energy is deployed and compares simulated performance with information gathered at the circuit. That comparison helps the team understand how accurately its simulator represents the real car.
The hours can be considerable. Crawford describes supporting the Miami weekend from the simulator between approximately 6pm and 6am, then heading straight to the airport. His work also includes development for the following season. The full feature, A day in the life, with a driver in the loop, offers a worthwhile glimpse of the preparation and overnight support behind a Grand Prix weekend.
Image © Honda Motor Co. Ltd & Aston Martin Aramco. Used for editorial purposes. Fernando Alonso.
Meanwhile, Aston Martin has extended and expanded its partnership with online trading provider Pepperstone, which began in 2025. Fernando Alonso will become a global ambassador for the company from 2027, with the expanded relationship being marked in Mexico through a specially designed helmet and increased branding on the AMR26. It’s a commercial development for the team, accompanied by a new ambassadorial role for its two-time world champion.
From the Formula 1 team, we now turn to Aston Martin Lagonda, the road-car manufacturer. The two businesses have separate finances, and this week’s results give us a substantial update on the company’s continuing efforts to build a financially sustainable business.
ASTON MARTIN LAGONDA | Q3 PROGRESS AND THE ROAD INTO 2027
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Q London.
Back in Issue 22, published on 3rd May, we treated the first-quarter results from Aston Martin Lagonda Global Holdings plc (AML) as an encouraging early checkpoint. Valhalla and a richer mix of cars were beginning to improve the figures, while cash consumption and debt kept our assessment cautious. By Issue 35, on 2nd August, the half-year results provided broader evidence of operational improvement, accompanied by a demanding financing burden.⁴,⁵
Our 6th September Featured Article, Adrian Hallmark: Two Years On. Can the Bentley Playbook Work at Aston Martin?, then set out the tests we believed should determine whether the turnaround was succeeding: stronger economics across the core range, valuable contributions from Specials, improving profitability, dependable cash generation and less financial dependence.⁶
The third-quarter (Q3) results, published on 28th October, give us another opportunity to apply those tests. They also arrive alongside Valhalla Spider, bringing the financial story and Hallmark’s product strategy into unusually close view. These are unaudited results covering both July–September and the first nine months of 2026; the two periods need to be kept separate.¹
MORE REVENUE FROM ALMOST THE SAME NUMBER OF CARS
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Birmingham.
Aston Martin recorded £388.7 million of revenue in Q3, up 36% from £285.2 million a year earlier. Total wholesale volumes barely changed: 1,431 cars against 1,430. A wholesale normally records a car supplied by the manufacturer to its dealer network, rather than the dealer’s subsequent sale to its customer.¹
The important change was the mix of cars supplied. Q3 included another 127 Valhalla deliveries, compared with just two Specials in the equivalent 2025 quarter. Expensive limited-production cars therefore made up a much larger share of the total. Across nine months, revenue reached approximately £1.02 billion, up 38%, supported by around 350 Valhalla Coupés.¹
Gross margin helps explain the effect. It measures the proportion of revenue remaining after the direct cost of supplying the products has been deducted, before paying for the wider business. Q3 gross margin rose from 29.0% to 37.4%: approximately 37 pence remained from each pound of revenue, compared with 29 pence a year earlier. The nine-month margin was 35.2%.¹
Aston Martin attributes the improvement to Valhalla, lower manufacturing costs and transformation benefits, with some quality-related costs also lower than in the comparative period.
Chief Executive Adrian Hallmark described the results as showing “tangible and consistent progress towards the financial transformation of Aston Martin”. That’s management’s assessment; the figures provide evidence with which to examine it.¹
THE CORE RANGE IS AN IMPORTANT PART OF THE UPDATE
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin, Leeds.
Valhalla’s contribution deserves recognition, but the regular range also needs to earn more from the cars it supplies. Our earlier coverage identified the pressure created by support offered to dealers clearing older stock. Such support helps move inventory but reduces the amount Aston Martin earns from affected cars.⁴,⁵
There’s an encouraging development here. The average selling price of core cars, excluding Specials, reached £190,000 in Q3, compared with £177,000 a year earlier. The quarterly sequence has moved from £179,000 in Q1 to £184,000 in Q2 and £190,000 in Q3. That’s the manufacturer’s reported average across its mix of core cars, rather than a showroom price for a particular model.¹,²,³
Core wholesale volumes nevertheless fell 9% year-on-year in Q3. Aston Martin attributes this to its planned production pattern and says the core order book remained stable. Over nine months, dealers’ core retail sales were more than 20% ahead of wholesale supply, consistent with reducing stock held in the network. Those are useful signs of discipline, though they don’t establish the profit generated by the core range on its own.¹
STRONGER OPERATING PERFORMANCE, WITH LOSSES STILL TO OVERCOME
Adjusted operating loss narrowed to £24.9 million in Q3, from £50.6 million a year earlier. This measure is reported as adjusted earnings before interest and tax, or adjusted EBIT. It includes charges spreading the cost of assets and qualifying development work over their useful lives, while excluding certain items Aston Martin identifies separately.¹
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Q London.
You may also encounter adjusted EBITDA: earnings before interest, tax, depreciation and amortisation. It leaves out those asset and development-cost charges and therefore gives an earlier view of earnings before several substantial costs are included. Q3 adjusted EBITDA was positive £69.9 million, while adjusted EBIT remained a loss. A positive EBITDA figure consequently doesn’t establish that Aston Martin is profitable or generating surplus cash.¹
The quarterly comparison below shows how selected measures have developed during 2026. Each column covers three months; none is a cumulative half-year or nine-month total.¹,²,³
AML · The first three quarters of 2026
How the year has developed
Each column covers a separate three-month period. Read the cash figures alongside the interest-payment row.
| Measure | Q1 2026 January–March | Q2 2026 April–June | Q3 2026 July–September |
|---|---|---|---|
| Wholesale cars | 939 | 1,392 | 1,431 |
| Revenue | £270.4m | £358.2m | £388.7m |
| Gross margin | 34.7% | 33.1% | 37.4% |
| Core average selling price | £179,000 | £184,000 | £190,000 |
| Adjusted operating loss | £56.9m | £52.0m | £24.9m |
| Free cash outflow | £116.8m | £80.8m | £27.6m |
| Net cash interest paid | £2.6m | £72.5m | £1.3m |
Losses and cash outflows are shown as positive amounts, as identified in their row labels. The large Q2 interest payment affects comparisons between quarters. Average selling prices reflect the manufacturer’s vehicle mix and reporting basis. Sources 1, 2 and 3. Figures checked 29 October 2026.
WHY THE LOSS FIGURES NEED CAREFUL READING
Across nine months, the reported loss before tax narrowed to £231.3 million, from £252.7 million. The adjusted pre-tax loss widened to £283.0 million, from £237.0 million. Both statements are accurate, because the measures treat specified items differently.¹
Image © Aston Martin Lagonda. Used for editorial purposes.
The reported result includes the £47.7 million gain associated with the Formula One naming-rights transaction already recognised at half-year. It isn’t a new Q3 transaction and is excluded from the adjusted result.
Financing costs also increased, with the comparison affected substantially by non-cash currency movements on dollar-denominated debt, alongside additional interest following July’s borrowing. A currency revaluation changes the sterling accounting value of the debt without representing an equivalent cash payment at that moment.¹
Our previous distinction therefore remains necessary: improving the trading operation and improving the eventual result after financing are connected tasks, with different measures showing different parts of the picture.⁵
CASH FLOW: A REAL IMPROVEMENT, WITH TIMING TO CONSIDER
Aston Martin’s free cash outflow reduced from £415.0 million to £225.2 million over nine months. Its measure brings together operating cash flow, investment cash flows within its definition and net cash interest; financing proceeds and certain asset-disposal proceeds are excluded. It helps us assess whether these activities together generate cash or require funding.¹
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Q London.
There’s progress beneath that improvement. Operating activities generated £45.2 million during the nine months, compared with an £89.4 million outflow a year earlier. Investment spending also fell, from £254.0 million to £194.0 million. The better free-cash-flow figure therefore reflects both stronger operating cash generation and lower investment spending. It shouldn’t all be described as an improvement in selling cars.¹
The quarterly comparison needs another qualification. Q2 included £72.5 million of net cash interest, while Q3 included just £1.3 million. As we explained in our August investigation, Aston Martin Beyond the Debt: What Could the Future Hold?, large interest payments aren’t distributed evenly through the year. The reduction in reported outflow between those quarters must be read with that timing in mind.³,¹⁶
The cleaner same-quarter comparison remains encouraging: Q3 free cash outflow fell from £94.0 million in 2025 to £27.6 million in 2026. Net cash interest was small in both quarters. Even so, a smaller outflow still means cash was consumed on this measure.¹
MORE FINANCIAL ROOM, WITH A SUBSTANTIAL DEBT BURDEN
At 30th September, Aston Martin reported £321.6 million of liquidity, following the financing completed in July. Liquidity describes resources available to meet obligations; it can include cash and available borrowing facilities. At this reporting date, the company’s liquidity figure comprised its reported cash balance.¹
That provides useful capacity to pay bills and continue the product programme. The financing also creates obligations. The £550 million package comprises a £450 million main loan and a £100 million delayed-draw facility; part of the main borrowing replaced existing facilities. The headline package should therefore be distinguished from fresh cash immediately available to spend.¹
Net debt stood at £1.572 billion, compared with approximately £1.545 billion at June and £1.380 billion at December 2025. Net debt broadly measures borrowings after accounting for cash, using the company’s defined adjustments. Greater liquidity has given Aston Martin more room to execute its plans, while the debt burden remains larger. The unchanged full-year outlook includes approximately £160 million of net cash interest.¹³
HOW THE PRODUCT PROGRAMME EXTENDS THE STORY INTO 2027
Image © Aston Martin Lagonda. Used for editorial purposes. The current Aston Martin ‘S’ range.
This is where the cars deserve to come back into view. Hallmark’s strategy, as we examined in September, is to earn more value from Aston Martin’s engineering, model families and customer relationships. That includes making genuinely different derivatives, developing personalisation and maintaining a credible programme of Specials.⁶
DBX GT, announced on 1st October and examined in Issue 44, published on 4th October, offers a particularly clear example. Alongside the more sporting DBX S, it puts greater emphasis on comfort, refinement and craftsmanship. The commercial opportunity is to appeal to a different preference within the same broad vehicle family. Its launch followed the end of Q3, with deliveries scheduled for Q4.⁸,⁹
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
Valhalla Spider, revealed on 28th October and explored in the next section, extends the mid-engined programme in a different direction. Its open cockpit offers customers another way to enjoy Valhalla’s engineering, with further scope for personalisation.
Its financial contribution lies ahead: deliveries are expected from Q3 2027, while the company says orders already extend into Q4. Nearly all remaining Coupés are ordered, with those deliveries due to finish by the end of the first half of 2027.¹,¹⁰
Production numbers require care. Earlier Valhalla material specified 999 cars. In the published Q3 call transcript, Chief Financial Officer Doug Lafferty described the initial combined Coupé-and-Spider programme as slightly above 999, with Spiders representing roughly a quarter and priced around 20% higher. That is management’s latest description, rather than evidence of 999 Coupés plus an entirely additional Spider run.⁷,¹²
FTP WEEKLY ROUNDUP · ISSUE 48
Time for a cuppa?
You’ve reached the halfway point. Take a breather before we continue with Valen and Aston Martin’s product plans — there’s plenty more to enjoy on the other side.
HALFWAY THROUGH THIS ISSUE
Around 25 minutes still to enjoy
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valen.
Valen adds another strand, with deliveries expected from Q2 2027. Taken together, the planned sequence extends the contribution from high-value cars across next year.
If orders convert into successful deliveries at worthwhile margins, that could support revenue, cash generation and returns from engineering already developed.
Additional variants still require development and production spending, so their exact profit contribution can’t be calculated from the information disclosed.¹,⁶
We should also retain the more focused Vantage development cars covered in Issue 39, published on 30th August. They are evidence of continuing engineering activity around an existing model family. The prospective Vantage RS name, specifications and delivery timetable remain unconfirmed in the material located for this review. They provide a further indication of the product direction, without giving us another announced 2027 revenue stream to count.¹¹
AML · Products and execution
The programme into 2027
Different products, different customer preferences and further opportunities to earn a return from engineering already developed.
| Product & status | Delivery position | Commercial connection |
|---|---|---|
| DBX GT ANNOUNCED | October–December 2026 Deliveries scheduled in Q4. | Broadens the DBX family with a greater emphasis on comfort, refinement and craftsmanship. Sources 8, 9 |
| Remaining Valhalla Coupés EXISTING PROGRAMME | By 30 June 2027 Remaining deliveries due to complete by the end of the first half. | Continues converting the Coupé order book into deliveries. Source 1 |
| Valen ANNOUNCED | April–June 2027 Deliveries expected to start in Q2. | Adds a high-value Special using existing front-engined engineering. Sources 1, 6 |
| Valhalla Spider ANNOUNCED | July–September 2027 Deliveries expected to start in Q3; orders already extend into Q4. | Extends the mid-engined programme with a distinct open-top proposition. Sources 1, 10 |
| Focused Vantage prototypes DEVELOPMENT | No confirmed timetable RS name, production details and delivery date remain unconfirmed in the material located. | Evidence of continuing development around an existing model family. Source 11 |
Dates reflect company expectations, except the separately identified prototype programme. They are not guaranteed outcomes. Both DBX GT and Valhalla Spider were announced after the quarter ending 30 September 2026. This panel is not a forecast of revenue or profit.
HOW THE RESULTS HAVE BEEN REPORTED
The contemporary reports reviewed offer useful differences in emphasis. Alliance News, carried by AJ Bell, led on narrower losses, Valhalla-supported revenue and unchanged guidance. Car Dealer similarly foregrounded Valhalla’s contribution while acknowledging continuing losses and external pressures. Electric Vehicles gave greater prominence to the contrast between improved margins and declining core wholesale shipments.¹³,¹⁴,¹⁵
Those reports help explain how the same results can generate different headlines. FTP’s assessment needs the figures together: the improvement in revenue and margins, the decline in core shipments, the rise in core selling price, the continuing cash requirement and the financial obligations behind it.
THE NEXT TESTS
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla.
Aston Martin retained its full-year guidance: wholesale volumes broadly similar to 2025’s 5,448 cars, including around 500 Valhalla Coupés; gross margin improving into the high-30% range; and adjusted operating margin moving towards breakeven. Full-year free cash flow is still expected to be negative, with the outflow materially reduced from 2025. These remain expectations for the year, rather than completed results.¹
For FTP, Q3 strengthens several parts of the case we set out in September, particularly core pricing, operating performance and the continuing contribution from Valhalla. Hallmark and the wider team also have a clearer sequence of products through which to pursue further improvement. The next evidence will come from delivering those cars successfully and translating their value into sustained profit and cash after investment and financing requirements have been met.
FTP · Research register
Sources behind this assessment
The numbered references in the text lead to the evidence used for the figures, management comments and earlier FTP assessments.
CONTINUITY
| Ref. | Source & date | What it supports |
|---|---|---|
| 1 | AML Q3 and nine-month results — 28 October 2026 ↗ | Latest figures, chief executive’s statement, delivery expectations and guidance. |
| 2 | AML Q1 results — 29 April 2026 ↗ | First-quarter comparison. |
| 3 | AML H1 results — 29 July 2026 ↗ | Second-quarter figures, interest timing and June debt. |
| 4 | FTP Issue 22 — 3 May 2026 ↗ | FTP’s Q1 assessment. |
| 5 | FTP Issue 35 — 2 August 2026 ↗ | FTP’s half-year assessment. |
| 6 | FTP Hallmark assessment — 6 September 2026 ↗ | Strategy, existing engineering and consistent turnaround tests. |
| 7 | Q3 call transcript — 28 October 2026; Quartr via Stock Analysis ↗ | Management’s production and pricing expectations; published transcript. |
| 8 | Aston Martin DBX GT announcement — 1 October 2026 ↗ | Official model positioning and delivery timing. |
| 9 | FTP Issue 44 — 4 October 2026 ↗ | Previous DBX GT strategy interpretation. |
| 10 | Aston Martin Valhalla Spider announcement — 28 October 2026 ↗ | Spider’s engineering connection and launch timing. |
| 11 | FTP Issue 39 — 30 August 2026 ↗ | Earlier focused Vantage prototype coverage and qualifications. |
| 12 | Aston Martin Valhalla announcement — 11 December 2024 ↗ | Earlier 999-car production language. |
| 13 | Alliance News via AJ Bell — 28 October 2026 ↗ | Financial reporting emphasis. |
| 14 | Car Dealer, Jack Williams — 28 October 2026 ↗ | Automotive trade reporting emphasis. |
| 15 | Electric Vehicles, Cláudio Afonso — 28 October 2026 ↗ | Margin and core-wholesale reporting emphasis. |
| 16 | FTP Beyond the Debt — 2 August 2026 ↗ | Earlier explanation of cash flow and interest timing. |
Financial figures are unaudited and follow the company’s published definitions. Reference 7 is a Quartr transcript hosted by Stock Analysis; it is not an AML-issued transcript. Sources and reporting positions checked 29 October 2026. Current expectations may change.
FTP SUMMARY | THE POSITION IN PLAIN ENGLISH
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Q London.
Aston Martin is earning more revenue from the cars it supplies, keeping more after their direct costs and losing less money at the operating level. Valhalla is making a substantial contribution, while improving prices across the regular range provide another encouraging sign. The company is also consuming considerably less cash than a year ago.
It still needs funding to cover the gap between the cash it generates and its investment and financing requirements. Debt remains substantial, and the stronger cash balance partly reflects further borrowing. A good quarter gives us more evidence of progress; sustained financial security requires that improvement to continue.
There are worthwhile opportunities ahead. DBX GT broadens customer choice, while remaining Valhalla Coupés, Valen and Valhalla Spider extend the planned programme into 2027. Those cars give Aston Martin further opportunities to earn a return from its engineering and the skills of its people.
FTP’s view is that the evidence supporting Hallmark’s strategy has strengthened.
The next test is whether successful products and better execution can consistently generate enough money to fund the company’s future and gradually ease its debt burden. Those future deliveries include a car unveiled on the same day as the results. We’ve considered Valhalla Spider’s place in the business plan; now let’s take a closer look at the car itself.
ASTON MARTIN VALHALLA SPIDER | OPEN TO SOMETHING EXTRAORDINARY
When we featured a Helios Yellow Valhalla in Issue 41, published on 13th September, it offered an early glimpse of Aston Martin’s new mid-engined supercar reaching the open market. Now there’s another development to enjoy. Unveiled on 28th October, the Valhalla Spider takes that same ambitious combination of hybrid power, carbon-fibre construction and active aerodynamics into an open cockpit.
The launch car featured in Aston Martin’s one-minute, 19-second promotional film above, makes a striking impression, combining silver bodywork, gold detailing and a vibrant red interior.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
It wouldn’t be my own colour choice, but I can appreciate how the gold picks out the lower aerodynamic surfaces, while removing the roof brings that red cabin firmly into view. The exposed carbon fibre adds another contrast, particularly around the seats and doors. Whether you’d choose this combination yourself or take a different direction, it certainly gives the Spider a distinctive presence.
At the time of writing, the video had 99 comments, with the responses visible beneath it largely enthusiastic. The styling and gold accents attract particular praise, and several viewers say the Spider has changed their previously lukewarm opinion of Valhalla. Personal taste comes through strongly, too: some would prefer green bodywork or a brown interior, while others question the red-and-gold combination or the dashboard’s digital displays. There are requests for V12 power and suggestions that “Volante” would have been a more fitting name. Among this small early sample, though, admiration for the car’s appearance is the strongest theme.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
Aston Martin describes it as the fastest open-cockpit production car it has made, with a claimed 217mph maximum speed achievable with the roof removed. That immediately gives some indication of the engineering involved: managing airflow around the occupants while keeping the car stable and supplying its engine with cooling air.
The same power, a different experience
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
The Spider retains the coupé’s 1,079PS and 1,100Nm plug-in hybrid powertrain. Its 4.0-litre twin-turbocharged V8 works with three electric motors, two driving the front wheels and a third assisting the engine at the rear through an eight-speed dual-clutch transmission. Removing the roof promises a more immediate connection with that V8, even at speeds considerably below the headline figure.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
There are several ways to configure the roof. A removable, stowable black fabric roof comes as standard, providing weather protection with a maximum permitted speed of 124mph when fitted.
An optional carbon-fibre hardtop allows access to the full 217mph maximum with the cockpit enclosed. Owners can therefore choose between the convenience of carrying the fabric roof and the alternative hardtop.
The smaller details are interesting, too. A clip-in wind deflector manages airflow over the occupants while helping feed the engine’s intake, which sits 35mm taller than on the coupé. When the roof is fitted, the deflector folds into three sections and can be stored in the sill compartments.
Engineering around the open cockpit
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
Aston Martin Performance Technologies, the consulting arm of the Formula 1 team, has contributed to the Spider’s structure, aerodynamics and dynamics. A version of the coupé’s carbon-fibre passenger cell remains at its core, while revised aerodynamic and stability-control calibrations accommodate the different airflow with the roof fitted or removed.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
The active aerodynamic system continues to adjust the balance between downforce and drag. Aston Martin quotes more than 600kg of maximum downforce with the roof fitted; the roof configuration is an important qualification to that figure.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
Inside, a new carbon-fibre Touring Seat becomes standard, intended to improve comfort and make getting in and out easier. Buyers who prefer the coupé’s original seat can retain it at no additional cost. The distinctive upward-opening doors remain, now with frameless glass and revised operation.
Aston Martin retailer Grange, in its guide published on 29th October, lists a planned worldwide production run of 249 Valhalla Spiders. That gives a more precise figure for the open-top model within the combined Coupé-and-Spider programme discussed in our Q3 assessment. The retailer hasn’t specified how many of those cars will be allocated to UK customers. On pricing, Autocar’s Felix Page reported an anticipated starting figure of around £1.3 million in his coverage published on 28th October. We’re treating that as a reported estimate, rather than a manufacturer-confirmed UK list price.
The Spider’s global debut is taking place at this weekend’s Concours at Wynn Las Vegas, with customer deliveries scheduled to begin in the third quarter of 2027. For anyone drawn to Valhalla’s combination of dramatic design and complex engineering, there’s now the prospect of experiencing it with rather more sky overhead.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
Back on UK roads, the DB12 S has been receiving some closer scrutiny. Its latest reviews add to the discussion we’ve followed since May about sharper responses, grand-touring comfort and the character owners want from their Aston Martin.
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DB12 S | WHAT THE UK REVIEWS ADD TO THE STORY
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin DB12 S.
Regular readers will remember the first DB12 S review wave in Issue 23, published on 10th May. We returned to evo’s assessment in Issue 24, on 17th May, followed by Country Life’s French road test in Issue 26, on 31st May. Tanya Gold’s more personal appreciation of the car also featured in Issue 33, on 19th July. Across those pieces, the recurring attraction was a more engaging Aston Martin that retained its grand-touring appeal.
The latest contribution comes from PistonHeads’ Nic Cackett, writing on 26th October. His UK review brings the discussion onto roads rather more familiar to many FTP readers. He finds that the sharper steering, chassis responses and more immediate V8 delivery make the S a particularly involving companion, while its ability to cover distance with style remains central to its appeal.
The reservations are useful, too. Cackett finds that the car’s size and weight become apparent on tighter, more demanding roads. Rear-seat accommodation and luggage space remain limited, while the native infotainment system attracts pointed criticism for its slow responses. He also considers the Bentley Continental GT roomier, more refined and technologically stronger.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin DB12 S.
Ride comfort is where the wider review picture becomes more interesting. evo praised the S for becoming calmer and better composed, while Country Life found its ride civilised during its South of France drive.
Autocar’s UK test, published on 18th September, found more fidget over uneven roads and greater disturbance from smaller surface imperfections, alongside praise for the more precise steering and entertaining handling. The enthusiasm for greater involvement is consistent; the assessment of its comfort involves more qualification.
That adds a useful qualification to the argument we explored in The Aston Martin S Question, published on 7th June. The S treatment clearly brings substance, but whether it creates the preferable DB12 depends partly on what you want from an Aston Martin grand tourer. Sharper responses and greater sporting character will appeal strongly to some owners; others may place more value on a gentler ride. The newer UK assessments give readers more evidence with which to make that distinction.
Aston Martin DB12 S · Review comparison
The reviews at a glance
Four perspectives on the sharper Aston Martin grand tourer.
ONE PLACE
| Review & context | What impressed | Reservations & qualifications |
|---|---|---|
| PistonHeads ↗ Nic Cackett UK review | Responsive V8, involving steering and sharper chassis. Strong presence and long-distance appeal. | Slow native infotainment; size and weight on tighter roads; limited rear-seat and boot space. |
| Autocar ↗ Matt Saunders & Richard Lane Full test, including UK roads | More precise steering, entertaining handling, sporting character and a beautifully finished cabin. | More fidget and disturbance over uneven UK roads. Needs space to exploit its performance. |
| Country Life ↗ Matthew MacConnell South of France drive | Civilised ride, grand-touring comfort, cabin finish and a more urgent character in Sport Plus. | Width calls for care on narrow roads. The concluding verdict identifies no major complaints. |
| evo ↗ Stuart Gallagher May road review | Calmer grand-touring manners, improved composure and greater confidence when pressing on. | Infotainment is singled out as the area left behind by the wider improvements. |
Shared praise
Sharper responses, strong character and considerable grand-touring appeal recur across these reviews.
Recurring reservations
PistonHeads and evo highlight infotainment. Size or space concerns appear in PistonHeads, Autocar and Country Life.
Where views differ
evo and Country Life praise comfort; Autocar’s UK test finds a busier ride. Ride comfort is not a unanimous verdict.
FTP summaries of the named publications’ findings. Test dates and conditions differ. Publication names link to the full reviews. Comparison checked 28 October 2026.
Those reviews underline how much the enjoyment of a car depends on personal priorities. That continues inside the cabin, where one FTP supporter has taken a very individual approach to his Vantage’s sound system.
BEYOND BOWERS & WILKINS: A DIFFERENT APPROACH TO ASTON MARTIN AUDIO
Last week, we explored Aston Martin's premium Bowers & Wilkins sound system, including the eye-watering £8,500 option available on the DBX S, and questioned just how much enthusiasts are prepared to spend in pursuit of exceptional in-car audio.
This week, there's a rather fitting continuation to that discussion, courtesy of fellow Aston Martin enthusiast, FTP supporter and previous guest contributor, George Johnson.
Image © Fuel the Passion. George’s stunning Aston Martin Vantage photographed at the AMOC Festival, British Motor Museum, 2025.
Regular readers may remember George's excellent guest feature, “Should You Upgrade to the 2025 Aston Martin Vantage?”, published on Fuel the Passion earlier this year. In that article, George shared his thoughtful, first-hand experience of trading his 2019 Vantage, the same generation as our own FTP Vantage, for Aston Martin's latest model. It was a fascinating exploration of the improvements, compromises and financial considerations involved in making that decision.
Now, George's new Vantage is the subject of a feature in Driving Sounds magazine, but this time the focus is firmly on what's coming through the speakers. Rather than selecting Aston Martin's £6,000 Bowers & Wilkins upgrade, George chose to commission a bespoke audio installation, tailored to his own considerable enthusiasm for high-fidelity music reproduction.
The resulting article, “Taking Advantage of a Vantage, By George!”, explores the thinking behind his decision, the engineering challenges encountered along the way and the lengths to which some enthusiasts will go in pursuit of exceptional sound.
We won't spoil the story, but it's a fascinating read, particularly for anyone who enjoys both Aston Martins and music.
Read the full Driving Sounds article: Taking Advantage of a Vantage, By George!
Our thanks once again to George for sharing his experiences and for his continued support of Fuel the Passion. It's particularly enjoyable when a story we explored in an earlier edition develops into something new, especially when it comes directly from someone within our own community. From a modern Vantage tailored to its owner’s listening tastes, we’re heading back to an earlier chapter of Aston Martin motoring. This week’s Car of the Week offers Newport Pagnell character and the prospect of enjoying a V8 with the roof down.
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FTP CAR OF THE WEEK
1980 Aston Martin V8 Volante ‘Oscar India’ — £109,995
Image © Fuel the Passion. For illustrative purposes.
Blue paintwork, magnolia leather and a wonderfully substantial Aston Martin V8 beneath that long bonnet. This week’s Car of the Week takes us back to the Newport Pagnell era, with a 1980 V8 Volante offered by Godins at £109,995, showing 77,965 miles on its odometer.
There’s something particularly appealing about this shape with the roof lowered. The broad shoulders and muscular stance remain, but the open cabin gives the car a more relaxed appearance. The blue-piped magnolia upholstery works beautifully against the bodywork, while the chrome detailing provides just enough brightness. To my eye, it’s a combination that suits the car’s character extremely well.
Returning to Oscar India
We’ve explored this period before. In Issue 36, published on 9th August 2026, our feature A Civilised Beast — Rediscovering the Oscar India followed a Number 27 film featuring Keith and Suzanne Loveday’s 1979 V8. That car combined the model’s grand-touring character with a six-speed manual conversion and X-Pack suspension. This week’s selection brings us to the open-top branch of the same V8 family.
Godins advertises this Volante as an “Oscar India”, although the terminology deserves a little explanation. The name is most closely associated with the Series 4 V8 saloon unveiled in October 1978, with “October Introduction” the widely accepted explanation for its unusual designation.
Image © Fuel the Passion. For illustrative purposes.
The Volante had actually appeared in June 1978, a few months earlier. Its smoother bonnet treatment and walnut-trimmed interior helped establish features subsequently adopted by the revised saloon. This car is therefore best understood as a carburettor-fed V8 Volante from the Oscar India period, with its own place in the model’s development.
Underneath the period styling sits Aston Martin’s 5.3-litre V8. The Volante also restored an open car to the range after the departure of the DB6 Mk2 Volante, bringing a fully lined, power-operated hood to the muscular V8 package. It’s an important part of the story behind the long succession of Aston Martin convertibles we enjoy today.
A long ownership chapter
According to Godins, the car was first registered on 1st January 1980. An owner who acquired it from Hawks of Queens Gate Mews in July 1984 retained it for the following 28 years, before its purchase at Bonhams’ Aston Martin Works Service sale in May 2012.
Image © Fuel the Passion. For illustrative purposes.
The maintenance record includes sill replacement in 2001, more than £23,000 of work by Oselli during 2023, and a further £2,450 spent at The Aston Barn in July 2026 on an inspection, routine service and MOT test, which it passed without advisories.
Godins also makes clear that the history file is less comprehensive than it once was. It contains period paperwork, copies of earlier servicing records and more recent invoices. That distinction is worth retaining: substantial recent expenditure is useful information, while the precise work completed and the car’s present condition remain central to understanding what’s being offered.
For me, the attraction begins with the car itself: the proportions, that blue-and-magnolia combination and the prospect of enjoying a classic Aston Martin V8 with the roof down. It’s a handsome reminder of an era when the marque’s grand tourers combined considerable muscle with a richly furnished cabin.
View the full Godins listing and photographs here.
Having spent some time with the cars, let’s return to the company behind them. The first Roundup of November also brings our monthly share-price review, alongside a comparison with the same period in the previous two years.
ASTON MARTIN LAGONDA | THE FIVE-WEEK SHARE-PRICE PICTURE
FUEL THE PASSION · MARKET WATCH
Aston Martin Lagonda
AML The changing picture
When we last examined Aston Martin Lagonda’s share price in Issue 44, the shares had spent much of September trading within a relatively narrow range. Our latest five-week review, covering 28th September to 30th October, shows more pronounced movement, alongside a reminder of how much the longer-term picture has changed.
Across the full five-week period, the lowest daily closing price was 32.90p on 28th September, while the highest was 41.34p on 12th October. AML finished Friday 30th October at 38.26p, up 0.92p, or 2.46%, from Thursday’s close. That left the shares 12.9% above the 33.90p recorded on 25th September, the final trading session before our review window began.
Aston Martin Lagonda · LSE: AML
The five-week share-price picture
28 September–30 October · Daily closing prices in pence
Final figures · Friday 30 October 2026 included
The detailed view uses a tighter vertical scale to show movement within 2026.
| Year | Lowest close | Highest close | 30 October close | Window change* |
|---|---|---|---|---|
| 2026 | 32.90p 28 Sep | 41.34p 12 Oct | 38.26p | +12.9% |
| 2025 | 58.55p 9 Oct | 85.95p 2 Oct | 64.00p | −20.9% |
| 2024 | 104.10p 22 Oct | 120.40p 30 Sep | 110.90p | −30.5% |
The 2026 window finished 12.9% higher. Friday’s 38.26p close remained 40.2% below 30 October 2025 and 65.5% below 30 October 2024.
For consistency, the graph uses daily closing prices throughout. Its highs and lows therefore represent where the shares finished each trading day; prices may have travelled further during the sessions themselves.
Looking back across the same calendar period adds another perspective. Aston Martin’s shares closed at 64.00p on 30th October 2025 and 110.90p on 30th October 2024. Friday’s 2026 close was therefore 40.2% below the equivalent date last year and 65.5% below the same date two years earlier. The recovery over our latest five-week window has taken place from a substantially lower price level than those seen in either previous year.
There’s one qualification when comparing these figures. Aston Martin has issued additional shares since the 2024 period. The company’s total stock-market value depends on both the price of each share and the number in circulation, so the graph should be read as a comparison of individual share prices.
Earlier in this Roundup, we examined the improving margins and reduced cash consumption reported in Aston Martin’s third-quarter results. Those developments provide measurable evidence of progress within the business, while continuing losses and substantial debt explain why there’s still considerable work ahead.
For FTP, the most useful approach is to follow both parts of that story. The share price shows how the market is valuing an individual AML share. The accounts help us assess whether the company is becoming better able to generate profit, fund future cars and meet its financial commitments. Sustaining those improvements remains the central test of the company’s financial transformation.
Before we bring this week’s Roundup to a close, there’s time for a more personal FTP update: a few thank-yous from Barcelona and the story behind the Featured Article published alongside this issue.
FTP UPDATE | A WEEKEND TO REMEMBER AND THE BLOODLINE
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes.
Much of my working life revolved around being part of a team, so there was something particularly rewarding about watching Blackthorn at work in Barcelona. Management, drivers and mechanics brought different responsibilities and skills to the weekend, all directed towards the same goal: giving Charles the best possible opportunity to complete his championship campaign successfully.
Image © Fotospeedy & Blackthorn Racing. Used for editorial purposes.
What stayed with me was their composure when things became difficult. The setback we’ve covered earlier seemed to sharpen their determination, with everyone concentrating on what could still be achieved. By the time the championship picture became clear in the closing laps, the reward felt greater because I’d seen some of the collective effort behind it.
I’d like to thank the whole Blackthorn team for making me feel so welcome, with a particular thank-you to Claude Bovet, Julien Draper and Dan Jeal for inviting me along and trusting me with the opportunity to film inside their race weekend.
Image © Fuel the Passion. Blackthorn Racing Aston Martin Vantage GT3, AMOC Festival 2025.
It’s remarkable to think that this began with a chance meeting at the 2025 Aston Martin Owners Club (AMOC) Festival at the British Motor Museum. Claude, Blackthorn’s owner, founder and driver, had kindly brought one of the team’s Aston Martin Vantage GT3 racing cars for members and guests to enjoy. He agreed to an interview, we kept in touch, and that conversation has led to experiences I could hardly have anticipated.
Since then, I’ve joined Blackthorn at the Goodwood Festival of Speed, the Michelin Le Mans Cup round at Silverstone and now the International GT Open finale in Barcelona. The racing has been memorable, and so has the company. Claude, Julien, Dan and the wider team are lovely people to spend time with, and I’m grateful for the welcome and the opportunities they’ve given FTP.
The Barcelona story will continue on film. The Short already available offers a first taste, while the longer film, or perhaps two episodes, will bring together exclusive footage from behind the scenes and interviews recorded with the drivers and team throughout the weekend. I want those films to convey how much people contribute to giving the drivers the best possible car and support, and how closely everyone’s efforts connect.
They’ll be published on Blackthorn Racing’s YouTube channel, so please consider subscribing if you’d like to follow the story. The team is working to build its audience, and your support helps demonstrate that people want this closer view of motorsport. It gives Blackthorn encouragement to keep sharing more of the people and preparation behind its racing.
The Bloodline — a personal starting point for a wider story
As you’ve already seen directly under the Editors Introduction, today also brings the publication of The Bloodline — The Hunter Vantage and the Aston Martins That Dared to Be Different, our new Featured Article.
Image © Fuel the Passion. The Bloodline Cover Image.
The title The Bloodline reflects a family resemblance I see between the Hunter-grille Vantage, Vulcan and Valen: three very different Aston Martins, yet something about their faces makes them feel related.
Image © Fuel the Passion. FTP Vantage. Grossglockner, Austria 2024.
The starting point is a familiar one for me: the 2019 FTP Vantage sitting on my drive. Its original Hunter face remains one of the things I enjoy about the car, but researching its history opened up a much wider question. Why did Aston Martin deliberately give such an important model an appearance that challenged so many familiar expectations?
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Vulcan.
The article explores where DB10 and Vulcan fit into that story, the thinking behind Hunter, the response it received and the later arrival of the Vane grille. It also follows the car onto the circuit, examines the questions surrounding production numbers and rarity, and considers how Aston Martin’s willingness to experiment continues through cars such as Valen.
Owning a Hunter makes this personal, but I’ve tried to separate my affection for my own car from what the evidence tells us about its history. There are different perspectives to consider, and some intriguing connections that become clearer when the cars and their designers’ explanations are brought together.
It’s a substantial read, so take your time with it. If you’ve ever wondered what Aston Martin’s designers were trying to achieve with that unfamiliar face, I hope you’ll enjoy following the story with me.
With The Bloodline now published and the longer Barcelona films still to come, there’s plenty more to share here at FTP. Before we finish, though, I’d like to reflect on a week that’s given us reasons to celebrate and some important questions about Aston Martin’s future.
FINAL THOUGHTS
Image © Fuel the Passion. Enjoying the autumn colours, Peak District, FTP Vantage.
For me, one of the most rewarding parts of following Aston Martin is learning more about the people and decisions behind the cars. Barcelona offered that through a team’s championship campaign; researching The Bloodline has offered it through the ideas that shaped a car I know so well. Both experiences have given me a deeper appreciation of the work involved.
That interest also extends to the future of the company itself. Aston Martin’s latest results contain encouraging evidence of improvement, and the people contributing to that progress deserve recognition. The continuing losses, cash requirements and debt also deserve careful attention. We all want these extraordinary cars to have a secure future, which is why we’ll keep examining how successfully the business is developing alongside them.
Image © Aston Martin Lagonda. Used for editorial purposes. Aston Martin Valhalla Spider.
One question this week has left me considering, is how Aston Martin moves forward while preserving the character that makes us care about it. That can’t mean standing still, and The Bloodline has reminded me how much there is to learn from the moments when the marque tried something unfamiliar. I hope FTP encourages that curiosity: giving new ideas a fair hearing and looking beyond our first impressions.
There’s also room to enjoy the individual choices that make ownership so interesting. George’s approach to his Vantage’s sound system, the differing assessments of DB12 S ride comfort and the discussions explored in The Bloodline all remind us how personal our preferences can be. I enjoy hearing why a particular car, design or detail appeals to someone, especially when their choice differs from my own.
With more racing ahead and the Barcelona films taking shape, there’s plenty to return to over the coming weeks. Thank you for spending part of your Sunday with FTP, particularly in an edition where we’ve given some substantial subjects the space they need. Your interest, thoughtful comments and willingness to share your own experiences continue to add a great deal to this community. 💚💛
As you can see from the image above, autumn has given the FTP Vantage a lovely backdrop here in the Peak District. If you’re in the UK or elsewhere in Europe where the leaves are turning, I hope you find a little time to get out and enjoy the colours too.
Enjoy the rest of your Sunday, have a great week and I’ll see you on the next one! 👆
Kind regards,
Dan — Fuel the Passion
3 Questions From This Week
I’d love to hear your thoughts on any of the three questions above. Share your choices and reasoning in the comments below, or tell us what else has caught your attention in Issue 48.
