As a petrolhead, I want this company to succeed.

Numbers suggest they are doing OK, as does insider buying (modest on market purchase of $50k by chair at around current price of $1.11, as well as $200k purchase earlier in the year at $1.60).

FY21 showed a comparable loss to FY20 of $30m, despite manufacturing of exotics slowing down. Chip shortage is only peripherally relevant to these low volume cars. Cap raising in March 2020 was early in the crash and about survival, which has allowed for a more stable working capital base moving forward. I like management's thinking.

Much has been made of the shift to EVs needing lighter weight for more efficiency. Given the growth being forecast in global demand for high quality carbon fibre needed to make these wheels (as opposed to cheap CF epoxy like the type found in lowish/mid market road bicycles that weighs as much as high end aluminium alloy), the cost of these is going to keep them firmly in the realm of automotive exotica and aeronautics where the benefit of lower sprung and rotating mass outweighs the costs.

These will not be seen on your mass market $50k runabout anytime soon. The weight savings on a mass market EV will come from improved battery technology, or improved charging technology making smaller capacity Li ion viable.

I like the product, and I want to like the story. There's a market there, but it's not a mega growth story, and for me, that makes this one a watch and wait, but barrack from the sidelines.

Disc: Held on Strawman, not in real world. Sold out during COVID crash after the cap raising because I thought the market for exotics would crash. How wrong I was on that!