CREV-2025, page-76

I don't believe that the layoffs are because of automation, they have long said that the reduction in required staff due to automation would be offset with increases in production volume. (This assumes you believe anything they have said in the past). Because there have been no real updates or mentions of the Megaline, even in social media posts, I simply don't believe they have seen the improvements via automation they laid out for investors.

I'd also guess that general global economics have resulted in a reduction in people buying the cars that the wheels are going on, leading to a reduction in volumes. Add further to this the tariffs introduced on Australian goods are likely to increase the cost of the wheels as an option, further reducing the volume outlook.

This leaves me to conclude they have let people go because of significantly reduced volumes keeping them away from the break even point and delaying profitability.

There is no mention of new programs, there is no media about program launches, the social media posts don't seem to show anything new. Automation equipment appears to be the same as posted over the last couple of years, Range Rover and Corvette photos, are just more of the same.

There have been no annual reports or financials, and with the May 21st deadline just three weeks away, I wonder if delisting is a real possibility at this point.