VMT undervalued, page-346

100% a factor it seems - VMT faces a necessarily risky growth trajectory and it demands a pretty unique decision-maker at the helm. Everything I've read suggests CC is that, though I'd suggest everyone needs to drink bad whisky around the campfire from time to time for some perspective (maybe, to your point, not poisonous though).

My only other concern is the future barriers to entry, or lack thereof, if the industry can scale as projected. Not that this matters if demand, particularly in Asia, continues at the same pace. But with a few major competitors, and what I imagine is an easier set up than vehicles, it could attract some serious players. However, very happy with the models unveiled at EICMA and the balance sheet.