Volkswagen sets 1m electric vehicle target as it outlines cost-cutting plan March 16, 2021 Volkswagen today said it aims to sell 1m electric or hybrid vehicles this year as the German car giant outlined plans to return to profitability through a cost-cutting plan. Sales of electric vehicles grew sharply last year, but the company is now targeting a rapid expansion that would see its deliveries more than double in [...]
Portugal removed from UK’s travel ban ‘red list’ in boost for summer holiday hopes March 16, 2021 Portugal will be removed from the UK’s travel ban list this week, in a boost for summer holiday hopes this year. The Department for Transport has updated its “red list” of destinations, which bars travellers from those countries entering the UK. British or Irish nationals are permitted to enter the country, but must quarantine in [...]
Wizz Air’s largest investor sells £400m stake in carrier March 16, 2021 Wizz Air’s largest shareholder has sold half of its stake in the Hungarian airline for £400m, it was announced this morning. Private equity firm Indigo Partners had owned 17.5 per cent of the FTSE 250 flier, but will now have a stake of about 8.5 per cent. The sale was carried out via an accelerated [...]
After year of pain, Virgin Atlantic exec looking forward to clearer skies March 15, 2021 It was the moment it felt like everyone had been waiting for. On 22 February, Boris Johnson told a cold and tired nation that international travel could be back on the cards from 17 May, prompting a mad rush of pale Brits booking their summer getaways despite pleas that it was too early to do [...]
Department for Transport to create 650 new jobs in Birmingham and Leeds March 15, 2021 The Department for Transport (DfT) will create 650 jobs in Birmingham and Leeds as part of plans to create new outposts in the cities. The department will open a new headquarters in the Midlands city, as well as a “northern hub” in Leeds. The plan is part of a wider government drive to move 22,000 [...]
More services and hydrogen buses in Boris’ £3bn bus ‘revolution’ March 15, 2021 Prime Minister Boris Johnson has today unveiled £3bn of funding to make buses the country’s “transport of choice”. As part of the “National Bus Strategy”, the government has pledged to deliver 4,000 new British-built electric or hydrogen buses. It will also begin a consultation on ending the sale of diesel buses as part of the [...]
British Airways to launch own ‘vaccine passport’ March 14, 2021 British Airways will launch its own digital “vaccine passport” in time for the return of international travel in May. Those who have had two doses of the coronavirus vaccine will be asked to log their details in BA’s existing app. The step is part of moves to entice people back to flying when the current [...]
Round the bend again: TfL buckles up for crunch time in latest funding talks March 13, 2021 It’s almost like we’ve been here before. On 31 March, Transport for London will for the third time in under a year run out of money, unless it can agree a new funding deal with the government. The past two bailout packages – totalling £3.3bn – were only agreed after weeks of frantic and at [...]
Tesla shareholder sues Elon Musk over tweets March 12, 2021 A shareholder in electric car firm Tesla is suing outspoken boss Elon Musk, claiming that his tweets have exposed investors to billions in losses. The claim accuses Musk of breaking a settlement reached with the US Securities and Exchange Commission back in 2018. At that time, the regulator came down hard on the South Africa-born [...]
Corona Impact Series: How the pandemic accelerated this e-scooter provider’s expansion plans March 12, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: How an e-scooter startup from Slough plans to conquer the capital as it is taking advantage of favourable post-pandemic government policies. Electric scooters are increasingly a common [...]