Toyota slashes car production target as profit slumps by 25 per cent due to headwinds November 1, 2022 Toyota has slashed its production target for the year as its quarterly profit slumped by 25 per cent due to a combination of industry and economic headwinds. The Japanese automotive powerhouse has posted an operating profit of 562.7bn yen (£3.3bn) for the three months ended 30 September. This was down on the 750bn yen reported [...]
Boom in UK retail drives Cazoo’s revenue up 103 per cent to £347m October 27, 2022 A boom in the UK retail market has driven Cazoo’s quarterly revenue to £347m, 103 per cent up on last year’s levels. In the three months ended 30 September, UK retail unit sales went up 100 per cent to 18,889 vehicles sold despite inflationary pressures biting into consumers’ spending. “This very strong performance shows that [...]
Mercedes to exit Russian market after manufacturing suspension October 26, 2022 Mercedes is set to exit the Russian market once and for all after it suspended manufacturing in March as a result of Moscow’s invasion of Ukraine. The car maker said today that, even though it will sell its shares to Russian car dealership Avtodom, the transaction will not impact the group’s financial position or its [...]
Ford to discontinue Fiesta production as focus shifts to electric cars October 26, 2022 Ford will discontinue the production of its iconic Fiesta model by the end of June 2023 as the car maker focuses on its electrification strategy. The marque announced today that, alongside the Fiesta, it will also stop manufacturing the S-MAX and Galaxy models. “At Ford in Europe, we are accelerating our efforts to go all-in [...]
Trucking tech platform Eurowag to buy Polish rival for £265m as CFO steps down October 25, 2022 Trucking tech platform Eurowag is set to buy Polish software company Inelo for up to €306m (£265m) to strengthen its hold on the country’s market. Prague-based Eurowag said that an additional €12.5m could be paid to Inelo depending on its performance for the year ending 31 December. “This strategically important transaction not only brings additional [...]
Pendragon expects vehicle shortfall to spill into 2023 as profit slumps October 25, 2022 Pendragon expects current vehicle shortfalls to spill into 2023, as its profit slumped by 41 per cent. In the three months ended 30 September, the UK dealer’s underlying profit before tax was £14.7m – down on last year’s £25.1m – due to the impact of inflation and rising interest rates. Used car volumes were slumping [...]
New Rolls-Royce Spectre is the world’s most opulent electric car October 24, 2022 The Rolls-Royce Spectre is the British marque's first EV: an imposing four-seat coupe that promises to raise the bar for refinement.
Crypto cash makes more Brits drive luxury cars despite raging cost of living crisis October 24, 2022 Luxury car owners have increased by 9.2 per cent over the past year, according to data published today. Figures from accountancy group UHY Hacker Young show that the number of luxury car owners has gone up from 221,124 in 2020 to 241,391 a year later. According to UHY Hacker Young’s partner David Kendrick, sales were [...]
Lookers begins £15m buyback programme as it raises year profit October 18, 2022 Lookers has begun a £15m share buyback programme as it raises profit forecasts for the full-year. The car dealership chain announced today that, encouraged by strong trading in the third quarter, it now expects profit before tax for 2022 to be ahead of previous expectations to no less than £75m. “We have built on the [...]
BMW goes east moving electric Mini production from UK to China October 16, 2022 BMW has decided to move its electric Mini production from the UK to China, in what can be seen as a blow to Britain’s ambitions to become a global EV maker. According to Stefanie Wurst – who’s been at the brand’s helm since February – Mini production was moved away from its historic home in [...]