Fuel hikes could push taxi drivers into insolvency June 23, 2022 The surge in fuel prices could push taxi drivers into bankruptcy, according to data from London insolvency firm Company Debt. Despite falling wholesale costs, fuel at the pump went up to 189.84p on Wednesday, while diesel reached 198p a litre, one step closer to approaching the £2 a litre mark. Company Debt reported that that [...]
Insurance giant Axa calls for clarity on self-driving cars June 16, 2022 French insurer Axa has called on the government to offer greater clarity around autonomous vehicles to support the rollout of self-driving cars. The French insurance firm called on the government to put in place laws that enable the deployment of self-driving vehicles, as it said lawmakers should work with the insurance sector to “pave the [...]
Motorpoint CEO: Business expands while rivals hit by volatile environment June 15, 2022 Online car retailer Motorpoint is better equipped to navigate a volatile market compared with rivals, according to chief executive Mark Carpenter. At a time when competitors such as Cazoo and Carzam are either enforcing significant cuts to stay afloat or collapsing, Motorpoint’s profits and revenue boomed. In the year ended 31 March 2022, the company’s [...]
Volkswagen to overtake Tesla as main BEV maker by 2024 June 15, 2022 Volkswagen is set to overtake Tesla as the world’s largest manufacturer of battery electric vehicles (BEV) by 2024, according to a recent report by Bloomberg Intelligence. Figures showed that most automotive marquees lack profit incentives to take over Tesla, except for Volkswagen as its sales volume for battery-electric vehicles will reach to 45 per cent [...]
Car industry in shock and fuel prices climb as government scraps all grants for electric vehicles June 14, 2022 There is widespread shock and surprise in the car industry this morning as the DfT said all grants for new EVs have been scrapped.
Fuel pump theft on the rise as petrol reaches £100 for first time June 11, 2022 Thefts at fuel pumps have soared as Britons are increasingly struggling to pay for the petrol and diesel to fill up their cars. According to data from Forecourt Eye, non-payment methods such as driving away or pretending not to have a a wallet have gone up 39 per cent since January. “This is not a [...]
Cost of filling up average family car shoots to £100 for first time June 9, 2022 The cost of filling up the average 55-litre family car has shot to £100 for the first time ever. According to data released today by Experian Catalist, petrol prices have reached an all-time record of 182.3p, going up by 1.6p from Tuesday, while diesel increased by 2.9p to 188.1p. Commenting on the increase, RAC fuel [...]
Used car prices remain strong but demand gradually slows down June 8, 2022 Used car prices have remained strong even though demand for second-hand vehicles is gradually slowing down. According to data from Auto Trader’s Retail Price Index, the average price of a used vehicle has grown 28.4 per cent over the last year, marking the 26th consecutive month of growth. But despite the increase, demand is gradually [...]
Cazoo cuts 750 jobs to save more than £200m by end of next year June 7, 2022 Online car retailer Cazoo has announced it will cut 15 per cent of jobs to save more than £200m until the end of next year. Under its business realignment plan, the company will axe 750 UK and EU positions, cutting vehicle preparation as well as customer support sites. Cazoo’s focus will instead be driving its [...]
“Perfect storm” for new car sales as cost of living crisis and supply issues see May figures at historic low June 6, 2022 UK new car sales fell to their second weakest May in the last thirty years as a lack of consumer confidence and supply chain chokepoints took their toll on the big-ticket purchases. Just 124,000 cars were registered in May of this year, the lowest of the last thirty years except for the pandemic-induced lows of [...]