UK bus output on pathway to recovery while HGVs slump because of headwinds May 17, 2022 The UK’s bus and coach output is on the pathway to recovery while HGVs continue to slump because of Covid-induced supply chain issues. According to quarterly data released today by the Society of Motor Manufacturers and Traders (SMMT), the UK new bus and coach market grew by 45.2 per cent following the end of all [...]
Cazoo’s boss Chesterman buys $1m worth of shares following price slump May 16, 2022 Cazoo’s chief executive Alex Chesterman bought $1m worth of company shares last week after the online automotive retailer’s price slumped. Following the purchase, Chesterman’s stake in the company has gone up to over 23 per cent to more than $250m, Sky News first reported. “Whilst the current macroeconomic climate has driven heightened fear in the [...]
‘The new normal’: Nissan says industry needs to live with chip shortages May 12, 2022 The automotive industry needs to live with semiconductor shortages as they have become “the new normal,” according to Nissan. “Semiconductor shortage is a new normal, same as the pandemic, and we have to live with it because this is not going to finish tomorrow morning,” chief operating officer Ashwani Gupta said today. The Japanese automotive [...]
Cazoo makes Spanish debut following €30m acquisition of rival May 12, 2022 Cazoo made its debut in Spain today, six months after it acquired Barcelona-based rival Swipcar for €30m. The Spanish launch followed the opening of its marketplace in Germany and France late last year and is part of Cazoo’s continental expansion. “We are very excited to launch in Spain, following our recent launches in both France [...]
Supercar Special: 15,230 vehicles worth £770k+ each now on UK roads with Ferrari beating McLaren, Lamborghini and Bugatti May 9, 2022 There are now 15,230 so-called supercars on UK roads, with Ferrari topping the list, beating its main rivals McLaren and Lamborghini. Supercars are defined as high performance, road legal cars. Easily recognisable supercar brands such as Ferrari, McLaren and Lamborghini are best known for their speed and cost. The average price tag for a supercar [...]
Car insurance prices sink to lowest in seven years May 5, 2022 Car insurance prices have, on average, sunk to the lowest since 2015, the Association of British Insurers (ABI) announced today. Comprehensive prices, which are now at £416, dropped 5 per cent compared with 2021 levels following the Financial Conduct Authority’s decision to offer both new and returning customer the same tariff, and end “loyalty premiums.” [...]
Bentley profit jumps 162 per cent despite lost cargo May 5, 2022 Bentley announced its first quarter profit jumped 162 per cent even though it lost 200 cars in a shipping fire. In the three months ended 31 March, the British luxury car maker posted a €170m (£144.4m) operating profit, while revenues went up to a total of €813m after returns per car increased 15 per cent, [...]
UK automotive production outlook downgraded following April slump May 5, 2022 The automotive industry was forced to downgrade its 2022 production outlook after the number of cars built in April slumped 15.8 per cent. Data published today by the Society of Motor Manufacturers and Traders (SMMT) revealed the number of new car registrations fell to 119,167 units due to covid-induced semiconductor shortages. The decline, the data [...]
Cazoo remains ‘laser focused’ on long-term objectives despite macroeconomic headwinds, says boss May 3, 2022 Cazoo remains “laser focused” on long-term strategy despite ongoing macroeconomic headwinds, its chief executive Alex Chesterman said today. The online car retailer announced that quarterly revenues soared 159 per cent, less than a month after the online car retailer posted profits worth £25m for the year ended 31 December. In the first three months of [...]
Volvo beats analysts’ expectations due to strong demand April 28, 2022 Volvo has beaten analysts’ predictions as a result of strong demand and supply chain issues improving, the automotive maker announced today. In the first quarter of 2022, Volvo’s profits slumped by 40 per cent, going down to 6bn Swedish crowns (£488.9m) from 8.4bn a year earlier. Nevertheless, earnings beat the 4.13bn expected by analysts polled [...]