Finance boss at Inchcape quits after ‘personal behaviour falls short’ November 28, 2022 Inchcape’s chief financial officer has stepped down with immediate effect after displaying “personal behaviour falling short” of the company’s standards at a recent event. Gijsbert de Zoeten quit over the revelations this morning, in a statement put out by the company, forfeiting his long-term incentive plans (LTIPs) as well as any bonuses. By contract he [...]
Volkswagen’s new boss makes strategy U-turn as giant focuses on getting ‘spirit’ back November 27, 2022 Volkswagen’s new chief executive Thomas Schafer has made a u-turn in the company’s strategy, focusing on reducing “the portfolio of models” as well as introducing “proper vehicles.” “We need to get back our spirit, our heart, and create new iconic people’s cars,” Schafer told the Sunday Times. The German manufacturer has been through a turbulent [...]
SMMT: Getting automotive back on track priority for 2023 November 25, 2022 Getting the automotive sector back on track is the top priority for 2023, according to the Society of Motor Manufacturers and Traders (SMMT). Chief executive Mike Hawes warned that a return to pre-Covid production levels was fundamental, “given the jobs, exports and economic contribution the automotive industry sustains.” “UK car makers are doing all they [...]
UK motor insurers to make largest annual loss in a decade due to inflation November 25, 2022 The UK motor insurance sector is set to make the largest annual loss in over a decade as a result of inflationary pressures. Analysis published today by EY has forecast that net combined ratios will reach 115 per cent this year – the worst year since 2010 – going down slightly to 114 per cent [...]
F1 testing provider AB Dynamics ‘not impacted’ by UK financial turmoil November 23, 2022 The UK’s current financial turmoil will not impact automotive testing system provider AB Dynamics, its chief executive James Routh said. “The UK is typically about 2 per cent of our revenue, so the turmoil doesn’t really bother us too much,” Routh told City A.M. on Wednesday. “Only when it comes to dealing with local inflation [...]
Porsche 911 GT3 RS review: Spoiler alert November 23, 2022 Tim Pitt takes on the famous Top Gear test track in the new Porsche 911 GT3 RS. Should The Stig be worried?
Toyota GR86 review: Slide ruler November 18, 2022 The Toyota GR86 is a brilliant, back-to-basics sports car offering raw driving fun. It's also very affordable – if you can actually buy one…
Aston Martin shares plunge 12.4 per cent following Jefferies downgrade November 15, 2022 Aston Martin’s shares today slumped as low as 12.4 per cent following Jefferies’ downgrade. Stocks seemed to have slightly recovered since this morning as they were 9.89 per cent down around 12.30pm. In an analyst note sent this morning, the US investment bank demoted the luxury car maker from ‘hold’ to ‘underperform’, while slashing the [...]
Sotheby’s sells Michael Schumacher’s iconic Formula One Ferrari for record-breaking £14m November 10, 2022 Sotheby’s said this morning has sold the iconic F2003-GA chassis no. 229 at Sotheby’s Luxury Week sale in Geneva for 14,630,000 CHF, or close to £14m, making it the most valuable Formula One car of the modern era ever sold. The previous record was held by another ex-Michael Schumacher Ferrari, an F2001, which sold for [...]
Auto Trader’s revenue jumps as booming market place gets double-digit boost November 10, 2022 Auto Trader’s group revenue has jumped 16 per cent as a result of a double-digit growth in its marketplace business. In the six months ended 30 September, the car retailer posted a £249.8m revenue, up from last year’s £215.4m. While Auto Trader’s marketplace posted an 11 per cent increase in revenue, going up to £238.2m. [...]