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 [...]
Disruption on M25 as Just Stop Oil protesters block service stations April 28, 2022 Motorists need to brace for disruption on the M25 as Just Stop Oil protesters have blocked services and graffiti sprayed on the pumps. The action has taken place since 7am this morning at two service stations, Surrey’s Cobham Services and Clacket Lane Services in Kent. Climate activists, who blocked the entrance by staging a sit-in, [...]
UK automotive output down by 100,000 cars as supply chain issues continue to bite April 28, 2022 The UK automotive production was down by 100,000 cars in the first quarter of 2022 as a combination of pandemic-induced supply chain issues and the war in Ukraine continued to bite. According to data by the Society of Motor Manufacturers and Traders (SMMT), output declined by 32.4 per cent on 2021 levels, going from 306,558 [...]
MOT could be relaxed under new government plans April 27, 2022 The annual MOT checks could be relaxed under government plans to help Brits navigate the cost of living crisis. Transport secretary Grant Shapps today told the Commons’ Transport Select Committee he didn’t exclude out relaxing the rules, but any changes would need to meet a “very rigorous safety standard.” “If you look at things like [...]
Boom in demand boosts Mercedes allowing to offset costs April 27, 2022 A boom in demand has boosted Mercedes-Benz’s financial performance allowing it to offset rising material and transport costs, the car giant announced today. “In terms of the desire of wealthy people to spend the money for exceptional products, I would say there is no barrier, there is no limit,” said chief financial officer Harald Wilhelm. In [...]
McLaren choses former Ferrari executive Michael Leiters to head automotive business April 27, 2022 McLaren Automotive has appointed former Ferrari chief technology officer Michael Leiters as chief executive, the UK car maker announced today. “I could not be more excited to be joining McLaren Automotive as CEO at this important moment in its journey,” said Leiters today. “I look forward to growing that reputation for our loyal customers, employees, fans [...]