Cazoo reports record year as company not impacted by inflationary pressures April 7, 2022 Ongoing inflationary pressures will not impact online car retailer Cazoo, its chief executive Alex Chesterman said yesterday. “Used cars have historically [pushed] in a recessionary environment, while new cars tend to be much more affected,” Chesterman told analysts during a call. “[New cars] are a luxury purchase whereas used cars are functional.” The company said [...]
March car production falls to lowest in 24 years as markets feel supply chain squeeze April 5, 2022 The UK’s automotive production in March fell to the lowest since 1998 as markets continued to feel the supply chain squeeze. According to data from the Society of Motor Manufacturers and Traders (SMMT), new car registrations fell by 14.3 per cent to 243,479 units while overall the first quarter of 2021 reported a 1.9 per [...]
Stellantis to close Russian van plant as supply chain issues bite March 31, 2022 Automotive giant Stellantis said today it will be forced to close its Russian van plant following a shortage of parts. Operating only for the local market, the facility is situated in the western city of Kaluga and was run in partnership with Mitsubish. The world’s fourth-largest car maker didn’t specify whether it would write down [...]
‘What th f*** bro’: Watch as reckless driver in East London live streams himself as he crashes in Newham March 28, 2022 A live stream on TikTok is going viral across London this morning, showing a street racer crash his car on the A13 in East London. Streaming himself like on the popular Chinese social media platform, the driver was seen racing at high speed through the east side of the capital late on Saturday night. While [...]
UK car production falls for eighth consecutive month following chip shortages March 25, 2022 The UK’s automotive output fell 41.3 per cent in February as chip shortages don’t seem to end. According to data from the Society of Motor Manufacturers and Traders (SMMT), car production went down to 61,657 units produced, the worst February since 2009. Production for the domestic market went down 35.8 per cent, while overseas markets [...]
Automotive sector in favour of relocating car manufacturing to UK March 23, 2022 The Society of Motor Manufacturers and Traders (SMMT) said today a relocation of car manufacturing back to the UK would be “good news” for the sector. “If supply chain resilience provides the opportunity to reshore more of the supply chain in the UK, we would certainly support and encourage that,” SMMT’s chief executive Mike Hawes [...]
Vehicle analytics supplier Quartix expects nearly 25 per cent increase in installations for first quarter March 23, 2022 One of Europe’s top suppliers of vehicle telematics and analytics increased unit installations by nearly 25 per cent in the first quarter of the year. Quartix Technologies is to hold its Annual General Meeting later today, and in a trading statement, said its experienced “strong growth” across the early part of 2021, which is expected [...]
Auto Trader snaps up leasing marketplace Autorama for £200m March 22, 2022 Auto Trader announced today it has snapped up Autorama, one of the UK’s largest digital leasing platforms, for £200m. Auto Trader will pay an initial £150m in cash, while an additional £50m will be paid in shares a year after, but vesting over the following two. Subjected to regulatory clearance, the deal will be completed [...]
BMW cuts 2022 profit margins as Ukraine war worsens supply chain issues March 16, 2022 BMW announced today it was cutting its 2022 profit margin forecast after the war in Ukraine caused new supply chain disruptions. The automotive maker said its EBIT margin will go down from between 8 and 10 per cent to between 7 and 9 per cent, warning supply chain issues could severely hinder production. Despite engaging [...]
Bentley doubles profits prompting EV model yearly roll out March 15, 2022 Bentley announced today it had doubled its 2021 profits, prompting the company to pledge the production of one electric car model per year. In the 12 months ended 31 December, the luxury car maker’s operating profit soared to €389m, €369m more compared with 2020. Following a 31 per cent increase in annual sales, the company’s [...]