Hyundai to invest $16bn by 2030 in EV push March 2, 2022 Automotive giant Hyundai is set to invest more than $16bn by 2030 in its electric vehicle (EV) businesses. The push – which is part of a wider set of investments worth $79.2bn – will help the Korean car maker to achieve a 7 per cent share in the global electric car market by 2030. “Hyundai [...]
Vertu Motors upgrades trading performance following automotive tailwinds March 2, 2022 UK automotive retailer Vertu Motors has upgraded its trading performance for the year ended 28 February, as it continues to benefit from used and new cars’ gross margins. In a trading update published today, the group said it expected the adjusted profit before tax to be “not less than £75m,” after it delivered a significant [...]
Jaguar Land Rover halts all sales to Russia while BMW’s Mini plant ends production due to Ukraine conflict March 2, 2022 Sales by car manufacturer Jaguar Land Rover (JLR) to Russia has been suspended following the invasion of Ukraine. The firm announced that it made the decision due to the “wellbeing” of its workforce and those “within our extended network”. Sanctions imposed on Russia have heavily restricted the ability of companies to sell goods there. JLR, [...]
Car makers suspend production and sales in Russia February 28, 2022 Some of the world’s biggest car makers have decided to suspend production and sales in Russia, following Putin’s invasion of Ukraine. Volvo, the world’s second largest automotive manufacturer, decided to halt the delivery of cars to local Russian dealership, while Volvo said today it was suspending both sales and production, Russian news agency RIA first [...]
Petrol remains No1 choice for third of UK motorists February 28, 2022 Petrol cars remain the number one choice for a third of UK motorists, according to a research from Close Brothers Motor Finance (CBMF). Data revealed that numbers of people choosing a traditional car went up 8 per cent from 2021, when only one in five still intended to purchase a petrol car. Electric vehicles (EV) [...]
Toyota suspends factory operations following suspected cyber attack February 28, 2022 Toyota is suspending production at 14 domestic factories, loosing around 13,000 cars, following what it looks like a cyber attack,. “Due to a system failure at a domestic supplier, we have decided to suspend the operation of 28 lines at 14 plants in Japan on 1 March,” the company said in a statement. “We apologise [...]
UK commercial vehicle manufacturing goes up in January as international demand increases February 25, 2022 Even though it was the worst January for UK automotive production since 2009, last month saw a 22.2 per cent increase in commercial vehicle (CV) manufacturing. According to data from the Society of Motor Manufacturers and Traders (SMMT), in January the UK produced 6,860 vans, trucks, taxis and buses – an increase on 2021 levels [...]
Worst January since 2009 for UK automotive production February 25, 2022 Last month was the worst January since 2009 for the UK automotive production, figures from the Society of Motor Manufacturers and Traders (SMMT) showed. Car production fell 20.1 per cent to 68,790 units – 17,262 vehicles down compared with the same time last year. Domestic and overseas production slumped to 30.8 and 17.5 per cent, [...]
Car dealers not repaying furlough money despite rocketing expected profits February 21, 2022 Car dealers are reportedly refusing to return funding provided by the government through furlough payments and business rates relief. The sector, which is expected to collectively post profits up to £1bn, will start paying both dividends back to investors and bonuses to managers and directors, a Times investigation reported. According to the outlet, dealership groups [...]
Baby you can’t drive my car: 6.7m motorists at risk of driving uninsured February 18, 2022 Around 6.7 million UK motorists are currently at risk of driving uninsured, according to a new research from automotive insurance Direct Line. Only 38 per cent of the 14 million people who have driven someone else’s car in the last year checked they were insured to do so, while 32 per cent said they were [...]