Cazoo raises $630m to support EU expansion and UK growth February 10, 2022 Online car retailer Cazoo has raised $630m from investors to fund its expansion into Europe, while the UK side of the business continues to grow. Investors led by Viking Global will buy via a private placement 2 per cent convertible senior notes, which will then be turned into Class A ordinary shares and sold at [...]
Toyota’s profit slumps 21 per cent as chip shortages curtail production February 9, 2022 The world’s biggest car maker Toytota has posted a 21 per cent fall in operating profit after ongoing chip shortages curtailed production. In the three months ended 31 December, the group’s profits went down to $6.8bn, forcing the automotive maker to reduce 2022 production volume forecasts by 500,000 units, going down from 9 million to [...]
CarFinance 247 reports 11 per cent increase in prices following used-car market boom February 8, 2022 UK motor finance platform CarFinance 247 has registered an 11 per cent increase in the average price of vehicles sold going up from £9,364 in October 2020 to £10,434 a year later. As a result of supply chain issues and strikingly high levels of demand, prices have gone up almost 30 per cent on 2019 [...]
McLaren 765LT Spider review: a spider that flies February 7, 2022 The McLaren 765LT Spider is a track-focused supercar that doesn’t take itself too seriously. Tim Pitt takes on the depths of British winter.
London receives cap reduction in government crackdown on private parking fines February 7, 2022 London will receive a smaller overall reduction as part of a government crackdown on private parking fines which will protect motorists from “aggressive debt collection and unreasonable fees.” Under a new parking code of practice introduced by the government today, the cap for private parking fines will be cut in half, going from £100 to [...]
SMMT: EV bolster January growth but shortages hinder recovery February 4, 2022 The UK automotive sector has recorded a positive start to the year, with 115,087 new cars registered – 27.5 per cent up on 2021 levels. According to Society of Motor Manufacturers and Traders (SMMT) figures, January’s growth was driven mainly by electric vehicles (EV), with battery electric, plug-in hybrid and hybrid cars account for 71.5 [...]
MPs call on government to deliver new motoring tax to avoid £35bn hole February 4, 2022 The UK Government could find itself with a £35bn financial hole if it doesn’t introduce an alternative motoring tax before 2030, according to a new transport committee report. MPs have argued that by banning the sale of new petrol and diesel vehicles from 2030, the Treasury could lose two sources of income, fuel duty and [...]
Used car market starts year with a bang as demand fuels record prices February 3, 2022 The second-hand automotive market has started 2022 with a bang, as record levels of demand have fuelled the skyrocketing of prices. Auto Trader’s retail price index has revealed the average price of a used car has surged for the 22nd consecutive month, going up to £18,067 – a 31.3 per cent year-on-year increase on a [...]
Moto cuts fuel prices following National Highways thumbs up February 3, 2022 Motorway services operator Moto will cut fuel prices by 15p per litre at its new digital sign installations on motorways after National Highways gave the move the thumbs up. The roll out, which will initially include five Moto sites, will see motorists save up an average £7 per tank, bringing the operator’s prices in line [...]
Cyclists and motorists engage in Twitter ‘war of words’ over Highway Code updates January 31, 2022 Cyclists and motorists have engaged in a war of words on Twitter, following the updates to the Highway Code. The rules – which came into force on Saturday – have established a hierarchy of road users to ensure “those who can do the greatest harm have the greatest responsibility to reduce the danger or threat [...]