Cazoo CFO steps down as company reports £243m half-year loss August 2, 2022 Cazoo has announced its chief financial officer Stephen Morana will step down at the end of the year as the company reported a half-year loss of £243m. Morana will be replaced in the fourth quarter of this year by Graphcore finance boss Paul Woolf. “I would like to thank Stephen for his notable contributions, including [...]
Toyota to leave UK if government bans hybrids July 31, 2022 Toyota has threatened to stop manufacturing in the UK if the government goes ahead with its plans to ban the sale of hybrid cars from 2030. The marquee told government officials the ban would constrain “manufacturing, retail and other business activities” as well as “future investment.” “If the government adopts an SZEC [significant zero emission [...]
Aston Martin’s profits drop as supply chain disruption scuppers deliveries July 29, 2022 Luxury sports car seller Aston Martin today said its losses had more than doubled due to the impact of supply chain disruption in the first half of 2022. Aston Martin said its sales volumes dropped eight per cent from 2,901 in the first half of 2021 to 2,676 in the first half of 2022. The [...]
Car industry downgrades yearly output forecast amid semiconductor issues and Ukraine war July 28, 2022 The UK automotive industry has downgraded its production forecast for the year as global chip shortages and the war in Ukraine’s impact continue to bite. The Society of Motor Manufacturers and Traders (SMMT) told journalists today production will grow by 1 per cent. This means that 866,000 cars will be built by the end of [...]
Stirling Moss’s favourite car: racing legend’s Mercedes SL heads to auction July 25, 2022 A unique car built to the exacting specifications of Sir Stirling Moss, this 1966 Mercedes-Benz 230 SL will be auctioned next month.
UK supercar ownership hits record high due to crypto boom: ‘You only live once’ culture drives Lamborghinis sales July 25, 2022 Supercar ownership in the UK has jumped by nearly a fifth, from 15,229 vehicles in 2020 to a record 18,186 in 2021, according to new research shared with City A.M. this morning. Many wealthy individuals have adopted a ‘you only live once’ mindset and have been more keen to spend on luxury items like supercars, [...]
McLaren close to securing additional £100m from Gulf backers to fast-track new models July 20, 2022 McLaren is reportedly close to securing additional funding worth more than £100m to fast-track the production of new models. The cash-call – which could be finalised as early as tonight – would give the luxury car maker at least £80m of capital for the delivery of new road cars, sources told Sky News’ Mark Kleinman. [...]
Manufacturers call for UK to make speed limiters compulsory following EU regulation July 6, 2022 UK car makers have called on the government to follow in the EU’s footsteps and make speed limiters a mandatory feature for all new cars, as the UK has yet to decide whether to adopt the legislation. The Society of Motor Manufacturers and Traders (SMM) argued it would only make sense for Westminster to adopt [...]
UK automotive industry takes another hit as new car registrations drop to worst June since 1996 July 5, 2022 Registrations of new cars fell by around 24 per cent last month compared with June 2021, according to preliminary figures from the Society of Motor Manufacturers and Traders (SMMT) this morning. This means the UK automotive industry suffered its worst June for new car sales since 1996. In fact, only around 800,000 new cars were [...]
Used car dealer Lookers sees profits drop 10.5 per cent after record 2021 June 29, 2022 Second-hand car seller Lookers said it has maintained “strong momentum” in the first half of 2022, after its pre-tax profits dropped 10.5 per cent compared to the record performance last year. The Greater Manchester car dealership posted pre-tax profits of £45m for the first half of 2022, compared to “record” pre-tax profits of £50.3m [...]