Ford gains $8.2bn from Rivian investment January 19, 2022 Automotive giant Ford has made an $8.2bn gain from its investment into California electric truck maker and Tesla rival Rivian, following its November market debut. Reporting its fourth quarter results in early February, the Detroit car maker has also announced it would reclassify a $900m non-cash gain from the investment as a special item. As [...]
Volkswagen and Bosch set up venture to make EU’s battery production self-sufficient January 18, 2022 Volkswagen and Bosch have joined forces and will set up a venture by the year’s end to make Europe’s battery production self-sufficient. The new company will provide integrated battery production systems, on-site ramp up and maintenance support, serving Volkswagen’s factories as well as plants across Europe. “Europe has the unique chance to become a global [...]
Half of UK motorists plan to buy a car in 2022 January 18, 2022 Around 49 per cent of UK motorists plan to buy a car this year, according to research from Close Brothers Motor Finance (CBMF). A third of car owners have stated they will go for a new model, while 18 per cent have said they will buy second-hand. As a result of the pandemic, UK adults [...]
Motorway hard shoulders not coming back, roads minister says January 16, 2022 Roads minister Baroness Charlotte Vere has confirmed that motorways’ hard shoulders are not coming back. In a letter to Claire Mercer, whose husband was killed on the M1 following the hard shoulder’s removal, the minister said re-installing emergency lanes “could cause more deaths or serious injuries on our roads,” the Sunday Telegraph reported. The minister [...]
Government pauses smart motorways for five years following safety concerns January 12, 2022 The UK Government has announced it will put the development of 57 miles of new ‘all-lane’ smart motorways on hold for five years, following safety concerns. As a result of today’s decision, smart motorways works on the M3, M40/42, M62 and M25 will be suspended. The project’s safety and economic data will be collected for [...]
Average used car price surges as market continues to grow January 11, 2022 The price of a used car surged 30.5 per cent year-on-year, making December the 21st consecutive month of growth for the second-hand automotive market. According to Auto Trader’s retail price index, the £17,816 average was driven by mainly by exceptional levels of consumer demand, reflected in the 27 per cent increase in visits to Auto [...]
Lexus increases sales despite Covid and supply chain issues January 10, 2022 Car maker Lexus has registered a 1.1 per cent increase in sales, despite Covid and ongoing supply chain issues. Toyota’s luxury division sold 13,880 vehicles in 2021, giving the car maker a 2.46 per cent share of the premium car market and a 0.84 per cent share of the full passenger car market – a [...]
Used cars cost 50 per cent of Brits’ salary, data reveals January 10, 2022 Buying a used car costs almost 50 per cent of a Brit’s average salary, according to car leasing company Vanarama. Since 2017, the average price of a second-hand vehicle has gone up from representing 41.5 per cent of the average UK salary to amounting to 47.2 per cent, around £14,775. “Generally, the UK cost of [...]
Best of 2021: The Huracan STO is the best Lamborghini around January 3, 2022 The new 2021 Huracan STO is peak Lamborghini, says Tim Pitt, and one of the most exciting supercars on sale.
Automotive production plunges as industry builds 10 million less cars December 27, 2021 Around 10 million less vehicles were produced in 2021 as a result of supply chain issues, market intelligence group LMC Automotive has revealed. According to research, the European automotive industry – which saw a 3 million shortfall in production – was among those hit the worst, while semiconductors shortages led to delays and disruption, the [...]