Volkswagen U-turns and predicts chip shortages to ease later this year February 16, 2022 Volkswagen made a U-turn today and predicted that chip shortages will ease in the second half of 2022. “We see opportunities for further production increases, especially in the second half of the year,” the group’s chief executive Herbert Diess said during a speech. Diess’s comments come a few days after another member of Volkswagen’s management [...]
Used car prices continue to soar despite sky high inflation rates February 15, 2022 Sky high inflation rates have yet to hinder the exponential growth of the used car market, as prices continue to grow for the 93rd consecutive week. According to Auto Trader figures, prices have registered a 29 per cent like-for-like increase on the same period last year, going up to an all time high of £20,340. [...]
Tous à bord: Brits flock to Channel Tunnel for half-term getaway following end of restrictions February 15, 2022 During this half-term, British holidaymakers have flocked to the Channel Tunnel following the end of all travel restrictions for double-jabbed travellers to the UK. Data released today revealed that around 17,000 cars and 50,000 passengers travelled between 11 and 13 February aboard the Eurotunnel’s passenger shuttles. On Friday, Eurotunnel’s Flexiplus tariff recorded its best performance [...]
Mercedes exceeds expectations following EV sale surge February 11, 2022 Mercedes has exceeded expectations, posting a €14bn EBITDA for the full 2021, according to preliminary results released today. The automotive manufacturer is expecting an adjusted return on sales of approximately 12.7 per cent, beating its own guidance of between 10 and 12 per cent as a result of a surge in electric vehicles (EV). “Our [...]
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 [...]