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 [...]
Automotive developer First Hydrogen joins Cambridge University in hydrogen technology project February 16, 2022 Hydrogen vehicle developer First Hydrogen has partnered with Cambridge University to research hydrogen production and mobility. The parternship, which will run for five years at the university, will focus on how to best develop hydrogen technology for the automotive industry, in particular as regards production and fuel distribution. The first project researchers will focus on [...]
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 [...]