Jaguar Land Rover’s revenue surge on Range Rover production November 9, 2022 Jaguar Land Rover’s revenue has surged over the last quarter driven by the ramped up production of Range Rover and Range Rover Sport models. The luxury car maker posted a revenue of £5.3bn – up 36 per cent on last year’s levels and 20 per cent higher than last quarter. Order book increase to 205,000 [...]
China doubles-down on zero-Covid policy November 5, 2022 China is set to continue with its current approach to tackling Covid-19, Chinese government officials said on Saturday. China will persevere with its “dynamic-clearing” approach to tackling Covid, officials from the China National Health Commission told a news conference today. The statements follow claims made by a former Chinese disease control official, at a conference [...]
Toyota slashes car production target as profit slumps by 25 per cent due to headwinds November 1, 2022 Toyota has slashed its production target for the year as its quarterly profit slumped by 25 per cent due to a combination of industry and economic headwinds. The Japanese automotive powerhouse has posted an operating profit of 562.7bn yen (£3.3bn) for the three months ended 30 September. This was down on the 750bn yen reported [...]
Pendragon expects vehicle shortfall to spill into 2023 as profit slumps October 25, 2022 Pendragon expects current vehicle shortfalls to spill into 2023, as its profit slumped by 41 per cent. In the three months ended 30 September, the UK dealer’s underlying profit before tax was £14.7m – down on last year’s £25.1m – due to the impact of inflation and rising interest rates. Used car volumes were slumping [...]
BMW goes east moving electric Mini production from UK to China October 16, 2022 BMW has decided to move its electric Mini production from the UK to China, in what can be seen as a blow to Britain’s ambitions to become a global EV maker. According to Stefanie Wurst – who’s been at the brand’s helm since February – Mini production was moved away from its historic home in [...]
Crash landing in sea: British space firm’s Iceland rocket launch ends in failure October 13, 2022 A British space company’s attempted rocket launch off the coast of Iceland ended in failure, with the projectile travelling just 500 metres before crashing into the sea. Rival to Elon Musk’s SpaceX firm, Skyrora held an unannounced launch of its Suborbital Skylark L rocket today, ahead of a full UK launch from next year. The [...]
SMMT: UK automotive needs investments, not government handouts October 3, 2022 The UK automotive sector needs a renewed focus on investment, not government handouts – said industry executive Mike Hawes. According to Hawes – chief executive of the Society of Motor Manufacturers and Traders (SMMT) – car makers need a “competitive framework that is as competitive as many other countries with whom we trade and with [...]
UK automotive recovery threatened by soaring costs September 29, 2022 Despite reporting the fourth consecutive month of growth, the UK’s automotive recovery is threatened by increasing costs. Figures released today by the Society of Motor Manufacturers and Traders (SMMT) revealed that 49,901 units were built in August – 34 per cent up year-on-year but 45.9 per cent down on pre-pandemic levels. Overall output remains 13.3 [...]
Automotive industry underpaid taxes more than any sector after 143 per cent surge September 26, 2022 The automotive sector has seen the highest increase in underpaid taxes, following a 143 per cent year surge. According to financial investigation firm PfP, the amount the HMRC thinks the industry has avoided paying has gone up from £182.3m to more than £444.2m. This will lead to increased industry scrutiny over the next year. But [...]
IEA calls for global ban on petrol and diesel car sales by 2035 September 20, 2022 The International Energy Agency (IEA) has called for a global ban on the sale of petrol and diesel cars by 2035. In a report published today, the intergovernmental agency said that global progress on the transition to net-zero transport is falling short of Paris Agreement targets. The study revealed that electric vehicles need to increase [...]