Car reliance hits 15-year high as Londoners commute less and switch to driving October 23, 2021 Reliance on cars has reached a 15-year high despite a drop in commuting, according to a new survey. More than four out of five (82 per cent) Londoners in an annual RAC poll of motorists said they would struggle without access to a car. That is up from 79 per cent last year and 74 [...]
Orbex unveils world’s most carbon neutral space rocket ahead of COP26 October 21, 2021 Space technology firm Orbex has unveiled what is thought to be the world’s most ‘environmentally friendly’ rocket. The Scottish firm’s space rocket, known as Prime, will emit be up to 96 per cent less emissions than comparable space launch programmes, according to a new study by Exeter University. The rocket uses a renewable, ‘ultra-low-carbon’ fuel, and [...]
Used car prices skyrocket as UK inflation eases October 20, 2021 The UK average price of a used car has increased by 23.9 per cent this week as a result of September’s inflation rates easing to 3.1 per cent. Data from automotive advertising firm Auto Trader have also revealed that year-on-year prices quadrupled this week, especially if compared with the 5.7 growth recorded in the week [...]
Tesla competition may force Volkswagen to speed up electric transition with job losses looming October 13, 2021 Competition from Tesla is pushing Volkswagen to think about speeding up its transition to electric vehicles, and that could spell job losses for its army of workers. Watch the full report.
Vertu exceeds market expectations in six-month results October 13, 2021 Automotive retailer Vertu has exceeded market expectations, registering a £51.8m adjusted profit before tax on revenues amounting to £1.9bn. In the six-month period ending 31 August, the company reported a gross margin of 11.6 per cent as well as a £57.3m net cash flow, compared to £36.5 registered in the first quarter of FY2021. “The [...]
Vehicles are the UK’s most valuable export as revenues reach £27bn October 12, 2021 UK export revenues for vehicles have reached £27bn in 2020, making vehicles Britain’s most valuable trade good. In a report published today, the Society of Motor Manufacturers and Traders (SMMT) highlighted how the British automotive sector kept on generating revenue even during the Covid-19 pandemic. As a whole, the country’s industry produced a £74bn total [...]
Sit down: The CEO of the UK’s first-ever space flight regulator October 1, 2021 The UK’s recently unveiled space regulations mark a “really important milestone” for the country as an island emerging from a pandemic following Brexit, the boss of the UK’s aviation watchdog has told City A.M. Civil Aviation Authority (CAA) boss Richard Moriarty – the regulator now responsible for space flight – explained fresh rules governing the [...]
Exclusive: ‘Petrol anxiety’ fuels interest in electric cars, says Auto Trader exec September 29, 2021 Since panic buying of fuel started at the end of last week, there has been a significant increase in interest in electric vehicles. Searches for used EVs increased by over 60 per cent versus the previous weekend, according to Auto Trader, by far the UK’s largest automotive marketplace. “The events of the past few days [...]
Exclusive: UK electric car market in top speed as sales jump 186 per cent during pandemic September 27, 2021 Electric car sales in the UK have jumped by 186 per cent to 108,000 in 2020, up from just 38,000 in 2019, according to a new study, shared exclusively with City A.M. this morning. This growth is six times higher than the average sales growth of electric cars globally at 31 per cent in 2020, putting [...]
Global chip shortage to cost auto industry $210bn in lost production this year September 23, 2021 An ongoing global shortage in semiconductors is on track to cost the world’s automakers $210bn (£159m) in lost revenue this year, almost double that of previous estimates. Consultants at Alix Partners said that 7.7m fewer vehicles would be manufactured in 2021 as a result of the shortfall, weighing on car firms’ earnings. As the crisis [...]