Volkswagen to invest €73bn in digitalisation and electric cars November 13, 2020 Car giant Volkswagen will invest €73bn into developing hybrid and electric cars over the next five years, it was announced today. Investment in the new technologies, as well as into digitalisation, will now account for nearly half of the €150bn of spending the firm has scheduled. Almost half of the money – €35bn – will [...]
The Toyota GR Yaris is a thrilling rally car for the road November 10, 2020 Toyota took its next WRC race car, then made it road-legal. The result is the bespoke and ballistic GR Yaris – our hot hatchback of the year.
Car sales fall again in worst October in nine years November 5, 2020 Sales of new cars declined again last month in the weakest October in nine years for the UK car market. New figures from the Society of Motor Manufacturers and Traders (SMMT) said that sales dropped 1.6 per cent to 140,945. More than half of the decline came as a result of Wales’ two week “firebreak” [...]
BMW profit races back but second wave fears abide November 4, 2020 Car giant BMW’s profit came roaring back in the third quarter as growing Chinese demand for its cars helped the firm recover from the coronavirus pandemic. Profit at the German auto company rose 9.6 per cent to €2.5bn in the period, up from 2.2bn last year. BMW was boosted by a 31 per cent sales [...]
UK factories expand but lose momentum amid second wave November 2, 2020 The UK manufacturing continued its recovery in October as output and new orders climbed, but the rate of expansion slowed as the economy headed into a tough winter, a survey has shown. The IHS Markit/Cips manufacturing purchasing managers’ index (PMI) – a gauge of the sector’s health – slipped to 53.7 in October from 54.1 [...]
UK car production hits lowest level since 1995 as industry calls for ‘vital Brexit deal’ October 29, 2020 UK car production in September slumped to its lowest level since 1995, as the automotive industry urged ministers to strike a “vital Brexit deal” to secure jobs across the sector. According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), factories produced just 114,732 cars in September, marking a five [...]
Mercedes-Benz to take 20 per cent stake in embattled British icon Aston Martin October 28, 2020 Mercedes-Benz will take a 20 per cent equity stake in beleaguered Aston Martin, the iconic British carmaker announced this afternoon.
Fiat Chrysler and Peugeot owner ‘set to win Brussels approval’ for $38bn merger October 26, 2020 Brussels looks set to approve the $38bn mega merger between former rivals Fiat Chrysler and Peugeot maker PSA
CBI: Decline in UK manufacturing slowed in October but activity still weak October 22, 2020 UK manufacturing activity continued to decline in the three months October but fell at their slowest pace since March despite a resurgence in coronavirus cases, a new survey showed. Output dropped in 10 of the 17 manufacturing sub-sectors monitored by the CBI’s industrial trends survey, with the aerospace sector leading the drop as the pandemic [...]
Leicester factory scandal: Boohoo supplier involved in ‘multi-million-pound’ fraud scheme October 13, 2020 Leicester clothing factories with links to Boohoo and Select Fashion have been involved in a “multi-million pound” money laundering and VAT fraud scandal, an investigation has found. Firms based in the city’s garment manufacturing district, some of which were suppliers to the fast fashion retailers, were revealed to have been involved in fraudulent activity relating [...]