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 [...]
Mercedes recalls ‘compelling evidence’ of nitrogen oxide problem, lawyers say October 12, 2020 Lawyers building a class action against Mercedes alleging that the carmaker has deliberately engaged in emissions fraud said that the firm’s latest recall of diesel vehicles is “compelling evidence” that it has a nitrogen oxide emissions problem. London law firm Fox Williams says that the auto giant programmed an emission defeat device during test conditions [...]
Japanese auto giants to ‘demand payback’ in event of no-deal Brexit October 6, 2020 Two of Japan’s auto giants will ask the UK to pay them back for any additional custom charges levelled against their cars if it fails to agree a free trade deal with the EU. The Nikkei reported that Toyota and Nissan will want payments to cover the extra 10 per cent of tax that will [...]
UK firms receive over £5bn in subsidies for company cars October 5, 2020 UK companies received a total of £5.1bn from the government in subsidies for buying company cars, new data released today showed. According to a survey carried out by campaign group Transport & Environment, European governments as a whole have shelled out €32bn (£29bn) on such subsidies, most of which goes towards diesel and petrol vehicles. [...]