Lookers warns of first-half loss and expands accounting probe August 20, 2020 Under-fire car dealership Lookers said today it has widened the scope of its audit into a £19m black hole in its 2019 financial results as it warned it will fall to a loss in the first half of 2020. Today Lookers’ board and auditor Deloitte expanded their investigations on the back of Grant Thornton’s probe [...]
Chinese car sales surge for fourth consecutive month in July August 11, 2020 Sales of Chinese cars jumped 16 per cent year on year last month in the fourth consecutive month of gains as the world’s biggest auto market kicks back into gear after the coronavirus shutdown. According to data from the China Association of Automobile Manufacturers (CAAM), sales rose to 2.11m units in July. However, for the [...]
SMMT: New UK car sales rise 11 per cent post-lockdown August 5, 2020 New UK car sales rose for the first time this year in July as dealerships enjoyed their first full month of trading since reopening after lockdown. According to new figures from the Society of Motor Manufacturers and Traders (SMMT), registrations rose 11.3 per cent last month as pent-up demand and special offers tempted consumers to [...]
Honda and BMW see profits slump in second quarter as lockdown hit sales August 5, 2020 Car giants Honda and BMW saw their profits hammered in the last quarter as the coronavirus pandemic hammered car sales amid widespread lockdowns. Japan’s Honda fell to an 113.7bn yen (£820m) loss in the last quarter, as sales of its vehicles plunged 40 per cent around the world. As a result of the dire quarterly [...]
Renault plunges to record €7bn loss as pandemic shrinks sales July 30, 2020 French car giant Renault fell to a record loss of €7.4bn (£6.8bn) in the first half of 2020 as the coronavirus pandemic decimated the global automotive industry. The firm said that most of the loss came through its creaking alliance with Japanese automaker Nissan, which filed a €4.8bn loss. Speaking to investors today, new chief [...]
Carmakers shed 11,000 jobs as production set for worst year since 1957 July 30, 2020 More than 11,000 people in the automotive industry have lost their job in the last six months due to coronavirus, as the sector heads for its worst year of car production since 1957. According to new figures from industry body the Society of Motor Manufacturers and Traders (SMMT), just 880,000 cars are expected to be [...]
Daimler sets sights on profit after sales slump due to coronavirus July 23, 2020 German car giant Daimler said it expected profit to rebound in the second half of the year even as it reported a 34 per cent fall in vehicle sales due to coronavirus. In total, the Mercedes-Benz owner said vehicle sales in the second quarter totalled 541,800, down from 821,700 in the same period last year. [...]
Britishvolt chooses Welsh site for UK’s first battery ‘gigafactory’ July 17, 2020 Battery firm Britishvolt has chosen a site in Wales for the development of the UK’s battery manufacturing “gigafactory”, it was announced today. In a statement, the start-up said it had signed an MoU with the Welsh government to work on plans for the 30 gigawatt facility at Bro Tathan in south Wales. The company said [...]
BMW inks €2bn battery deal with Sweden’s Northvolt July 16, 2020 Auto giant BMW has signed a €2bn(£1.8bn) deal with Swedish energy firm Northvolt to provide battery cells to power its electric vehicles. The Scandinavian company, which was founded by two former Tesla executives, will make the cells using only renewable energy at a new facility in the north of Sweden. In a statement, BMW said [...]
Geneva Motor Show 2021 cancelled and conference sold June 30, 2020 The organisers of the Geneva Motor Show have said that next year’s event will also be cancelled because of the coronavirus pandemic. The show, which was due to run between 4 and 14 March 2021, will no longer go ahead until 2022, the Salon International de l’Automobile said in a statement. Instead, organisers will now [...]