UK factory output falls at fastest pace since records began June 22, 2020 Britain’s manufacturing output has fallen at its fastest pace since records began during the three-month coronavirus lockdown. It comes as the sector remains in a deep downturn because of the pandemic, according to the latest report on UK factories by the Confederation of British Industry. The CBI’s manufacturing output gauge dropped from minus 54 per [...]
European Union begins Fiat-PSA mega-merger probe June 17, 2020 European Union officials have launched a four-month probe into the $50bn mega-merger between Peugeot owner PSA and Fiat Chrysler (FCA) over competition fears. Antitrust regulators are concerned about the merged entity’s high market share in the lucrative small van sector. Upon completion of the merger, the new Fiat-PSA company will control a third of the [...]
Jaguar Land Rover falls to half a billion loss in final quarter June 15, 2020 Luxury carmaker Jaguar Land Rover (JLR) fell to a £501m loss in the fourth quarter, it was announced today, as the coronavirus hammered unit sales. Before the pandemic hit in the last period, JLR said that it had been on track to hit its financial targets after returning to profit in the second and third [...]
Fiat-PSA mega-merger faces months-long competition probe June 11, 2020 The $50bn mega-merger between car giants Fiat Chrysler and Peugeot owner PSA is facing a four-month competition probe from European antitrust officials after the companies failed to provide requested concessions. Over the weekend it emerged that the two firms had been warned by the European Union over their combined high market share in small vans. [...]
Honda investigating suspected cyber attack after IT issues June 8, 2020 Japanese carmaker Honda is investigating a suspected cyber attack after experiencing issues with its IT network. Honda began to experience issues with its IT networks in Japan and Europe on Monday, Sky News reported, citing sources who said the company believed this was due to unauthorised attempts to breach its systems. Honda confirmed there was [...]
European Commission set to scrutinise Fiat-PSA mega-merger June 8, 2020 The European Commission may seek concessions in order to clear the proposed $50bn (£39.6bn) merger of Fiat Chrysler and Peugeot owner PSA over competition concerns. Reuters reported that the body’s antitrust regulators were worried by the potential size of the two firm’s market share in small vans. According to sources, the two firms must dispel [...]
UK car industry flatlines as just 197 cars built in April May 29, 2020 The UK car industry made just 197 cars in April as the shuttering of factories due to the coronavirus pandemic sent production flatlining. Total production dropped 99.7 per cent, with the lowest number of cars built in one month since the Second World War, according to new data from the Society of Motor Manufacturers and [...]
McLaren to cut 1,200 jobs as coronavirus forces group restructuring May 26, 2020 Supercar giant McLaren today announced it would cut 1,200 jobs across all of its operations due to the combination of the coronavirus pandemic and the new F1 price cap. The redundancies, which were first reported by Sky, will account for about a quarter of the Surrey-based firm’s workforce of 4,000. Jobs will be cut across [...]
Exclusive: Car industry calls for coronavirus stimulus to jumpstart recovery May 4, 2020 The UK car industry has called for a government stimulus package and extended furlough support to help it recover from the coronavirus crisis. Speaking to City A.M., Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said the government will need to jumpstart the sector in order to get demand going [...]
Coronavirus: UK manufacturing sector books record drops in ‘ruinous’ April May 1, 2020 UK manufacturing sector activity plunged at a record pace in April during lockdown, a closely followed measure of industrial output showed today. Factories saw output slump to 32.6 in April, according to IHS Markit’s Purchasing Managers’ Index (PMI) data. Anything below 50 represents a contraction. Output, new orders and employment all plummeted at the fastest [...]