Global car sales set to fall in 2020 as coronavirus fears grip February 26, 2020 Moody’s has lowered its forecast for global car sales for 2020 as the continued coronavirus outbreak reduces demand and disrupts automotive supply chains around the world. The ratings agency expects global automobile unit sales to decline 2.5 per cent in 2020, narrowing from a 4.6 per cent drop in 2019, but worsening from the 0.9 [...]
Car dealers confident for coming year as Brexit fears dwindle February 25, 2020 An overwhelming majority of UK car dealerships are confident about the outlook for their business, despite a challenging 2019 for the motor industry. A new survey by Close Brothers Motor Finance shows that 98 per cent of dealers were optimistic about the future, with almost two-thirds (63 per cent) describing themselves as “very confident”. The [...]
Alstom confirms Bombardier merger talks February 17, 2020 French train manufacturer Alstom has confirmed talks to purchase the rail division of Canadian firm Bombardier are ongoing. The proposed deal could be worth $7bn on an enterprise value basis, Reuters has reported. Reports of the merger came last week, quoting a French TV station, that Alstom’s board was set to make an offer. “Alstom [...]
How can Elon Musk keep Tesla on the straight and narrow? February 11, 2020 After a rough start to the year, Tesla ended 2019 by delivering on a promise to Wall Street. The pledge made in the summer of 2019 by Tesla chief executive Elon Musk was to return to profit after months of losses, a string of negative headlines — including his forced resignation as chairman in 2018 [...]
UK new car sales fall in January as industry condemns 2035 ban February 5, 2020 The number of UK new car sales fell 7.3 per cent at the start of 2020, according to industry figures released today. Sales of new diesel cars plummeted 36 per cent year on year in January, their worst performance in 20 years, statistics released by the Society of Motor Manufacturers and Traders (SMMT) showed. And [...]
Coronavirus could hit Bosch automotive supply chain in China, warns chief executive January 29, 2020 The biggest automotive supplier in the world has warned the coronavirus outbreak could hit its global supply chain. The chief executive of Bosh, Volkmar Denner, said that although there has been no disruption yet, “we are naturally concerned”. Bosch relies heavily on China as a global manufacturing base for exporting electric motors, transmissions and power [...]
European car sales set to drop for first time in seven years, says trade body January 23, 2020 Europe’s car sales are likely to decrease this year, according to the European automotive industry association ACEA. Car registrations are projected to drop two per cent in 2020, which would be the first drop in seven years. The forecast is likely to fuel growing concerns that car manufacturers’ best days are behind them. Companies are [...]
Bish bash Bosch: German giant gives £38m endorsement to UK fuel cell maker Ceres Power January 22, 2020 Ceres Power, the British fuel cell maker, got a £38m vote of confidence from German engineering giant Bosch this morning. The Aim-listed firm’s shares rocketed 12 per cent today on the announcement that Bosch had increased its stake in the company. Bosch increased its share in Ceres Power to 18 per cent, leaving the British [...]
British Steel: Officials line up Turkish firm Cengiz if Jingye bid falls through January 22, 2020 Whitehall is thought to be lining up a Turkish backup bid for British Steel in case its sale to Chinese firm Jingye fails. Officials are holding talks with Turkish conglomerate Cengiz Holdings, according to the Guardian newspaper. The government insisted it was confident the £50m deal with Jingye would go through. However, a spokesperson refused [...]
Jaguar Land Rover cuts 500 jobs at factory near Liverpool in ‘further blow’ for UK car industry January 22, 2020 Jaguar Land Rover has announced it is cutting 500 jobs from its Halewood factory, near Liverpool. The car maker said it is “taking action to optimise performance, enable sustainable growth and safeguard the long-term success of our business”. Jaguar Land Rover’s Halewood plant employs about 4,000 contracted workers, plus more than 1,000 agency staff. They [...]