Ferrari’s prancing horse gallops on as luxury car maker raises outlook November 4, 2019 Luxury car maker Ferrari raised its outlook on Monday, after strong sales of its Portofino and 812 Superfast models drove “solid” results for the third quarter. The company nicknamed the Prancing Horse said a new brand strategy would help it navigate to even more growth, as its Milan-listed shares hit an all-time high today of [...]
US may pull automotive tariffs after ‘good conversations’ with manufacturers November 3, 2019 The United States may decide not to slap trade tariffs on car imports later this month, after “good conversations” with manufacturers in the EU, Japan and Korea, US commerce secretary Wilbur Ross said. Officials must decide whether to impose tariffs of as much as 25 per cent on vehicles and parts by 14 November. They [...]
Brexit stockpiling fails to save UK manufacturing from recession November 1, 2019 The UK manufacturing sector looked to be firmly stuck in recession as Brexit stockpiling could not prevent a sixth month of contraction in October, a closely followed survey found today. Jobs, new orders and factory ouput all fell last month, according to IHS Markit’s UK Manufacturing Purchasing Managers’ Index (PMI). Read more: Hong Kong falls [...]
Spirit Aerosystems buys Bombardier’s 3,600-job Northern Ireland factory in $500m deal October 31, 2019 The 3,600-job Belfast manufacturing base of Canadian aerospace giant Bombardier has been snapped up by US rival Spirit Aerosystems, as part of a $500m deal. Bombardier, the province’s biggest employer, had sparked concerns that people could lose their jobs when it put the unit up for sale earlier this year, along with its operations in [...]
Car makers suffer ‘another bitterly disappointing month’ as Brexit uncertainty maintains grip October 31, 2019 The malaise that has gripped Britain’s car makers for the last year deepened in September, as the threat of a no-deal Brexit slammed the brakes on investment and caused production to stall. Car manufacturing, an industry which has felt the effects of Brexit uncertainty more sharply than most, fell 3.8 per cent last month to [...]
Q&A: What is behind Fiat Chrysler’s proposed mega-merger with Peugeot? October 30, 2019 After Fiat Chrysler’s (FCA) deal with Renault fell apart over the summer, chairman John Elkann has wasted no time in finding a new suitor – Peugeot-owner PSA. The two European automakers are in talks over a potential tie-up that could create a £36bn giant, in a move which highlights how urgently car makers are looking [...]
Boeing chief executive accused of lying as senators grill him on 737 Max crashes October 29, 2019 Boeing chief executive Dennis Muilenburg faced accusations of lying this afternoon during a bruising hearing on how his company certified its 737 Max jet to fly, after two crashes in the last year killed 346 people. Muilenburg, who was last month stripped of the dual role of chief executive and chairman, has spent much of [...]
Boeing boss to tell senators in 737 Max hearing: ‘We made mistakes’ October 29, 2019 Boeing chief executive Dennis Muilenburg will face a grilling from US senators this afternoon over how his company certified its 737 Max jet to fly, after two crashes in the last year killed 346 people. Muilenburg, who was last month stripped of the dual role of chief executive and chairman, has spent much of this [...]
Boeing ‘regrets’ leaked 737 Max Whatsapp messages October 21, 2019 Boeing has said it understands the clamour over leaked messages from a former test pilot over erratic software behavior on its 737 Max jet two years before recent crashes. US regulator the Federal Aviation Administration (FAA) on Friday ordered Boeing chief executive Dennis Muilenburg to give an “immediate” explanation for the delay in turning over [...]
Renault board ‘to discuss chief executive’s future’ tomorrow October 10, 2019 Renault chief executive Thierry Bollore is said to have avoided the matter of his potential exit from the firm in a conversation with staff today. The car maker’s board are due to meet tomorrow to discuss a potential management shake-up. Le Figaro newspaper reported that chairman Jean-Dominique Senard was poised to kick off a process [...]