Jim Ratcliffe’s Ineos ‘nearing deal’ to build car in Bridgend September 16, 2019 Billionaire entrepreneur Jim Ratcliffe is said to be closing in on a deal to build a sport utility vehicle (SUV) in Bridgend, the town where Ford is bringing down the shutters on an engine factory which employs 1,700 people. Ineos, Ratcliffe’s chemicals firm, has been in negotiations for months over where to build the car, [...]
Cobham investors give green light to £4bn private equity takeover September 16, 2019 Investors in aerospace giant Cobham have approved a £4bn takeover by private equity firm Advent International, despite fierce opposition from the company’s founding family. More than 93 per cent of investors approved Advent’s offer of 165p per share, which marked a 50 per cent premium on Cobham’s three-month average share price and was previously recommended [...]
Engineering specialist Ricardo suffers amid global car industry downturn September 12, 2019 Engineering consultancy Ricardo’s shares fell seven per cent today after it reported that its automotive business struggled last year. The London-listed firm enjoyed a rise in revenue and growing order books in the year ending 30 June, but its division which serves the car industry was hit by a “pretty awful year” in the wider [...]
Frankfurt Motor Show: Car industry bosses warn against no-deal Brexit September 10, 2019 Bosses at car makers BMW and Vauxhall, which collectively employ more than 7,000 people in the UK, have warned about the destructive effects a no-deal Brexit could have on the automotive industry. Workers at BMW’s Mini factory in Oxford could face losing work in the event of a no-deal Brexit, according to the car maker’s [...]
Chinese car maker Geely invests in flying taxi startup Volocopter September 9, 2019 Geely has hedged its bets on a German startup which hopes to bring flying taxis to cities around the world, as the Chinese firm looks to branch out from its traditional automotive business ventures. The car maker has taken a minority stake in Volocopter, which hopes to bring air taxis to Chinese cities, and said [...]
Ferrari powers ahead with two new models as firm chases profit boost September 9, 2019 Italian supercar manufacturer Ferrari lifted the lid on two new cars today as it pushes on with an aggressive roll-out plan designed to keep its recent profit and share price growth in top gear. The so-called prancing horse, long a motor racing icon and household name in luxury cars, unveiled the F8 Spider and 812 [...]
Nissan crisis: Chief resigns after year of scandal and financial turmoil September 9, 2019 The crisis at Japanese automotive giant Nissan deepened today, after chief executive Hiroto Saikawa was asked to quit by the company’s board. In a sometimes heated late night press conference in Japan, board members confirmed that Saikawa, who had already expressed a desire to leave the top job, would step down. Read more: Nissan chief [...]
Pendragon called on restructuring firms to mitigate effects of industry car crash September 8, 2019 As the car industry continues to splutter, one of Britain’s biggest dealers has turned to restructuring experts to try to halt its downward spiral of profits. Pendragon, which owns the ubiquitous Evans Halshaw car dealership brand, spoke to several firms about helping shake up its spending earlier this year, but the process was cut short [...]
Sir Richard Branson’s Virgin Galactic faces first investor vote of confidence on stock market listing September 8, 2019 Sir Richard Branson’s space tourism venture Virgin Galactic faces its first test of investor confidence in a proposed stock market float tomorrow. Would-be shareholders will vote on whether to back the entry via investment vehicle Social Capital Hedosophia (SCH), or whether to withdraw their cash entirely. Read more: Richard Branson’s Virgin Galactic plots public listing [...]
Car makers: We would rather another Brexit delay than no-deal September 6, 2019 Britain’s automotive industry trade body chief has indicated that car makers would rather suffer yet another period of Brexit uncertainty than crash out of the European Union without a deal – a scenario that would be damaging to UK business, but particularly harmful to car makers. Mike Hawes, chief executive of the Society of Motor [...]