Chinese success propels Mercedes-Benz to record third-quarter sales October 7, 2019 Mercedes-Benz enjoyed record sales in the third quarter, despite a slowdown in the global automotive market, as a strong showing in China boosted the German luxury brand. The Stuttgart-based manufacturer sold 181,233 cars in China in the three months ending in September, a nearly 13 per cent increase. Read more: Daimler in fourth profit warning [...]
Odey and Elliott ‘among City titans to invest in hypersonic jet firm’ October 6, 2019 City heavyweights including Crispin Odey are said to have thrown their financial might behind an Oxfordshire-based firm which hopes to one day transport passengers from London to New York in an hour. The hedge fund tycoon Odey and US activist investor Elliott Advisors are among firms which have poured £100m into Reaction Engines, signalling their [...]
Aston Martin faces calls for board shake-up October 6, 2019 A year on from its disastrous stock market float, luxury car giant Aston Martin is facing calls to bring in new directors on its board. The British marquee brand has suffered a drop in shares of nearly 75 per cent since it floated in October this year. It has stalled in the face of mounting [...]
Chinese steel maker Jingye ‘makes fresh approach’ to buy British Steel October 2, 2019 Chinese steel maker Jingye has reportedly approached the government with a fresh offer for British Steel, despite officials having picked out another company as their preferred bidder weeks ago. Sky News reports the firm, which is based in Hebei province in northern China, made its approach to take over the UK’s second-biggest steel producer in [...]
Aston Martin: The float that left the City shaken, not stirred October 2, 2019 Over the years, Aston Martin observers have watched the firm’s most famous client, James Bond, career into the river Tiber, skid across the polar ice caps and hurtle off an alpine road in its cars. Each time, ludicrously, he emerges alive. So when chief executive Andy Palmer told investors: “We don’t make cars, we make [...]
Eurozone manufacturing sector suffers worst month in seven years October 1, 2019 The Eurozone’s manufacturing sector suffered its worst month in seven years in September, according to a closely-followed industry survey, as the malaise in the area’s economy shows no sign of relenting. Read more: Sterling sinks after ‘simply shocking’ manufacturing data Factory output decreased markedly in September, with IHS Markit’s Eurozone manufacturing purchasing managers’ index (PMI) [...]
Job losses mount as no-deal Brexit fears hit UK manufacturing output October 1, 2019 The UK manufacturing sector could be sliding into recession as output remained in the red and job losses piled up in September, according to a closely-followed industry measure. Factory activity hit 48.3 on IHS Markit’s UK Manufacturing Purchasing Managers’ Index (PMI) last month, data revealed today. Read more: ‘Grim’ reading: Eurozone manufacturing sector hits seven-year [...]
Jaguar Land Rover to shut factories for a week after Brexit September 26, 2019 Jaguar Land Rover’s factories will shut up shop for a week in November to deal with Brexit, its boss has said. Asked whether the firm was thinking about shutting the plants, chief executive Ralf Speth said: “We cannot think about it, we just have to do it.” Read more: Car production numbers post rise for [...]
Car production numbers post rise for the first time in 15 months September 26, 2019 Britain’s crisis-hit car manufacturing industry regained some speed in August, despite the threat of a “hammer blow” no-deal Brexit still looming. Car production rose 3.3 per cent in August to 92,152 units, the first increase in 15 months, according to the Society of Motor Manufacturers and Traders (SMMT). Read more: Car industry investment grinds to [...]
Boris Bus-t: Red bus maker Wrightbus goes into administration, putting 1,300 jobs at risk September 25, 2019 Britain’s embattled manufacturing industry was dealt a fresh blow this morning as Wrightbus entered administration, putting nearly 5,000 jobs at risk. The company, which is famous for building the so-called Boris bus Routemaster model in London, had been suffering from cash flow shortages, and had been looking for a new owner. Read more: Wrightbus in [...]