In a spin: Aston Martin suffers £78m first half loss as shares hit record low July 31, 2019 Aston Martin shares plumbed new depths this morning as the firm reported a first half loss of £78.8m, blaming a slowing global market and tumbling UK and European sales. Read more: Ex-Audi chief Rupert Stadler faces criminal charges for his role in dieselgate scandal The troubled car maker is still reeling from a profit warning [...]
Car industry investment grinds to a halt as Brexit uncertainty cripples sector July 31, 2019 Investment into Britain’s car manufacturing industry has come to a near-standstill, as companies divert hundreds-of-millions of pounds towards mitigating a potential no-deal Brexit which they fear will plunge the sector into chaos. Inward investment into the sector plummeted more than 70 per cent to just £90m in the first six months of the year, according [...]
Ryanair boss Michael O’Leary blasts Boeing over 737 Max delays July 29, 2019 Ryanair could have no Boeing 737 Max jets available next year unless the aircraft manufacturer “gets its sh*t together,” said the airline’s boss, Michael O’Leary, this morning. The number of Max jets available to the Irish airline next summer could drop to zero, he said, unless the plane maker upgrades the jet so that authorities [...]
UK car industry tells Boris Johnson no-deal Brexit ‘not an option’ July 26, 2019 Representatives for the UK car industry have warned Prime Minister Boris Johnson that a no-deal Brexit is “not an option”. In an open letter to the new Conservative Party leader the Society of Motor Manufacturers and Traders (SMMT) said Johnson must help ensure that the sector “continues to enjoy preferential trade with critical markets around [...]
Freefall: Boeing makes $3.4bn loss on 737 Max grounding in second quarter July 24, 2019 Boeing this afternoon posted a $3.4bn (£2.7bn) quarterly loss, as it continues to struggle with mounting costs relating to the grounded 737 Max plane. The massive losses come after Boeing’s surprise announcement last week that it would set aside $4.9bn (£3.9bn) to compensate airlines for the disruption caused by the jet’s grounding. Read more: Boeing [...]
Fire risk: Volvo recalls 500,000 cars after investigation finds faulty engine part July 22, 2019 Swedish car maker Volvo has recalled more than half a million cars after it found a faulty engine part could cause vehicles to catch fire. More than 69,000 cars in Britain are affected, the manufacturer said this morning. Volvo will contact all affected customers. A Volvo spokesman said the firm was not commenting on how [...]
Boeing takes $4.9bn hit on 737 Max groundings to compensate airlines July 18, 2019 Boeing will set aside $4.9bn (£3.9bn) to compensate airlines for the disruption caused by the worldwide grounding of its 737 Max jet. The world’s biggest plane maker said this evening the after tax charge would slash its pre-tax profits by $5.6bn in the second quarter, when results are announced next week. Read more: Ryanair warns [...]
Volkswagen and Ford strengthen ties by teaming up on electric and self-driving cars July 12, 2019 Two of the world’s biggest car makers, Volkswagen and Ford, have moved their existing commercial partnership up a gear this afternoon to collaborate on electric cars and self-driving cars. Read more: Ford gears up to announce up to 550 job losses for UK office workers amid turnaround efforts The firms are looking to pull ahead [...]
Daimler in fourth profit warning of the year over airbags and diesel emissions July 12, 2019 Daimler, the German car giant that owns Mercedes, this morning issued its fourth profit warning of the year after it unearthed fresh financial risks surrounding its diesel emissions scandal. The car maker made a similar warning on June 23, but it has reassessed the risk of fines from court battles and government measures. These have [...]
BMW reveals it will build electric Mini in Oxford in boost for UK’s car industry July 9, 2019 In the summer of 1959, the first Mini rolled off the production line in Oxford and hit Britain’s streets. While initially a response to the Suez crisis fuel shortage, its diminutive size made it a style icon, helped it symbolise the swinging sixties and shook up Britain’s car industry for good. Fast forward 60 years, [...]