SMMT: UK coronavirus crisis wipes out April car sales May 5, 2020 New car sales have tanked 97 per cent amid the UK coronavirus crisis, according to new stats from an industry body today. That effectively means new UK car sales ground to a halt in April, the Society of Motor Manufacturers and Traders said. Just 4,321 cars were sold over the month – 70 per cent [...]
Volkswagen warns manufacturing costs set to rise as car demand collapses May 5, 2020 Volkswagen has warned that the car industry is likely to come under even more pressure as parts makers increase the prices of crucial components due to the coronavirus pandemic. Speaking to the Financial Times, Volkswagen’s board member for procurement Stefan Sommer said that some suppliers were raising prices to offset the fact that they are [...]
Exclusive: Car industry calls for coronavirus stimulus to jumpstart recovery May 4, 2020 The UK car industry has called for a government stimulus package and extended furlough support to help it recover from the coronavirus crisis. Speaking to City A.M., Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said the government will need to jumpstart the sector in order to get demand going [...]
FCA confirms three-month freeze for car finance payments April 24, 2020 The Financial Conduct Authority (FCA) has confirmed a three-month payment freeze for car finance payments, ruling out repossessions of vehicles during the coronavirus pandemic. Firms will freeze payments for customers facing difficulties meeting finance or leasing payments due to coronavirus. The financial watchdog said firms should also not take steps to end the agreement or [...]
FCA pushes car finance firms to halt repossessions amid coronavirus April 17, 2020 The UK’s financial watchdog has proposed a freeze on car finance repayments, ruling out repossessions of vehicles during the coronavirus crisis. The Financial Conduct Authority (FCA) told car leasing firms today to offer three-month repayment pauses for customers in financial difficulty as a result of coronavirus. “We are very aware of the continued struggle people [...]
FCA introduces credit card and loan freeze to help consumers through coronavirus April 9, 2020 The Financial Conduct Authority (FCA) announced a package of measures today to help customers with credit cards and loans during the coronavirus lockdown. The City watchdog said the measures would help provide temporary financial relief to people with commonly used consumer credit products. Firms are expected to offer customers a temporary payment freeze on loans [...]
Coronavirus dividend cuts produce £4.4bn hit to investor portfolios March 27, 2020 With more UK firms announcing coronavirus-fuelled dividend cuts this week, the total loss of investor income so far this year is now £4.4bn. The pace of dividend cuts is accelerating as coronavirus wreaks havoc on world economies. In March 116 companies have suspended their dividends totalling £4.2bn, according to investment fund AJ Bell. That compares [...]
Coronavirus: British companies rush to mothball results after City watchdog calls for delay March 23, 2020 British companies are rushing to delay the publication of their results following an unprecedented call from the financial regulator for results to be suspended due to the coronavirus crisis. The Financial Conduct Authority (FCA) said late on Saturday that listed firms planning to report preliminary results in the next few days should mothball them for [...]
Flying taxi startup Lilium raises $240m in funding round March 23, 2020 German flying taxi firm Lilium has raised an extra $240m (£207m) in funding from backers such as Chinese tech firm Tencent. The new funds mean that the startup has now raised more than $340m, which it will use for further development of its prototype jet as well as preparing its facilities to begin production. The [...]
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 [...]