Ford receives £600m government loan to ramp up UK EV production EV BOOST Ford is set to ramp up production of electric vehicles in the UK following a £600m government loan. Through the UK Export Finance funding, the marque will increase its electric vehicle (EV) range from the current two models to nine within the next four years. The loan will boost a £125m investment into Ford’s EV [...]
Automotive sector calls on government to secure industry’s long-term future long-term future The UK automotive industry has called on the government to “take rapid action” and secure its long-term future, as the sector could contribute an additional £14bn to the economy. According to analysis published today by the Society of Motor Manufacturers and Traders (SMMT), the sector’s recovery is expected to gain momentum next year after two [...]
SMMT: Getting automotive back on track priority for 2023 AUTOMOTIVE PRODUCTION Getting the automotive sector back on track is the top priority for 2023, according to the Society of Motor Manufacturers and Traders (SMMT). Chief executive Mike Hawes warned that a return to pre-Covid production levels was fundamental, “given the jobs, exports and economic contribution the automotive industry sustains.” “UK car makers are doing all they [...]
F1 testing provider AB Dynamics ‘not impacted’ by UK financial turmoil November 23, 2022 The UK’s current financial turmoil will not impact automotive testing system provider AB Dynamics, its chief executive James Routh said. “The UK is typically about 2 per cent of our revenue, so the turmoil doesn’t really bother us too much,” Routh told City A.M. on Wednesday. “Only when it comes to dealing with local inflation [...]
Jaguar Land Rover’s revenue surge on Range Rover production November 9, 2022 Jaguar Land Rover’s revenue has surged over the last quarter driven by the ramped up production of Range Rover and Range Rover Sport models. The luxury car maker posted a revenue of £5.3bn – up 36 per cent on last year’s levels and 20 per cent higher than last quarter. Order book increase to 205,000 [...]
Toyota slashes car production target as profit slumps by 25 per cent due to headwinds November 1, 2022 Toyota has slashed its production target for the year as its quarterly profit slumped by 25 per cent due to a combination of industry and economic headwinds. The Japanese automotive powerhouse has posted an operating profit of 562.7bn yen (£3.3bn) for the three months ended 30 September. This was down on the 750bn yen reported [...]
Pendragon expects vehicle shortfall to spill into 2023 as profit slumps October 25, 2022 Pendragon expects current vehicle shortfalls to spill into 2023, as its profit slumped by 41 per cent. In the three months ended 30 September, the UK dealer’s underlying profit before tax was £14.7m – down on last year’s £25.1m – due to the impact of inflation and rising interest rates. Used car volumes were slumping [...]
BMW goes east moving electric Mini production from UK to China October 16, 2022 BMW has decided to move its electric Mini production from the UK to China, in what can be seen as a blow to Britain’s ambitions to become a global EV maker. According to Stefanie Wurst – who’s been at the brand’s helm since February – Mini production was moved away from its historic home in [...]
SMMT: UK automotive needs investments, not government handouts October 3, 2022 The UK automotive sector needs a renewed focus on investment, not government handouts – said industry executive Mike Hawes. According to Hawes – chief executive of the Society of Motor Manufacturers and Traders (SMMT) – car makers need a “competitive framework that is as competitive as many other countries with whom we trade and with [...]
UK automotive recovery threatened by soaring costs September 29, 2022 Despite reporting the fourth consecutive month of growth, the UK’s automotive recovery is threatened by increasing costs. Figures released today by the Society of Motor Manufacturers and Traders (SMMT) revealed that 49,901 units were built in August – 34 per cent up year-on-year but 45.9 per cent down on pre-pandemic levels. Overall output remains 13.3 [...]