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Automotive industry

  • UK automotive industry takes another hit as new car registrations drop to worst June since 1996

    Only 800,000 cars sold so far this year

    Registrations of new cars fell by around 24 per cent last month compared with June 2021, according to preliminary figures from the Society of Motor Manufacturers and Traders (SMMT) this morning. This means the UK automotive industry suffered its worst June for new car sales since 1996. In fact, only around 800,000 new cars were [...]

  • Car industry sounds alarm bells: UK vehicle makers face staggering 50 per cent jump in energy bills

    Costs through the roof

    British car makers face a 50 per cent increase in energy costs this year, an industry body warned this a.m. Analysis by the Society of Motor Manufacturers and Traders (SMMT) stated that the sector’s annual energy bill – which is already £50m more than its European Union rivals – will rise by £90m in 2022. [...]

  • Insurance giant Axa calls for clarity on self-driving cars

    Self-driving cars

    French insurer Axa has called on the government to offer greater clarity around autonomous vehicles to support the rollout of self-driving cars. The French insurance firm called on the government to put in place laws that enable the deployment of self-driving vehicles, as it said lawmakers should work with the insurance sector to “pave the [...]

  • Car industry in shock and fuel prices climb as government scraps all grants for electric vehicles

    June 14, 2022

    There is widespread shock and surprise in the car industry this morning as the DfT said all grants for new EVs have been scrapped.

  • F1 test systems firm AB Dynamics weathers supply chain pressures with price increases on new orders

    April 27, 2022

    AB Dynamics, manufacturer of driving robots and simulators used by the Alfa Romeo Formula 1 team, had £37m in revenue in the six months up to February, more than £10m more than the previous year. The company had £5.7m in operating profit, a 63 per cent increase on 2021, while net cash was down 16 [...]

  • March car production falls to lowest in 24 years as markets feel supply chain squeeze

    April 5, 2022

    The UK’s automotive production in March fell to the lowest since 1998 as markets continued to feel the supply chain squeeze. According to data from the Society of Motor Manufacturers and Traders (SMMT), new car registrations fell by 14.3 per cent to 243,479 units while overall the first quarter of 2021 reported a 1.9 per [...]

  • Stellantis to close Russian van plant as supply chain issues bite

    March 31, 2022

    Automotive giant Stellantis said today it will be forced to close its Russian van plant following a shortage of parts. Operating only for the local market, the facility is situated in the western city of Kaluga and was run in partnership with Mitsubish. The world’s fourth-largest car maker didn’t specify whether it would write down [...]

  • UK’s second biggest automotive firm Pendragon’s profits soar in post-pandemic revival

    March 23, 2022

    The second biggest automotive retailer in the UK, Pendragon, increased its underlying pre-tax profit by ten-fold in 2021. The Nottingham-based firm increased its revenue by 18 per cent from the pandemic year, making £61.5m in profit after 2020’s near-£25m loss.  It also had £83m in underlying profit before tax, a major improvement from 2020 which [...]

  • Polestar 5: new electric Porsche-rival is being developed in Britain

    February 21, 2022

    Polestar has a new R&D division in Coventry to mastermind its EVs, starting with the Polestar 5 – a competitor for the Porsche Taycan.

  • Iveco’s profits boom following surge in orders

    February 8, 2022

    Automotive giant Iveco has registered a boom in profits after closing 2021 with a 77 per cent increase in worldwide order intake. The group’s profits for the full year surged from a net loss of €167m to a €140m adjusted net income, while adjusted diluted earnings per share went up to €0.43 from a loss [...]

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