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Porsche reported a jump in sales and profits thanks to strong performances from its bestselling Cayenne series and all-electric Taycan.
Labour have unveiled their plans for the car industry which they say could create 80,000 jobs, Jonathan Reynolds has said.
A set of cross-party former business secretaries have launched a stinging attack on Rishi Sunak over his apparent lack of a cohesive industrial strategy. Ex-ministers Greg Clark, Peter Mandelson and Vince Cable told the Financial Times the Prime Minister was being so “surreptitious” that his strategy for industry was a “guilty secret”. Clark, Conservative business [...]
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 [...]
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 [...]
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 [...]
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 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 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 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 [...]
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