Engineering specialist Ricardo suffers amid global car industry downturn September 12, 2019 Engineering consultancy Ricardo’s shares fell seven per cent today after it reported that its automotive business struggled last year. The London-listed firm enjoyed a rise in revenue and growing order books in the year ending 30 June, but its division which serves the car industry was hit by a “pretty awful year” in the wider [...]
Frankfurt Motor Show: Car industry bosses warn against no-deal Brexit September 10, 2019 Bosses at car makers BMW and Vauxhall, which collectively employ more than 7,000 people in the UK, have warned about the destructive effects a no-deal Brexit could have on the automotive industry. Workers at BMW’s Mini factory in Oxford could face losing work in the event of a no-deal Brexit, according to the car maker’s [...]
Chinese car maker Geely invests in flying taxi startup Volocopter September 9, 2019 Geely has hedged its bets on a German startup which hopes to bring flying taxis to cities around the world, as the Chinese firm looks to branch out from its traditional automotive business ventures. The car maker has taken a minority stake in Volocopter, which hopes to bring air taxis to Chinese cities, and said [...]
Ferrari powers ahead with two new models as firm chases profit boost September 9, 2019 Italian supercar manufacturer Ferrari lifted the lid on two new cars today as it pushes on with an aggressive roll-out plan designed to keep its recent profit and share price growth in top gear. The so-called prancing horse, long a motor racing icon and household name in luxury cars, unveiled the F8 Spider and 812 [...]
Nissan crisis: Chief resigns after year of scandal and financial turmoil September 9, 2019 The crisis at Japanese automotive giant Nissan deepened today, after chief executive Hiroto Saikawa was asked to quit by the company’s board. In a sometimes heated late night press conference in Japan, board members confirmed that Saikawa, who had already expressed a desire to leave the top job, would step down. Read more: Nissan chief [...]
Pendragon called on restructuring firms to mitigate effects of industry car crash September 8, 2019 As the car industry continues to splutter, one of Britain’s biggest dealers has turned to restructuring experts to try to halt its downward spiral of profits. Pendragon, which owns the ubiquitous Evans Halshaw car dealership brand, spoke to several firms about helping shake up its spending earlier this year, but the process was cut short [...]
Car makers: We would rather another Brexit delay than no-deal September 6, 2019 Britain’s automotive industry trade body chief has indicated that car makers would rather suffer yet another period of Brexit uncertainty than crash out of the European Union without a deal – a scenario that would be damaging to UK business, but particularly harmful to car makers. Mike Hawes, chief executive of the Society of Motor [...]
Electric car sales charge ahead with record monthly demand September 5, 2019 More electric cars were sold in Britain last month than ever before, as zero-emission car sales rose fivefold amid an otherwise subdued automotive market. Zero emission car sales came to 3,147 vehicles in August compared to just 659 this time last year, as the release of several new models over the summer boosted demand, including [...]
Watch: Nissan invents self-driving golf ball that finds the hole every time August 29, 2019 Times are tricky for Nissan executives. The Japanese car maker’s profits have collapsed, it is gearing up to sack 12,500 workers to cut costs, and former boss Carlos Ghosn is facing jail time for swindling millions of dollars from the firm. Who could blame them for wanting a bit of light relief? The car maker’s [...]
More grief for British car industry as output falls again amid Brexit fears August 29, 2019 Britain’s car manufacturers endured another month of misery in July as exports took a hit and output slowed down for its 14th consecutive month. Manufacturing output fell 10.6 per cent last month, with only 108,239 vehicles rolling off the production line, according to figures released this morning by the Society of Motor Manufacturers and Traders [...]