Hedin Group approaches Pendragon with new £400m takeover bid takeover approach Pendragon has confirmed it has received a new takeover approach from its largest shareholder, Hedin Group.
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. [...]
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.
Jaguar Land Rover halts all sales to Russia while BMW’s Mini plant ends production due to Ukraine conflict March 2, 2022 Sales by car manufacturer Jaguar Land Rover (JLR) to Russia has been suspended following the invasion of Ukraine. The firm announced that it made the decision due to the “wellbeing” of its workforce and those “within our extended network”. Sanctions imposed on Russia have heavily restricted the ability of companies to sell goods there. JLR, [...]
Vertu exceeds market expectations in six-month results October 13, 2021 Automotive retailer Vertu has exceeded market expectations, registering a £51.8m adjusted profit before tax on revenues amounting to £1.9bn. In the six-month period ending 31 August, the company reported a gross margin of 11.6 per cent as well as a £57.3m net cash flow, compared to £36.5 registered in the first quarter of FY2021. “The [...]
Vehicles are the UK’s most valuable export as revenues reach £27bn October 12, 2021 UK export revenues for vehicles have reached £27bn in 2020, making vehicles Britain’s most valuable trade good. In a report published today, the Society of Motor Manufacturers and Traders (SMMT) highlighted how the British automotive sector kept on generating revenue even during the Covid-19 pandemic. As a whole, the country’s industry produced a £74bn total [...]
Exclusive: ‘Petrol anxiety’ fuels interest in electric cars, says Auto Trader exec September 29, 2021 Since panic buying of fuel started at the end of last week, there has been a significant increase in interest in electric vehicles. Searches for used EVs increased by over 60 per cent versus the previous weekend, according to Auto Trader, by far the UK’s largest automotive marketplace. “The events of the past few days [...]
Glencore invests in Britishvolt’s electric battery gigafactory plans August 17, 2021 Mining giant Glencore is investing in the battery start-up Britishvolt and its construction of a gigafactory to support the UK’s car industry transition to electrical vehicles. As part of the partnership, Glencore will also supply cobalt, one of the key raw materials used in electric batteries, the Financial Times reported. As the biggest producer of [...]
Motorways and A-roads to benefit from £200m injection amid staycation boom August 9, 2021 The government is set to inject £200m into improving motorways and major A-roads in the southwest of England, so Brits can have smoother rides to see long-missed families. Now domestic travel restrictions have eased, Brits are well on their way to seeing the family and friends they had missed over the previous 15 months of [...]