BMW beats expectations with rising third quarter profits as electric vehicle sales soar November 3, 2021 German manufacturing giant BMW has reported third quarter net quarter profits of EUR 2.58 billion, surpassing analysts’ expectations with a 42.4 per cent year on year increase during the three-month window. The outperformance in profits is powered by rocketing sales of electric vehicles and higher car prices. BMW has now reported an operating profit (EBIT) [...]
Cazoo announces revenue boom as second-hand car demand soars October 26, 2021 Cazoo announces third-quarter success, as their offering resonates with second-hand buyers and a growing delivery culture. The used-car retailer report a growth in revenue up 267 per cent YoY, to £174.4m in Q3. Within this, retails revenues were up 207 per cent YoY, with a gross profit of £11.8m, up by £12.5m compared to Q3 [...]
Sunderland gigafactory to undergo massive expansion amid rise in EV demand October 25, 2021 The UK’s Sunderland gigafactory is set to be expanded as the Chinese firm behind the plant looks to bolster its electric vehicle battery division. The move will see capacity swell sixfold, as it increases from the 1.7-gigawatt hours (GHh) to 11GWh, when the site is expected to be opened. Though the boss of the Chinese [...]
EV and low emission zones are not a panacea says e-bike boss October 24, 2021 Electric cars are not a “panacea that’s gonna fix everything”, said David Watkins, chief operating officer and cofounder of e-bike subscription service DASH Rides. “A more sustainable city is not going to be car-focused, even if that car is an electric vehicle,” he told City A.M. “We need to move to a different way of [...]
UK on the EV podium as country leads the way compared with EU October 22, 2021 The UK is leading the way in terms of its preparedness to adopt electric vehicles (EV) and go fully green. According to a new report by driving education provider Zutobi, Britain comes after Norway in terms of number of registered EVs while it stands out when considering the number of EV searches per 100,000 people. [...]
Addison Lee and JustPark strike EV charging partnership deal October 21, 2021 Private car hire service Addison Lee has struck a partnership with technology platform JustPark to provide drivers with off-street charging points for electric vehicles (EV). The deal will grant drivers access to Fleetcharge – a charging solution that provides charging locations for fleet drivers. The solution was developed by JustPark in collaboration with Octopus Energy. [...]
UK to invest £620m in EV transition as part of net zero plan October 19, 2021 The UK Government has announced it will invest £620m to support the transition to electric vehicles (EV) as part of the Net Zero strategy unveiled today. “By moving first and taking bold action, we will build a defining competitive edge in electric vehicles, offshore wind, carbon capture technology and more, whilst supporting people and businesses [...]
EDF owned Pod Point set to raise £120m in London IPO next month October 18, 2021 Pod Point, an electric vehicle charging company majority owned by EDF Energy, is set to rally £120m in fresh funds from its London float which is due to land on the exchange next month. The initial public offering (IPO), which the firm announced last week, will see Legal & General Capital Investments sell off a [...]
Post-Brexit boost: Ford picks UK factory over Germany for £200m electric car investment October 17, 2021 Ford will boost Britain’s automative industry by making electric car components at its factory in Halewood. The car company selected the Merseyside site over one of its plants in Germany for a £200m investment into its e-Drive transmission systems. The systems control power from batteries used to run a vehicle’s wheels. The deal secures the [...]
Sunak causes rift with Cabinet over EV discount end October 13, 2021 Chancellor Rishi Sunak is reportedly in a row with other Cabinet members – including transport secretary Grant Shapps and business secretary Kwasi Kwarteng – over his proposed plans to cut grants for buying electric vehicles (EV). As reported by the Telegraph, the Treasury is expected to slash the grants – which amount to £2,500 for [...]