European Union begins Fiat-PSA mega-merger probe June 17, 2020 European Union officials have launched a four-month probe into the $50bn mega-merger between Peugeot owner PSA and Fiat Chrysler (FCA) over competition fears. Antitrust regulators are concerned about the merged entity’s high market share in the lucrative small van sector. Upon completion of the merger, the new Fiat-PSA company will control a third of the [...]
Jaguar Land Rover falls to half a billion loss in final quarter June 15, 2020 Luxury carmaker Jaguar Land Rover (JLR) fell to a £501m loss in the fourth quarter, it was announced today, as the coronavirus hammered unit sales. Before the pandemic hit in the last period, JLR said that it had been on track to hit its financial targets after returning to profit in the second and third [...]
Fiat-PSA mega-merger faces months-long competition probe June 11, 2020 The $50bn mega-merger between car giants Fiat Chrysler and Peugeot owner PSA is facing a four-month competition probe from European antitrust officials after the companies failed to provide requested concessions. Over the weekend it emerged that the two firms had been warned by the European Union over their combined high market share in small vans. [...]
European Commission set to scrutinise Fiat-PSA mega-merger June 8, 2020 The European Commission may seek concessions in order to clear the proposed $50bn (£39.6bn) merger of Fiat Chrysler and Peugeot owner PSA over competition concerns. Reuters reported that the body’s antitrust regulators were worried by the potential size of the two firm’s market share in small vans. According to sources, the two firms must dispel [...]
UK car industry flatlines as just 197 cars built in April May 29, 2020 The UK car industry made just 197 cars in April as the shuttering of factories due to the coronavirus pandemic sent production flatlining. Total production dropped 99.7 per cent, with the lowest number of cars built in one month since the Second World War, according to new data from the Society of Motor Manufacturers and [...]
McLaren to cut 1,200 jobs as coronavirus forces group restructuring May 26, 2020 Supercar giant McLaren today announced it would cut 1,200 jobs across all of its operations due to the combination of the coronavirus pandemic and the new F1 price cap. The redundancies, which were first reported by Sky, will account for about a quarter of the Surrey-based firm’s workforce of 4,000. Jobs will be cut across [...]
Exclusive: Car industry calls for coronavirus stimulus to jumpstart recovery May 4, 2020 The UK car industry has called for a government stimulus package and extended furlough support to help it recover from the coronavirus crisis. Speaking to City A.M., Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said the government will need to jumpstart the sector in order to get demand going [...]
Elon Musk labels lockdowns ‘fascist’ as Tesla offsets automotive slump April 30, 2020 Outspoken Tesla chief executive Elon Musk labelled the US’ coronavirus lockdowns as “fascist” as the firm surprised investors with another profitable period of trading despite the current market disruption. Speaking on a conference call last night, Musk said that the measures posed a serious risk to Tesla’s business and said he did not know when [...]
SMMT: UK car production falls 38 per cent, 10 times worse than Brexit drops April 30, 2020 The coronavirus crisis hammered British car manufacturing in March, with the total number of vehicles produced falling 37.6 per cent compared to a year ago. Just 78,767 vehicles left factory gates last month, according to the Society of Motor Manufacturers and Traders (SMMT). That is 47,428 fewer than the previous year, as the coronavirus crisis [...]
Renault quits China partnership to focus on Nissan alliance April 14, 2020 French car giant Renault has scrapped its joint venture with Chinese firm Dongfeng Motor Group due to weak sales at the loss-making partnership. A general slowdown of sales in the world’s biggest auto market will be compounded by this year’s coronavirus pandemic, which has led to a widespread shuttering of factories and showrooms across the [...]