BMW: Shares dip on supply chain warning as carmaker lifts earnings guidance August 3, 2023 BMW’s higher annual earnings forecast failed to chime with investors, as the carmaker warned of a hit from supply chain issues and inflation. The Munich-headquartered firm said it expected an annual EBIT margin of 9-10 per cent, up from 8-10 per cent, as it reported strong demand for vehicles and a doubling of deliveries in [...]
Renault and Aston Martin backer Geely to launch UK firm injecting £6bn and creating 19,000 jobs July 12, 2023 Renault and Aston Martin backer Geely have announced the launch of a new UK-based powertrain technology company, to manufacture low-emission hybrid and internal combustion engines. An investment of up to £6bn will injected into the new outfit, which will employ 19,000 workers. The two automakers said the new group would operate 17 engine plants and [...]
New car market ‘growing back and growing green’ with EV surge – but rate hikes peak concern July 5, 2023 Britain’s new car market recorded its 11th consecutive month of growth in June with registrations rising 25.8 per cent – but it might not be smooth driving in the near future. Just under one million new cars were registered in the first half of 2023, up 18.4 per cent on the previous 2022, according to [...]
Brexit is ‘threat’ to UK car factories says parent firm of Vauxhall, Citroen, Peugeot and Fiat May 17, 2023 One of the world’s largest carmakers has said it will be unable to keep their commitment to make electric vehicles in the UK without changes to the Brexit deal. Stellantis – the parent company of Vauxhall, Citroen, Peugeot and Fiat – which employs more than 5,000 people in the UK – told a Commons inquiry [...]
New car market increased 18 per cent last month to mark release of new number plates April 5, 2023 The UK’s new car market has grown for eight consecutive months, figures show. Some 287,825 new cars were registered last month, up 18.2 per cent on March 2022, the Society of Motor Manufacturers and Traders (SMMT) said. The increase was attributed to an easing of global supply chain shortages. Large fleets, which include vehicles owned [...]
Ease in semiconductor shortage helps car production increase by 8,000 as UK shipments to EU up 6.5 per cent March 30, 2023 Car production has increased following an easing of a two-year long shortage of semiconductors, figures show. The number of cars built in UK factories reached 69,707 last month, over 8,000 more than the same month a year ago, said the Society of Motor Manufacturers and Traders (SMMT). The report noted an improvement in supply chain [...]
Ford admits it’s losing billions as heavy investment in electric puts brakes on profit March 23, 2023 Ford’s electric vehicle business has lost three billion US dollars (£2.44 billion) before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released on Thursday as Ford rolled out a new way of reporting financial results. The new [...]
BMW invests £500m in Oxford Mini plant with car maker expected to receive £75m UK taxpayer grant March 8, 2023 Hundreds of jobs could be created from a £500m investment in Oxford by BMW, as it looks build electric models of its Mini in Britain. The German car-maker is reportedly preparing to unveil a major injection of cash – including £75m of government-approved funding – as first reported by Sky News’ Mark Kleinman. The investment [...]
Motor boss warns against ‘protectionism’ as electric vehicle production accelerates 50 per cent February 24, 2023 Car production in Britain fell slightly in January as thousands continued the shift towards electric vehicles which experienced a near 50 per cent increase. Despite global economic instability, car production fell just 0.3 per cent last month, which was welcomed by the industry as a sign of market stability. The Society of Motor Manufacturers and [...]
Bentley to end production of 12-cylinder petrol engine as luxury car maker is latest in shift to EV February 22, 2023 Bentley will end production of its famed 12-cylinder petrol engine in April next year, the luxury car maker has announced. More than 100,000 examples of the W12 engine have been built at the company’s factory in Crewe, Cheshire over the past 20 years. The decision to halt production is part of the business’s move to [...]