Exclusive: UK electric car market in top speed as sales jump 186 per cent during pandemic September 27, 2021 Electric car sales in the UK have jumped by 186 per cent to 108,000 in 2020, up from just 38,000 in 2019, according to a new study, shared exclusively with City PM this morning. This growth is six times higher than the average sales growth of electric cars globally at 31 per cent in 2020, putting [...]
Global chip shortage to cost auto industry $210bn in lost production this year September 23, 2021 An ongoing global shortage in semiconductors is on track to cost the world’s automakers $210bn (£159m) in lost revenue this year, almost double that of previous estimates. Consultants at Alix Partners said that 7.7m fewer vehicles would be manufactured in 2021 as a result of the shortfall, weighing on car firms’ earnings. As the crisis [...]
Italy seeking exemption from 2035 combustion engine ban for supercar makers September 6, 2021 The Italian government is in talks with the European Union over finding a way to exempt supercar makers like Ferrari and Lamborghini from the upcoming ban on the internal combustion engine. In July the bloc unveiled plans which would see traditional diesel and petrol engines phased out by 2035. But yesterday an Italian minister told [...]
New car sales down a fifth in August as supply chain struggles bite September 6, 2021 New car sales fell over a fifth last month in the weakest August for sales since 2013, new data from the Society for Motor Manufacturers and Traders (SMMT) showed today. Just 68,033 models were registered last month in what is traditionally one of the slowest periods for sales. However, sales were down 7.6 per cent [...]
Space race: The ambitions, plans and delays of launching superpowers August 26, 2021 Jeff Bezos’ Blue Origin, following its landmark human flight last month, has launched an uncrewed mission of NASAs future moon landing technology today. The flight, known as NS-17 or New Shepard 17, set off from a Blue Origin site in West Texas. The NASA payload on board is to test technologies including a Doppler Lidar [...]
Car production tumbles afresh amid supply and labour shortages August 26, 2021 Car production tumbled in the UK for the first time since February as the combination of global chip shortages, workers being forced to isolate, and summer shutdowns jammed up factory lines. According to the Society of Motor Manufacturers and Traders (SMMT), just 53,438 cars were made in July, down 37.6 per cent on the year [...]
Space SPAC: Seraphim-backed satellite firm Spire makes New York debut August 18, 2021 Space investor Seraphim has announced its portfolio company Spire, which provides satellites for space, has debuted on the New York Stock Exchange after becoming the latest space company to close a merger via SPAC. Spire has merged with special acquisition company NavSight Holdings, which valued the satellite firm at $1.6bn in equity. The new combined [...]
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 [...]
Meggitt presses ahead and publishes documents for Parker-Hannifin £6.3bn takeover bid August 16, 2021 British defence technology firm Meggitt has published its scheme documents for a recommended £6.3bn takeover by Parker, just five days after it received a proposal for a potentially higher bid from US rival Transdigm. Meggitt said its takeover panel will announce a deadline by which TransDigm must clarify its intentions in relation to its offer, [...]
Chinese car sales fall for third month in a row August 11, 2021 Chinese car sales declined for a third straight month in July, new data today showed, as the global shortage of semiconductors weighed on the world’s biggest auto market. Figures from the China Association of Automobile Manufacturers (CAAM) showed that sales fell 11.9 per cent to 1.86m, compared to the same month a year ago. The trade [...]
