Used car sales double as chip shortages deplete new model stocks August 10, 2021 The number of used cars changing hands doubled in the second quarter as stock shortages forced some people to turn to second hand models. According to the Society of Motor Manufacturers and Traders (SMMT), 2,167,504 used models were bought in the last period, up 108 per cent on 2020. The number sold was also up [...]
Britain 2030: High-tech manufacturing set to become a quiet British success story August 9, 2021 When it was first announced that this year’s G7 summit would be held in Cornwall, the decision was met with some raised eyebrows. But for a government which has made the combination of “levelling-up” the UK’s regional inequalities and tackling climate change its foremost priorities, it made perfect sense. In the last few years a [...]
The Renault Group partners with Geely to expand Asian presence August 9, 2021 The Renault Group has announced a partnership with a China-based vehicle manufacturer as post-pandemic sales fail to gain momentum in Asia. The Renault Group will share resources and technology with Geely Holding, China’s largest privately owned automotive group, as they focus on bringing hybrid vehicles to the fast-growing Asian markets. The companies will jointly release a [...]
Biden aims to make half of US car sale electric vehicles by 2030 August 5, 2021 Joe Biden will today sign an executive order aimed at making half of all new vehicles sold in 2030 zero-emissions vehicles. The President is set to announce the new target at an event at the White House this evening, where he will be joined by car giants and union workers. Alongside the plan he will [...]
EV charging firm Myenergi ‘mulling £500m London listing’ August 5, 2021 Energy tech firm Myenergi is reportedly making plans for a London float that could value the company at up to £500m amid a surge in interest in “green” solutions. The company, which is best known for its Zappi electric car home charging system, is backed by Sir Terry Leahy, the former Tesco boss. A spokesman [...]
Rolls-Royce swings back to profit despite slow international travel recovery August 5, 2021 Engine maker Rolls-Royce reported an operating profit of £307m in the first half of 2021, marking a significant improvement from the £1.6bn in losses a year ago. The group said international travel would bounce back once restrictions are lifted, but warned recovery is “likely to occur beyond the initial expected timeframe of 2022.” Shares had [...]
Global car giants flag production falls as chip shortage grips August 4, 2021 A string of global car giants warned over their production targets today as the global semiconductor shortage showed no signs of abating. General Motors (GM), Toyota, and Honda all said that vehicle output would be lower than previously estimated in the second half of the year. GM said that it would be about 100,000 cars [...]
Vauxhall owner Stellantis boosts full year guidance after roaring off the line August 3, 2021 Stellantis charged out of the blocks in its first ever half year results, boosting its full year profit margin guidance despite the current semiconductor shortage. The car giant, which formed from the merger of Fiat Chrysler and Peugeot owner PSA in January, posted revenue of €8.6bn for the first half, smashing analyst predictions of €5.9bn. [...]
BMW raises 2021 profit forecast, but warns chip shortage will hit second half August 3, 2021 BMW has raised its profit forecast for 2021 today announcing strong quarterly results while warning investors about the impact of the global semiconductor chip shortage on the carmaker. The company saw “strong customer demand during the first half of the year,” according to a statement by chief executive Oliver Zipse. “However,” he continued, “in light of [...]
Upfront cost of electric cars putting customers off August 2, 2021 The upfront cost of buying an electric vehicle is putting people off buying one, new research from Which has found. According to a recent survey by the consumer group, more than a third (34 per cent) of potential buyers cited costs as the reason they might not buy one. That is despite the fact that [...]
