Ford and South Korea’s LG Energy Solution have scrapped plans to build an electric vehicle battery plant in Turkey after their local partner Koc Holding withdrew from the project. Koc Holdings said it was pulling out of the deal due to concerns over the rate of EV adoption in Europe and timing of the project in view of the current economic slowdown in … [Read more...]
Finance News
Tradelines 15 November
A new fully electric premium MPV, the Volvo EM90 with a range of about 450 miles, will broaden the appeal of the brand and meets even more customer needs. Following the reveal of the already award-winning and fully electric EX30 small SUV earlier this year, the EM90 represents the second expansion with more space and features and will initially be launched … [Read more...]
Used EV prices expected to fall in short term
Nearly half of dealers (46%) think the values and prices of electric vehicles (EVs) will fall following the government’s move to push-back the electrification deadline to 2035, as consumers take more time to make the switch. November’s new Startline Used Car Tracker also shows that 44% believe a corresponding rise in petrol and diesel prices and values … [Read more...]
Cost of getting on the road has fallen
A new report from Go.Compare Car Insurance has revealed that the cost of getting on the road in 2023, including the cost of a first car, has fallen to £5,947.40 from £6,574 in 2022. The comparison site has researched these costs as it celebrates its own 17th birthday – an age where many of us would be looking at taking to the roads. This is the first … [Read more...]
Thieves target old Defenders for parts
The Land Rover Defender is a major target for thieves who can break them up within hours of getting their hands on them, say insurers. The UK’s leading rural insurer is urging farmers and other Land Rover Defender owners to take action to safeguard their iconic vehicles against clued-up thieves. NFU Mutual is urging Defender owners to adopt a combination … [Read more...]
Gamechanger in ev charging coming down the line
The owners of Asda have bought the Tesla charger network and are preparing for a rapid extension for all plug-in hybrid and battery cars. As the UK is likely to reach a million BEVs next February according to Cap HPI, the Asda move is very significant. Asda owner, the EG Group run by brothers Mohsin and Zuber Issa, said in a statement that the Tesla … [Read more...]
ECA criticises Government over mixed messages in King’s Speech
Leading electrotechnical and engineering services body ECA said the King’s speech had little to offer the sector, despite it being a driving force in the transition to Net Zero carbon. The association, which represents over 60,000 professionals, welcomed the prospect of accelerated investment in renewables and grid connections. However, it sees additional … [Read more...]
Tradelines 8 November
Almost a quarter of fleets (23%) say they expect to lengthen their company car lease contracts because of growth in home working, according to new research. The 2023 Arval Mobility Observatory Barometer found that the move towards contract extensions is more pronounced among larger companies with more than 1,000 employees (38%) compared to the smallest with … [Read more...]
Aging fleets create service boost for independents
Fleet use of independent garages is around a quarter higher for company cars and vans aged four years old compared to their one year old counterparts, shows research. New data from epyx shows that buying of service, maintenance and repair (SMR) shifts from 30% independent garage and 70% franchise dealer at 1-2 years old to 35%/65% at 2-3 years old, 40%/60% … [Read more...]
Governments must support car makers supply chain
European automotive suppliers are making their supply chains more sustainable, but they face the challenge of financing these efforts from existing operations and industry sentiment is not very optimistic. Policymakers should take the necessary steps to provide support, but industry will also need to work harder to stay ahead. CLEPA’s research on … [Read more...]
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