The Financial Conduct Authority has provided a further update on the work it is undertaking to tackle the ‘loyalty penalty’ faced by millions of financial services customers and other issues raised by the Citizens Advice super-complaint to the Competition and Markets Authority in 2018. GoCompare has been involved in the consultation and Lee Griffin, the CEO and one of the founders of … [Read more...]
Newslines 16 December
Aston Martin wants to build “longer term relationships” with investors which may or may not involve an equity investment, as part of a funding review, Reuters has reported in media. Aston Martin reported a third quarter loss but is pinning hopes of a revival with the launch next year of its DBX SUV being made in St Athan, near Cardiff and unveiled last month (above) as well as a new luxury … [Read more...]
Tradelines 13 November
Nissan profits have collapsed by 70% in three months. It made $278M to the end of September with retail sales down 7.5% globally, European registrations slid 23% but sales showed a steadying picture in America. JLR is looking for partners to share new technology and other costs, say media reports. BMW and Zhejiang Geely are mentioned but others may be approached to assist market improvements in … [Read more...]
Newslines 12 November
Volkswagen is breaking new ground with a concept for an electric estate car to be shown at the Los Angeles motor show the end of this week. The ID Space Vizzion is their latest proposal for a new model after a future EV hatchback was unveiled in the autumn. Jaguar Land Rover’s decision to shut down assembly plants last week to ease any Brexit issues with components and stocks will cost the UK … [Read more...]
Massive merger of European brands on the cards
Talks have started to merge Peugeot-Citroen-Vauxhall and Fiat-Chrysler-Jeep operations around the world. The new business would be the fourth biggest in the automotive sector and have implications for all their current manufacturing plants building 8.7 Million vehicles annually and turning in a €170 Billion revenue and €11 Billion profit. The deal will help shave billions of dollars from … [Read more...]
Dealers to be banned from some car finance
The Financial Conduct Authority plans to ban the way in which some car retailers and brokers in the motor finance sector receive commission. Currently, some motor finance brokers receive commission which is linked to the interest rate that customers pay. The broker can set that rate and the FCA found that the widespread use of this type of commission creates an incentive for brokers to act … [Read more...]
Newslines 1 October
The Volkswagen Group is taking a fresh look at its brands as they face future challenges and opportunities. It may mean uplifting Seat models while Skoda will scale down premium extras in future models and focus more on previously neglected markets, especially in eastern Europe against Hyundai, Kia and Dacia and all brands will have to reduce overlaps and clashes in ranges. A change in … [Read more...]
Newslines 23 September
Nearly 60 percent of drivers would consider owning an electric or hybrid vehicle instead of a petrol or diesel to cut down on their carbon emissions, they told pollsters for Hyundai. However, cost (58 per cent) was the biggest concern for Brits considering an eco-friendly car, followed by a worry there aren't enough charging points (54 per cent), with time it takes to charge a car and range … [Read more...]
Tradelines 19 June
A recall has been ordered for Adam and Corsa models in Germany. Authorities believe 210,000 models may exceed NO2 levels in real world conditions across Europe and that’s likely to include thousands sold in the UK. There are hopes that FCA will be able to revive its bid for a deal with Renault, subject to Nissan support. The French Government would have to approve the possible deal as … [Read more...]
Newslines 7 June
JLR and BMW will jointly develop their future electric motors and powertrains. The German company will design them and the UK business will build them for both companies after reports BMW will also supply new V8 engines to JLR models for certain markets. Fiat Chrysler has withdrawn a $35 billion merger offer for France's Renault, blaming a breakdown in discussions on the French Government … [Read more...]