The motor industry’s microchip shortage hit sales at luxury car maker Jaguar Land Rover (JLR), leading to a pre-tax loss of £412m for the year to March 31.
The car maker, which has production plants at Halewood in Merseyside and Solihull and Castle Bromwich in the West Midlands, said the ongoing problem drove down revenues by 17% to £18.3bn, while the previous year’s pre-tax profit of £662m, before exceptional items, was transformed into a pre-tax loss of £412m before a fourth quarter £43m exceptional charge relating to the group’s business in Russia.
Used car buyers double up on electric vehicles as market grows 5.1%
- UK used car market grows 5.1% in Q1 2022 with 1,774,351 cars changing hands.
- Sales up in January (17.7%) and February (7.4%), but down in March (-6.8%).
- Market for used BEVs more than doubles, up 120.2% marking a record Q1 for transactions.
The UK’s used car market increased 5.1% in the first quarter of 2022, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). Some 1,774,351 transactions took place, with 86,596 additional cars changing hands compared with the same period in 2021, when car showrooms nationwide were closed due to pandemic-related lockdowns with only click and collect transactions allowed.
Toyota says it will suspend operations at more production lines at its factories in Japan this month due to the coronavirus lockdown in Shanghai.
The firm says the production halt will come into effect on Monday and stay in place until of end of next week.
It is the latest big car maker to announce that it is being impacted by the Covid-19 measures in China.
Meanwhile, Tesla has reportedly halted most production at its Shanghai plant due to problems with sourcing parts.
UK van registrations fall -29.1% amid supply challenges as manufacturers continue green delivery.
- New light commercial vehicle registrations fall to 21,597 units in April, a decline of -29.1% compared with best-on-record month last year.
- Registrations of large vans down -19.1%, while deliveries of medium-sized vans, the second largest segment by volume, drop by -48.6%.
- Supply chain challenges result in downward revision of outlook for 2022 to 328,000 units, a -7.7% fall year-on-year.
UK light commercial vehicle (LCV) registrations declined to 21,597 units in April, down -29.1% year-on-year, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).
April new car market declines -15.8% as supply constraints see 2022 outlook downgraded.
- UK new car market declines -15.8% to 119,167 units in April, but battery electric car registrations buck trend, up 40.9%.
- SMMT revises 2022 outlook down from 1.89m units to 1.72m as parts shortages continue to impact supply.
- Plug-in cars anticipated to account for more than a quarter of market in 2022 but additional assurance needed for more customers to make the switch.
UK new car registrations fell by -15.8% to 119,167 units in April, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). Despite showrooms being open for the entire month, unlike the previous year which saw lockdown restrictions in place until 12 April, global supply chain shortages, of which semiconductors are the most notable, have continued to constrain the delivery of new vehicles.
The new Flying Spur Hybrid – the second electrified grand tourer in Bentley’s model range – has been certified as the most efficient and economical Bentley to date. With WLTP certification and Type Approval in place, the Flying Spur Hybrid records an average CO2 figure of just 75 g/km.
The introduction of the Flying Spur Hybrid establishes a range of Bentley hybrids for the first time, emphasising the Crewe-based manufacturer’s commitment to becoming an end-to-end carbon neutral organisation and the world’s leading sustainable luxury mobility company. With certification secured, the Flying Spur Hybrid is now available to order in the UK and Europe – with other markets to follow soon.
Luxury car maker Bentley, which manufactures vehicles at its Crewe plant, announced record financial results for its first quarter period.
In the three months for 2022, operating profits soared by 162% to €170m which, it said, mirrored its second best full-year profit figure.
Revenue per car jumped from €184,000 in 2021 to €212,000, and the return on sales reached 21%. There was significant interest in Mulliner and Speed derivatives, particularly in Europe where total sales rose by 38%. Globally, Continental GT sales increased 10%, with strong performance in the Asia Pacific region and in the brand’s home market of the UK, in particular.
Northern Ireland bus manufacturer Wrightbus has secured a major deal with Australia’s largest bus manufacturer, which could open a significant export market and drive jobs and growth at the Ballymena-based firm.
Companies like Wrightbus, which is leading on the development of next-generation green tech, are set to benefit from the UK-Australia Free Trade Agreement, which was signed last year and slashed tariffs on electric vehicles to 0%. The UK Government introduced a bill this week to help bring the free trade agreements with Australia and New Zealand into force later this year.
The world’s largest fleet of zero emission HGVs will take to UK roads through plans to achieve cleaner air and greener jobs, while helping to keep costs down on consumer goods. Transport Minister Trudy Harrison revealed over £200 million of government funding will be injected into an extensive zero emission road freight demonstrator programme, at Logistics UK’s Future Logistics Conference on the 12th May.
The 3-year comparative programme will begin later this year to help decarbonise the UK’s freight industry with initial competitions for battery electric and hydrogen fuel cell technology launching shortly.