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 [...]
Petrol prices hit eight-year high as fuel demand surges August 4, 2021 Motorists are feeling the pinch as petrol prices hit their highest levels since 2013 after eight straight months of price rises. According to the RAC, petrol and diesel prices jumped by 3.4p and 2.7p per litre in July, meaning the former now costs 135.13p per litre. For diesel, the cost is 137.06p per litre, the [...]
Number of holidaymakers on Ryanair flights doubles in July to 9.3m August 4, 2021 Budget carrier Ryanair reported flight traffic statistics on Wednesday that showed UK holidaymakers seized the opportunity to fly abroad in the last month as travel restrictions eased. The total number of passengers taking Ryanair flights in July double to 9.3m, up from 4.4m in June. In a sign that the air carrier deemed flights safer, [...]
Toyota drives operating profit up to record $9.2bn as sales make strong recovery August 4, 2021 Toyota posted a record Q1 operating profit of 997.49bn yen, or $9.15bn (£6.5bn), on Wednesday but did not alter its annual forecast, as sales recovered from pandemic lows but the carmaker cited “uncertainties” ahead. The Japanese carmaker weathered the global chip supply shortage better than many rivals, and sprinted past analysts’ average expectations of a [...]
McLaren ‘to sell off Applied Technologies division to Greybull’ August 3, 2021 McLaren has reportedly struck a deal to sell off its Applied Technologies division to Greybull Capital as the supercar maker continues to streamline its operations. According to Sky News, the deal could be announced as early as tomorrow, although details of the size of the deal were as yet unclear. It comes just weeks after [...]
Ever Given docks in Felixstowe after blocking Suez Canal August 3, 2021 Ever Given finally docked at the Port of Felixstowe on Tuesday after blocking the Suez Canal earlier this year. The ship was stuck for six days in the major shipping lane in Egypt, causing mass disruption to the global supply chains in April. Ever Given’s mooring at the Port of Felixstowe today has attracted dozens [...]
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. [...]
HS2 will deliver no environmental benefits, says former rail watchdog chief August 3, 2021 The volume of carbon emissions produced by the construction of the controversial HS2 railway line will be greater than the reduction in removing vehicles from the road, a new report published today revealed. A review of the project by the former head of the rail regulator, Stephen Glaister, found that HS2 will yield effectively zero [...]
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 [...]
RMT union postpones this week’s London Tube strikes August 2, 2021 Two separate Tube strikes planned for this week have been postponed, after the drivers’ union decided to hold more talks with Transport for London (TfL). London was set for travel chaos tomorrow, with a 24-hour drivers’ strike scheduled to begin at midday that was expected to affect the entire network. TfL wants to scrap the [...]