Sotheby’s sells Michael Schumacher’s iconic Formula One Ferrari for record-breaking £14m November 10, 2022 Sotheby’s said this morning has sold the iconic F2003-GA chassis no. 229 at Sotheby’s Luxury Week sale in Geneva for 14,630,000 CHF, or close to £14m, making it the most valuable Formula One car of the modern era ever sold. The previous record was held by another ex-Michael Schumacher Ferrari, an F2001, which sold for [...]
Auto Trader’s revenue jumps as booming market place gets double-digit boost November 10, 2022 Auto Trader’s group revenue has jumped 16 per cent as a result of a double-digit growth in its marketplace business. In the six months ended 30 September, the car retailer posted a £249.8m revenue, up from last year’s £215.4m. While Auto Trader’s marketplace posted an 11 per cent increase in revenue, going up to £238.2m. [...]
Lotus Evija Fittipaldi celebrates 50 years of ‘greatest ever F1 car’ November 4, 2022 The new Evija Fittipaldi electric hypercar pays tribute to the Lotus 72, driven to victory by Emerson Fittipaldi in the 1972 F1 season.
Bentley’s profits more than double to £495.5m despite global headwinds November 2, 2022 Bentley’s profits have more than doubled to €575m (£495.5m) despite ongoing industry and economic headwinds. In the nine months ended 30 September, the luxury car maker’s earnings soared by 109 per cent, while return on sales surged to 23.1 per cent – the highest in the UK marque’s 103-year history. Revenue went up 28 per [...]
Toyota slashes car production target as profit slumps by 25 per cent due to headwinds November 1, 2022 Toyota has slashed its production target for the year as its quarterly profit slumped by 25 per cent due to a combination of industry and economic headwinds. The Japanese automotive powerhouse has posted an operating profit of 562.7bn yen (£3.3bn) for the three months ended 30 September. This was down on the 750bn yen reported [...]
Boom in UK retail drives Cazoo’s revenue up 103 per cent to £347m October 27, 2022 A boom in the UK retail market has driven Cazoo’s quarterly revenue to £347m, 103 per cent up on last year’s levels. In the three months ended 30 September, UK retail unit sales went up 100 per cent to 18,889 vehicles sold despite inflationary pressures biting into consumers’ spending. “This very strong performance shows that [...]
Mercedes to exit Russian market after manufacturing suspension October 26, 2022 Mercedes is set to exit the Russian market once and for all after it suspended manufacturing in March as a result of Moscow’s invasion of Ukraine. The car maker said today that, even though it will sell its shares to Russian car dealership Avtodom, the transaction will not impact the group’s financial position or its [...]
Ford to discontinue Fiesta production as focus shifts to electric cars October 26, 2022 Ford will discontinue the production of its iconic Fiesta model by the end of June 2023 as the car maker focuses on its electrification strategy. The marque announced today that, alongside the Fiesta, it will also stop manufacturing the S-MAX and Galaxy models. “At Ford in Europe, we are accelerating our efforts to go all-in [...]
Trucking tech platform Eurowag to buy Polish rival for £265m as CFO steps down October 25, 2022 Trucking tech platform Eurowag is set to buy Polish software company Inelo for up to €306m (£265m) to strengthen its hold on the country’s market. Prague-based Eurowag said that an additional €12.5m could be paid to Inelo depending on its performance for the year ending 31 December. “This strategically important transaction not only brings additional [...]
Pendragon expects vehicle shortfall to spill into 2023 as profit slumps October 25, 2022 Pendragon expects current vehicle shortfalls to spill into 2023, as its profit slumped by 41 per cent. In the three months ended 30 September, the UK dealer’s underlying profit before tax was £14.7m – down on last year’s £25.1m – due to the impact of inflation and rising interest rates. Used car volumes were slumping [...]