Fuel-type forecast highlights radical change for UK car marketThe UK car market is set to undergo a radical change by 2028 according to the latest Cox Automotive new and used car market forecast. A dramatic decline in new diesel cars and a reduction in petrol registrations will have a profound impact on the used market. The forecast – which includes fuel-type breakdowns for the first time - indicates that in the period 2024-27, EV share of registrations will grow 160% vs 2020-23 volumes to 2.3 million units or 28% of sales. Fuel-type forecast highlights radical change for UK car marketMar 13, 2024 The UK car market is set to undergo a radical change by 2028 according to the latest Cox Automotive new and used car market forecast. A dramatic decline in new diesel cars and a reduction in petrol registrations will have a profound impact on the used market. The forecast – which includes fuel-type breakdowns for the first time - indicates that in the period 2024-27, EV share of registrations will grow 160% vs 2020-23 volumes to 2.3 million units or 28% of sales. |
New car market records best February for 20 yearsThe UK new car market has recorded its best February performance for two decades as registrations rose 14.0% to 84,886 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). It was the 19th month of consecutive growth, which has primarily been driven by fleets investing in the latest vehicles. New car market records best February for 20 yearsMar 05, 2024 The UK new car market has recorded its best February performance for two decades as registrations rose 14.0% to 84,886 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). It was the 19th month of consecutive growth, which has primarily been driven by fleets investing in the latest vehicles. |
Rightcharge collaborates with Mercedes-Benz Vans in the UKEV charging software company Rightcharge has joined forces with Mercedes-Benz Vans in the UK to help make it more affordable and accessible for businesses looking to operate and charge electric vehicles. Rightcharge provides electric van drivers with an end-to-end solution for charge point installations. Drivers can choose from a selection of charge points, access market-leading prices from a network of vetted and monitored installers, and pay for their installation seamlessly in one place. Rightcharge collaborates with Mercedes-Benz Vans in the UKMar 05, 2024 EV charging software company Rightcharge has joined forces with Mercedes-Benz Vans in the UK to help make it more affordable and accessible for businesses looking to operate and charge electric vehicles. Rightcharge provides electric van drivers with an end-to-end solution for charge point installations. Drivers can choose from a selection of charge points, access market-leading prices from a network of vetted and monitored installers, and pay for their installation seamlessly in one place. |
Car industry urges ‘fair tax for a fair transition’ to put EVs back in the fast laneThe automotive industry is calling for the Chancellor to use the upcoming Budget to put the UK’s shift to electric vehicles (EVs) back in the fast lane, with fair taxes for a fairer transition. New research commissioned by the Society of Motor Manufacturers and Traders (SMMT) from Savanta has revealed that rising numbers of would-be EV drivers are now likely to delay their switch to a battery electric car – but a three-point plan of tax reform would recharge the market and accelerate the UK’s progress towards net zero. Car industry urges ‘fair tax for a fair transition’ to put EVs back in the fast laneMar 04, 2024 The automotive industry is calling for the Chancellor to use the upcoming Budget to put the UK’s shift to electric vehicles (EVs) back in the fast lane, with fair taxes for a fairer transition. New research commissioned by the Society of Motor Manufacturers and Traders (SMMT) from Savanta has revealed that rising numbers of would-be EV drivers are now likely to delay their switch to a battery electric car – but a three-point plan of tax reform would recharge the market and accelerate the UK’s progress towards net zero. |
Stellantis reports record full-year 2023 resultsStellantis N.V. has today reported record full-year 2023 results. Net revenues grew 6% y-o-y to €189.5 billion, net profit rose 11% to €18.6 billion, and industrial free cash flows increased 19% y-o-y to €12.9 billion. Global battery electric vehicles(BEV) sales were reported to be up 21% y-o-y and low emission vehicle (LEV) sales are up 27% y-o-y. Stellantis reports record full-year 2023 resultsFeb 15, 2024 Stellantis N.V. has today reported record full-year 2023 results. Net revenues grew 6% y-o-y to €189.5 billion, net profit rose 11% to €18.6 billion, and industrial free cash flows increased 19% y-o-y to €12.9 billion. Global battery electric vehicles(BEV) sales were reported to be up 21% y-o-y and low emission vehicle (LEV) sales are up 27% y-o-y. |
Ayvens reports FY2023 resultsAyvens has reported a 22% fall in pre-tax profit, down from €1.66 billion in FY2022 to €1.29 billion in FY 2023. The global mobility brand, Ayvens, was unveiled in October 2023 following the €4.8bn acquisition of LeasePlan by ALD Automotive. Ayvens reported that commercial activity remained strong, with earning assets up by 14.2% year-on-year to €52.0 billion. Growth was primarily driven by inflation on car prices and the transition to EV. Ayvens reports FY2023 resultsFeb 09, 2024 Ayvens has reported a 22% fall in pre-tax profit, down from €1.66 billion in FY2022 to €1.29 billion in FY 2023. The global mobility brand, Ayvens, was unveiled in October 2023 following the €4.8bn acquisition of LeasePlan by ALD Automotive. Ayvens reported that commercial activity remained strong, with earning assets up by 14.2% year-on-year to €52.0 billion. Growth was primarily driven by inflation on car prices and the transition to EV. |
UK reaches million EV milestone as new car market growsBritain’s millionth battery electric car (BEV) reached the road in January 2024, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), while the new car market grew 8.2% for the month, continuing to be driven by fleet and business sales. UK reaches million EV milestone as new car market growsFeb 05, 2024 Britain’s millionth battery electric car (BEV) reached the road in January 2024, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), while the new car market grew 8.2% for the month, continuing to be driven by fleet and business sales. |
ZEV new car mandate could put used car market on a knife edge, reports INDICATAThe Zero Emission Vehicle (ZEV) new car mandate risks damaging the used market as OEMS look to meet their zero emissions new car targets in 2024, according to INDICATA UK. New and nearly new EVs are being aggressively pushed into the market at the same time as consumer demand for used EVs remains limited, and dealers are choosing to stock lower priced models to protect their cashflow and avoid falling prices. ZEV new car mandate could put used car market on a knife edge, reports INDICATAJan 25, 2024 The Zero Emission Vehicle (ZEV) new car mandate risks damaging the used market as OEMS look to meet their zero emissions new car targets in 2024, according to INDICATA UK. New and nearly new EVs are being aggressively pushed into the market at the same time as consumer demand for used EVs remains limited, and dealers are choosing to stock lower priced models to protect their cashflow and avoid falling prices. |
Used EVs prices given a welcome boost as market realigns in Q4, reports Aston BarclayThe shortage of new sub-£25,000 electric cars gave the used EV sector a welcome boost in Q4, according to Aston Barclay. In Q4, used EVs rose in price by 6.4% to £21,707 after five consecutive quarterly price falls and, just as every other, EVs were the only fuel type to experience a price rise in Q4 as demand from buyers for cheaper EV turned to the used market due to restricted new car supplies in this price bracket. Used EVs prices given a welcome boost as market realigns in Q4, reports Aston BarclayJan 24, 2024 The shortage of new sub-£25,000 electric cars gave the used EV sector a welcome boost in Q4, according to Aston Barclay. In Q4, used EVs rose in price by 6.4% to £21,707 after five consecutive quarterly price falls and, just as every other, EVs were the only fuel type to experience a price rise in Q4 as demand from buyers for cheaper EV turned to the used market due to restricted new car supplies in this price bracket. |
Price war looms as China readies charge into UK electric car marketBuyers can expect to benefit from a price war in the electric car market in 2024 as manufacturers fight for market share amidst new government mandated targets and new Chinese competitors, according to Auto Trader’s latest (and renamed) Road to 2035 Report. Price war looms as China readies charge into UK electric car marketJan 24, 2024 Buyers can expect to benefit from a price war in the electric car market in 2024 as manufacturers fight for market share amidst new government mandated targets and new Chinese competitors, according to Auto Trader’s latest (and renamed) Road to 2035 Report. |
moDel sees 1m vehicle handovers in record yearmoDel, the vehicle movement solution from Ebbon Automotive, part of Ebbon Group, which is used throughout the motor industry to electronically process vehicle deliveries and collections, has broken through the 1 million vehicle handover barrier for the first time. moDel sees 1m vehicle handovers in record yearJan 17, 2024 moDel, the vehicle movement solution from Ebbon Automotive, part of Ebbon Group, which is used throughout the motor industry to electronically process vehicle deliveries and collections, has broken through the 1 million vehicle handover barrier for the first time. |
Stellantis signs agreement with rental firm SIXT to deliver 250,000 vehiclesVehicle rental company SIXT and automaker Stellantis have struck a multi-billion euro agreement under which SIXT could buy up to 250,000 vehicles. The vehicles will be deployed in rental fleets across Europe and North America over the next three years, with deliveries beginning as early as the first quarter of 2024. Stellantis signs agreement with rental firm SIXT to deliver 250,000 vehiclesJan 17, 2024 Vehicle rental company SIXT and automaker Stellantis have struck a multi-billion euro agreement under which SIXT could buy up to 250,000 vehicles. The vehicles will be deployed in rental fleets across Europe and North America over the next three years, with deliveries beginning as early as the first quarter of 2024. |
Continuing EV sector volatility brings challenges for the used car market in 2024Cox Automotive anticipates challenges and continued volatility in 2024 for the used EV market despite rapid growth in used vehicle volumes, due to persistently low consumer demand. Several continuing trends, including the realignment of vehicle values, supply shortages, economic uncertainty, and continuing EV market volatility, are likely to underpin those complexities. Continuing EV sector volatility brings challenges for the used car market in 2024Jan 17, 2024 Cox Automotive anticipates challenges and continued volatility in 2024 for the used EV market despite rapid growth in used vehicle volumes, due to persistently low consumer demand. Several continuing trends, including the realignment of vehicle values, supply shortages, economic uncertainty, and continuing EV market volatility, are likely to underpin those complexities. |
FCA probes motor finance firms’ failure to adhere to commission rulesUPDATED: The Financial Conduct Authority (FCA) has today hit out at car finance companies who have failed to adhere to the rules introduced on discretionary commission arrangements in 2021. In a statement today, the regulator said that it would “review historical motor finance commission arrangements and sales across several firms.” FCA probes motor finance firms’ failure to adhere to commission rulesJan 11, 2024 UPDATED: The Financial Conduct Authority (FCA) has today hit out at car finance companies who have failed to adhere to the rules introduced on discretionary commission arrangements in 2021. In a statement today, the regulator said that it would “review historical motor finance commission arrangements and sales across several firms.” |
New car market delivers best year since 2019 as fleets fuel growthThe UK new car market has recorded its best year since the pandemic as a strong December, up 9.8%, wrapped up the 17th month of consecutive growth. 1.903 million new cars reached the road during 2023 – an increase of 17.9%, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). New car market delivers best year since 2019 as fleets fuel growthJan 05, 2024 The UK new car market has recorded its best year since the pandemic as a strong December, up 9.8%, wrapped up the 17th month of consecutive growth. 1.903 million new cars reached the road during 2023 – an increase of 17.9%, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). |
Global Vans and XLCR join forces to create new van and car leasing giantGlobal Vans and XLCR Vehicle Leasing have joined forces to become a ‘super broker’ in the van and car leasing market. Both businesses will continue to have the same management and retain their individual brands and identities. Global Vans and XLCR join forces to create new van and car leasing giantJan 03, 2024 Global Vans and XLCR Vehicle Leasing have joined forces to become a ‘super broker’ in the van and car leasing market. Both businesses will continue to have the same management and retain their individual brands and identities. |
Tariffs on electric vehicles avoided as UK and EU extend trade rulesThe UK and EU have agreed to extend trade rules on electric vehicles (EVs) until the end of 2026. This agreement facilitates UK-EU tariff-free trade in electric vehicles and prevents 10% tariffs being levied on this trade from January. It is expected that this will save car manufacturers and consumers up to £4.3 billion in additional costs and provide long-term certainty for the industry and boost electric vehicle sales between the UK and Europe. Tariffs on electric vehicles avoided as UK and EU extend trade rulesDec 22, 2023 The UK and EU have agreed to extend trade rules on electric vehicles (EVs) until the end of 2026. This agreement facilitates UK-EU tariff-free trade in electric vehicles and prevents 10% tariffs being levied on this trade from January. It is expected that this will save car manufacturers and consumers up to £4.3 billion in additional costs and provide long-term certainty for the industry and boost electric vehicle sales between the UK and Europe. |
Financial Ombudsman Service moves to introduce fees for claims management companiesComplaints to the Financial Ombudsman Service (FoS) about motor finance more than doubled in the three months to September. The increase was primarily driven by professional representatives, sometimes known as claims management companies. However, the upheld cases emanating from such organisations were particularly low. Financial Ombudsman Service moves to introduce fees for claims management companiesDec 21, 2023 Complaints to the Financial Ombudsman Service (FoS) about motor finance more than doubled in the three months to September. The increase was primarily driven by professional representatives, sometimes known as claims management companies. However, the upheld cases emanating from such organisations were particularly low. |