Skip to content
Search

Latest Stories

Covid pushes UK car output to lowest level since 1984

Covid pushes UK car output to lowest level since 1984

BRITISH car output fell to its lowest level since 1984 last year after the Covid-19 pandemic shut factories and hurt demand, an industry body said on Thursday(28), as a decision on keeping open the Vauxhall car factory looms.

A total of 920,928 cars rolled off production lines in 2020, down 29 per cent on 2019, according to the Society of Motor Manufacturers and Traders, as some plants shut for several months and many still run at below-normal levels.


"These figures, the worst in a generation, reflect the devastating impact of the pandemic on UK automotive production, with Covid lockdowns depressing demand, shuttering plants and threatening lives and livelihoods," said SMMT chief executive Mike Hawes.

Investment, however, was a bright spot, rising to £3.2 billion ($4.4bn), the highest figure since 2014, due largely to plans by startup Britishvolt to build a battery gigafactory in northern England.

Jaguar Land Rover saw its British output fall 37 per cent to 243,908 cars as Nissan overtook it to become the country's biggest automotive maker, producing 245,649 vehicles at its Sunderland site in North East England , according to SMMT figures.

Output is only expected to recover slightly to 1 million vehicles in 2021, as the effect of the coronavirus continues and Honda's Swindon factory, which made nearly 70,000 vehicles in 2020, permanently closes.

Earlier this month, Carlos Tavares, the chief executive of Vauxhall's parent company, warned about the future of its Ellesmere Port factory in northern England, where it makes the Vauxhall/Opel Astra.

He called on prime minister Boris Johnson's administration to show willingness to protect the sector. A decision on whether the site will build new vehicles or close is due in the next few weeks.

"As far as the government is concerned, it will want to try and sustain and do everything it can to help secure that future investment, having backed the sector in the (Brexit) negotiations with Europe," said Hawes.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less