Automotive News – Early July 2023

Estimated reading time 3 minutes

Sales of Jaguar Land Rover models have risen during the luxury car maker’s first quarter period, ending June 30, 2023, due to the continuing improvement in microchip and other supply constraints. Wholesale volumes for the first quarter were 93,253 units, excluding the Chery Jaguar Land Rover China joint venture, up 30% compared with the same quarter a year ago. Wholesales were slightly lower, down one per cent, compared with the prior quarter ending March 31, 2023, reflecting shipping schedules, while production was up quarter on quarter. https://www.thebusinessdesk.com/northwest/news/2117387-easing-of-microchip-supplies-helps-drive-sales-at-jaguar-land-rover?utm_source=newsletter&utm_medium=email&utm_campaign=NorthWest_10th_Jul_2023_Daily ____________________ A manufacturer of alloy wheels, supplying into some of the world’s most prestigious automotive OEMs, has called in administrators. Located in West Bromwich, Rimstock is the only manufacturer in Europe with specialist rotary forge capabilities, which allows the business to produce stronger and more complex wheel designs. The company has been facing financial difficulties over the last 12 months and management engaged Interpath Advisory to support in ongoing discussions with key stakeholders and investors in an attempt to secure funding for the business. https://www.thebusinessdesk.com/westmidlands/news/2075693-administrators-appointed-to-alloy-wheel-manufacturer?utm_source=newsletter&utm_medium=email&utm_campaign=WestMidlands_6th_Jul_2023_Daily ____________________ A new global company being launched by French motor giant Renault and Chinese carmaker Geely is set to have its headquarters in the UK. The firms will invest up to €7bn ($7.7bn; £6bn) to develop low-emission petrol, diesel and hybrid engines. It will employ about 19,000 workers at its 17 engine factories, as well as five research and development hubs. The deal comes even as much of the global motor industry is shifting its focus to developing electric vehicles. https://www.bbc.co.uk/news/business-66172158 ____________________ The long-term future of a major vehicle plant and 1,500 jobs could be put in jeopardy if part of the Brexit treaty is not renegotiated, its plant director has warned. Luton Vauxhall director Mark Noble said he was confident, however, the "massive challenges" could be overcome. But he said with 70% of vans being exported into mainland Europe, tariffs risked its competitiveness. The government said it was working with the EU to find a solution to the issue. https://www.bbc.co.uk/news/uk-england-beds-bucks-herts-66126185 ____________________ China's largest car manufacturer SAIC Motor says it will build its first factory in Europe, after sales of its vehicles on the continent jumped. The state-controlled company - which owns the iconic MG brand - says the new plant will produce electric vehicles. However, a spokesperson told the BBC that SAIC has not yet decided whether MG models would be made at the site. MG, which has roots dating back over a century, was made in the UK until production was moved to China in 2016. https://www.bbc.co.uk/news/technology-66117178 ____________________ Automotive manufacturers face borrowing and buy-out costs of more than £600m unless they can boost sales of electric vehicles (EVs) in the UK. Research published this week from New AutoMotive found that while EV car sales have risen healthily year-on-year, UK manufacturers look set to fall short of requirements set to be introduced by the Government as part of the Zero Emissions Vehicle (ZEV) mandate. The research found that EV car sales rose 40% year-on-year in June, due to competitive leasing deals. However, electric van sales fell by 11%. https://www.edie.net/automakers-facing-660m-in-costs-due-to-sluggish-ev-rollouts/?utm_content=Read%20more&utm_campaign=edie%20daily%20news%20alert&utm_medium=Email&utm_source=AdestraCampaign    
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