Automotive News – Early November 2024
Estimated reading time 4 minutes
Second quarter revenues and pre-tax profits have fallen at luxury car maker Jaguar Land Rover (JLR).
The manufacturer, which has plants in Halewood, Merseyside, and at Castle Bromwich and Solihull in the West Midlands, said it achieved an eighth successive profitable quarter, despite a temporary aluminium supply constraint which restricted production in the quarter, to September 30, 2024.
Revenue for the quarter was £6.5bn, down 5.6% YoY, while first half revenue was flat YoY at £13.7bn
Pre-tax profit and exceptional items in the second quarter was £398m, down 10% YoY reflecting the temporary aluminium supply constraint. Production and wholesale volumes are expected to recover strongly in the second half of the year.
New van market hits three year high but EVs need boost.
- Demand for new light commercial vehicles rises by 2.4%, delivering best October performance in three years.
- Growth attributable to small and medium vans, but future of new pickup market at serious risk.
- Plug-in Van Grant extension welcome but further and more holistic support needed, as electric van uptake remains -1.9% down in 2024.
- https://www.smmt.co.uk/2024/11/new-van-market-hits-three-year-high-but-evs-need-boost/
The Chief Executive of the Society of Motor Manufacturers & Traders (SMMT) has welcomed the Chancellor’s growth-focused Budget but said that a competitive supply chain and strong local market should also be top priorities.
The Budget was the perfect moment for the Chancellor and her government to put a down payment on the UK’s future growth. After all, the automotive industry – a growth-driving, decarbonisation-critical sector in the midst of rapid technological change – has monumental growth potential in the near and long term. It was positive, therefore, that government reiterated its £2bn commitment to automotive transformation funding as part of its modern Industrial Strategy, a commitment which promises to support the scaling up of manufacturing as we transition to net zero, digitalisation and automation.
Luxury car maker, Jaguar Land Rover (JLR), is seeing a growing demand for its plug-in hybrid models.
Global retail sales for the first half of the year are up 29% compared with the prior year, as more customers use the technology as a stepping stone towards battery electric vehicles (BEV).
For the Range Rover brand, global PHEV retail sales were up 47% in the first half of this financial year, while plug‑in electric hybrid Defender global retail sales were up 23% compared with the previous financial year.
Sales of electric vehicles rise by nearly 25% as UK hits all-electric accelerator pedal.
Industry chiefs say “massive manufacturer investment” has made the UK the second biggest market for EVs in Europe, as registrations of all-electric vehicles rose nearly 25% last month.
New figures from industry the Society of Motor Manufacturers and Traders (SMMT) said 144,288 new cars were registered in October compared to 153,529 during the same month last year.
Toyota Manufacturing UK (TMUK) has reached a landmark milestone with the production of its five millionth car at the Burnaston plant in Derbyshire. The milestone model came off the assembly line earlier in October and is a Corolla GR Sport hatchback hybrid, finished in scarlet flare paintwork.
Parked nose-to-tail, the UK-built Toyotas would form a line almost 14,000 miles long – more than half way around the world.
Toyota said the achievement highlights TMUK’s status as one of its principal European manufacturing centres and a key player in the UK automotive sector. Since its founding in 1989, Toyota has invested more than £2.82bn in its operations, keeping it at the cutting edge of new technologies, skills and production methods.
Bentley Motors has announced an extension of its Beyond100 business strategy, now called Beyond100+, from 2030 to 2035.
Bentley has also confirmed that its first fully electric car to be revealed in 2026 promises to create an entirely new segment, in what it claims will be the world’s first true Luxury Urban SUV.
Jaguar Land Rover (JLR) has stopped selling new Jaguar cars in the UK ahead of a relaunch as an electric-only brand in 2026.
The luxury car manufacturer, owned by Tata Motors, said it was a deliberate move to “create some breathing space” before launching the new brand next month. Any remaining cars in UK dealerships will be sold as second-hand vehicles and no new cars will be shipped to the UK.
