Economy

Aston Martin has confirmed that it is working on a new platform to replace its venerable VH design, which debuted in the first-generation Vanquish at the start of the century. The new platform will underpin the British automaker’s next generation of sports cars and will be designed to fit new V-8 engines sourced from Mercedes-AMG. They also announced their 2013 finance, and it was a very good year. For the 12-month period ending December 31, 2013, Aston Martin managed to sell approximately 4,200 cars worldwide, an increase of 11 percent on the previous year, and its profits came in at £84.8 million (approximately $142.6 million), up a substantial 22 percent on levels a year ago. For full coverage of these announcements, you can check out the article at Motor Authority  as well as hitting Aston Martin’s own news site.

According to The Telegraph, Jaguar Land Rover is to create another 1,700 jobs at its Solihull factory in Birmingham to support a new range of sports and cross-over cars featuring the latest in lightweight aluminium technology. The UK-based car maker, owned by India’s Tata conglomerate, said it would invest £1.5bn to introduce new one-piece “aluminium vehicle architecture” into its range. Prime Minister David Cameron hailed the move as “fantastic news for Solihull and a huge vote of confidence in the UK. This investment will also deliver another 24,000 jobs in the supply chain – on top of the 1.3m the private sector has already created since 2010.” A Jaguar sports sedan, launched in 2015, will be the first to feature the new technology, as well as the first to use engines from the company’s new £500m engine plant in Wolverhampton. […]

Speaking to Motortrade Insights Magazine, CEO of Liberty Electric Cars Ian Hobday said he plans to take an electric car across the length of the UK to showcase the exciting new technology. ‘I can tell you that there will be a vehicle that will do Land’s End to John O’ Groats on a single charge next year,’ he revealed. The distance of 1,000 miles would be four times that of the new BMW i3, which will be launched later this year. He also predicted the majority of electric cars will be able to travel 400 to 500 miles within three years as electric battery technology improves. Liberty Electric Cars is a UK company that is plotting to create cheaper electric vehicles with longer range by removing the need for rare earth metals from the battery system. Astonishingly, the brand is also looking […]

British car production is still revving ahead of the rest of the economy after official figures showed an increase in output for the 13th month in a row. Almost 120,000 cars were built in the UK in July, which is up 22% on the same period last year, according to the Society for Motor Manufacturers and Traders (SMMT). The figures came in the same week that one of the industry’s great export successes, Jaguar Land Rover, moved to a 24-hour operation in order to keep up with soaring demand from Asia. The latest SMMT total means that year-to-date production is running at 875,998, an increase of 15%. Paul Everitt, SMMT chief executive, said investment commitments from producers with a major UK presence, from JLR to BMW and Toyota, had underpinned the growth. “While uncertainty in Europe remains a challenge, the […]

A major new multi-million pound redevelopment programme has been launched at MG Motor UK – doubling the size of the design centre and creating new jobs. The latest phase of the rebirth of Longbridge will see substantial investments in the design studio, the engine test centre and the factory ahead of the launch of a new diesel version of the MG6 later this year. Meanwhile, the Chinese-owned firm is recruiting new engineers and designers to work on the next generation of MG cars as the firm prepares to hit the export trail to mainland Europe within two years. New production plans for MG Motor UK include the new diesel model and a Ford Fiesta-sized MG3 by the middle of next year, with a Ford Focus-sized MG5 and an MG SUV vehicle also in the pipeline. The major expansion of the […]

Lola Cars has announced that it is going into financial administration as it continues to search for possible investors. The group, which was formed in 1958, said the latest economic downturn has caused a serious cash-flow problem that had forced it into making the decision. It also blamed the move on the HMRC not paying ongoing R&D tax credits. “It is with enormous regret that a decision has been taken to issue Notices of intention to appoint an Administrator to Lola Cars International Limited and Lola Composites Limited,” said Lola in a statement. “This step allows the board to continue its discussions with possible investors and prospective purchasers with a view to securing the best outcome for the staff, creditors and customers of both businesses.” Lola creations have claimed five LMP2 Le Mans 24 Hours titles since 2000. The company […]

Lotus Cars says it has secured enough investment from its new Malaysian owner, the automotive giant DRB-Hicom, to restore full car production at its Hethel, UK assembly plant in the next few days, and continue build-up to the launch of the first of its new-wave models, the Esprit supercar due in showrooms before the end of 2013. A four-model, five-year plan devised by CEO Dany Bahar has had to be amended because a 60-day financial “freeze,” a routine occurrence when Malaysian firms sell major assets, has interrupted the flow of agreed development funds and introduced considerable production delays. The resumption means that from beginning of May Lotus should be making Elises, Exiges and Evoras at a combined rate of 44 cars a week, and will be continuing to to spend on the development of the Esprit, especially its own-design V8 […]

Saturday 5th May saw doors open at London’s ExCeL to Ecovelocity, the low carbon motor show, which showcases the latest in eco technology from both mainstream and specialist automotive manufacturers. Motorists looking to change their car for a greener cleaner vehicle can test drive the latest eco cars from Vauxhall, Peugeot, Mia, Honda, Nissan, Citroën and Chevrolet. The show provides visitors with the opportunity to view the current and future options for more environmentally responsible motoring, gain an understanding of the technology and processes involved in developing low carbon vehicles and an insight into the benefits of owning one. Unique to Ecovelocity is the chance for motorists to actually get behind the wheel. Giles Brown, organiser of EcoVelocity commented, “Visitors to EcoVelocity this year are able to test drive numerous  low carbon vehicles, including hybrids, electric vehicles and range extenders on the […]

Bentley Motors was named as the Top Employer in Britain for the year 2012. The company with headquarters in Crewe, Cheshire offers their 4000 employees with exceptional working conditions as stated in the report submitted by CRF Institute. The company is reputed for creating a conducive working atmosphere for their staff while staff in return upholds company values and gives their best to the company. Bentley offers their employees special promotions of engineering careers and award winning graduate and apprenticeship programs. The company sold 7003 cars in 2011 resulting in a 37% increase in sales. New models were launched and the company and their employees worked wholeheartedly throughout the year. Member of the Board for Personnel, Christine Gaskell MBE said, “Everyone who works at Bentley is proud of the brand. We work hard to ensure the commitment to excellence seen […]

As British car manufacturing is enjoying a boom, one British manufacturer is warning about the lack of demand in the UK car market. Thousands of new jobs have been created by Jaguar Land Rover, Nissan and Toyota amongst others, but sales of cars in the UK are actually falling. Most of the new jobs being created are satisfying demand from overseas car buyers, but MG is warning that something may need to be done to stimulate demand in the British car market. In 2011 new car sales fell by 4.4%. That trend has continued this year, meaning the thousands of new jobs in the British car industry are all to satisfy foreign demand. MG does not yet sell cars in Europe, instead choosing to re-establish itself in Britain first, and now it’s concerned that falling UK car sales could effect […]

The revival of the IPO market, when it comes, will give James Bond fans a chance to own a slice of British luxury car maker Aston Martin and could generate enough funds for the group to revive its famous Lagonda brand. “It’s clear that at some point investors holding equity in an independent company need to devise an exit, and this exit is an IPO that we will do when the time is right,” Chief Executive Ulrich Bez told Reuters on Tuesday. “Aston Martin is working on achieving a valuation comparable to a luxury goods maker.” Ford Motor Co (F.N) sold Aston Martin for 479 million pounds ($756 million) in March 2007, to a consortium led by David Richards — former Formula 1 Benetton and BAR racing boss — as well as two Kuwaiti funds. In an interview at the […]

British luxury car manufacturer has announced that they are experiencing a never before seen surge in demand for their masterpieces in 2011. In Jan-June 2011 period, Bentley sold 2978 cars, which is also their best start to a year since 2008. Thanks to the new Continental GT, Bentley is experiencing this surge in demand. In China alone, Bentley sold 680 luxury cars this year while in America, their largest market, Bentley sold 907 luxury cars. At home, in the United Kingdom, Bentley registered an increase in sales of 6% as they sold 533 units this year. Wolfgang Dürheimer, Bentley’s Chief Executive said, “Interest in our product range is increasing and with our largest markets achieving significant growth we are on track to meet our targets for the full year. It’s an exciting time for Bentley as we continue to invest […]

Longbridge’s first all-new MG for 16 years has drummed up over £3 million of business in just two weeks – with 180 cars sold. The MG6 has got off to a flying start since the official VIP launch in April, with buyers facing a waiting list of up to six weeks as dealers cope with a flood of orders for new MG model. Sales of the new MG6 follow the relaunch of volume car-making at the Birmingham car factory six years on from the collapse of MG Rover in April 2005, when 6,500 jobs were lost. MG Motor UK PR and Events Manager Doug Wallace said the Chinese-backed company was delighted with the response to the MG6, which sells for between £15,495 and £18,995. “The value of MG6 GT fastbacks sold or ordered is just over £3 million – we […]

British car output rose an annual 44 per cent in April with a total of 98,290 new cars produced in Britain last month on higher demand for new vehicles, according to the Society of Motor Manufacturers and Traders. In the year to date, car production was 64.9 percent higher than the same period a year ago. “Output in April is up across the car, commercial vehicle and engine sectors compared to the same time last year, reflecting a good start to the second quarter of 2010,” said SMMT chief executive, Paul Everitt. “The home market saw a significant increase in the month, a positive indication of a strengthening economy and an improvement in consumer confidence,” he added. – Reuters

Chinese-owned MG Motor U.K., the British sports-car marque, is to halt production of its TF sports car for six months, not resuming until March next year. Sales of the low-volume sports car, the only vehicle now built at the once-massive Longbridge factory in England, have been slow through the year. The midengine two-seat TF sports car started life as the MGF in 1995 and was Britain’s best-selling sports car for years. It’s now sold in limited numbers in the U.K. Just 265 were sold in the first nine months of this year, although September was the revived brand’s best month yet, with 65 TFs finding buyers. The company also has orders for all 50 copies of a new 85th-anniversary limited edition. According to newly appointed sales and marketing director Guy Jones, the small-sports-car market is down 30 percent this year […]

Former MG Rover workers living in Bromsgrove could be in line for cash left on the books of a car-leasing business linked to the collapsed company. According to the Daily Telegraph, Business Secretary Peter Mandelson is being urged to take control of a £22m dowry left on the books of the defunct MG Rover business, and distribute it among thousands of former car workers. The paper reported, on August 30, that the cash had come from a car-leasing business linked to the collapsed company called MGR Capital, which was co-owned by state-controlled bank HBOS and some of the original MG Rover directors. MGR Capital was wound up last year, with £22m in cash remaining on its books. The Telegraph said it had been expected that the money be divided between former shareholders, HBOS and two former MG Rover directors, Peter […]

In Hans Christian Andersen’s fairy tale, the ugly duckling grows into a swan. Upper-crust British auto manufacturer Aston Martin may reverse the process, morphing its handsome sports cars into the Cygnet microcar. Cygnet is a collaboration with Toyota, which will sell Aston Martin 2,000 of its iQ mini-commuters to be adapted, with a target sale date of 2010 in Europe. Aston Martin, best known for its dashing James Bond DB series of 150 m.p.h. sports cars, has grafted its signature grille onto the iQ microbox. This makes the mini-Martin concept look like a fugitive from “Who Framed Roger Rabbit.” The bold Aston Martin “face” is disproportionately narrow and tall; think a Rolls-Royce golf cart. The iQ is only 117 inches long (that’s less than 10 feet) and 59 inches high, but it seats four. It’s powered by a 998-cc 3-cylinder […]

U.K. manufacturing unexpectedly jumped in June by the most in 1 1/2 years as factories raised production of cars and computers, evidence the recession is easing. Output rose 0.4 percent from the previous month, the Office for National Statistics said today in London. Economists predicted a 0.1 percent drop, according to the median of 25 forecasts in a Bloomberg News survey. Factory production is down 11.7 percent from a year ago.