T he last lap of Andy Palmer’s reign as chief executive of Aston Martin was the cruellest. As he lost his job, the share price rose 28%. The market’s implied judgment was harsh but fair: a new driver was desperately needed to give credibility to Aston Martin’s latest pitch about corporate turnaround. Palmer, said his… Continue reading Aston Martin underlines the tricky part of the Treasury’s rescue effort | Nils Pratley
Author: The Guardian Online News
Formula One carmaker McLaren cuts 1,200 jobs amid Covid-19 crisis
Automotive industry Group seeks to raise £275m after racing season and supercar sales ground to a halt Coronavirus – latest updates See all our coronavirus coverage McLaren hopes the British Grand Prix Formula One will go ahead in July. Photograph: David Davies/PA McLaren Group, the Formula One team owner and maker of supercars, is cutting… Continue reading Formula One carmaker McLaren cuts 1,200 jobs amid Covid-19 crisis
Aston Martin confirms sacking of chief after share collapse
Aston Martin Andy Palmer, who had been head of car firm since 2014, will be replaced by Tobias Moers Aston Martin chief executive Andy Palmer in 2018 as the company was floated on the London Stock Exchange. Photograph: Sarah Lee/The Guardian The luxury carmaker Aston Martin Lagonda has confirmed it has sacked its chief executive… Continue reading Aston Martin confirms sacking of chief after share collapse
German court rules against Volkswagen in ‘dieselgate’ scandal
Volkswagen (VW) Carmaker must pay compensation to motorist who bought minivan fitted with emissions-cheating software Herbert Gilbert, one of tens of thousands of drivers to sue Volkswagen. The ruling sets a benchmark for about 60,000 other cases in Germany. Photograph: AFP/Getty Volkswagen has lost a landmark legal battle in Germany’s highest civil court over compensation… Continue reading German court rules against Volkswagen in ‘dieselgate’ scandal
Aston Martin sacks chief Andy Palmer after shares plunge
Aston Martin Luxury car maker expected to hire Mercedes-AMG’s Tobias Moers as next CEO, as value falls to below £500m Andy Palmer, present CEO of Aston Martin, in 2018 as the company was floated on the London stock exchange. Photograph: Tolga Akmen/AFP/Getty Images Aston Martin is sacking its chief executive, Andy Palmer, following a 98%… Continue reading Aston Martin sacks chief Andy Palmer after shares plunge
McLaren pledges luxury cars as collateral in bid to secure £250m
When the government called for British industry to help build life-saving ventilators as the scale of the coronavirus crisis became clear, McLaren was one of the first to step forward. As part of the VentilatorChallengeUK consortium alongside Airbus and Rolls-Royce, by mid-April the Formula One firm was making components for the life-saving machines and building… Continue reading McLaren pledges luxury cars as collateral in bid to secure £250m
Car rental firm Hertz files for bankruptcy protection in US
The 102-year-old car rental firm Hertz has filed for bankruptcy protection after its business all but vanished during the coronavirus pandemic. Hertz said in a US court filing on Friday that it had voluntarily filed for Chapter 11 reorganisation. Its international operating regions including Europe, Australia and New Zealand were not included in the US… Continue reading Car rental firm Hertz files for bankruptcy protection in US
UK’s first car battery ‘gigafactory’ to be built by two startups
Automotive industry AMTE Power and Britishvolt to invest up to £4bn in plant similar to Tesla facility in US The Tesla-Panasonic Gigafactory in Nevada, whose annual battery production has a total capacity of up to 30GWh. The new facility will produce roughly the same. Photograph: Bob Strong/Reuters Two British startups have announced plans to invest… Continue reading UK’s first car battery ‘gigafactory’ to be built by two startups
UK farming and car industry to be protected in post-Brexit trade regime
International trade Government sets out plan to cut tariffs, with many import duties to be reduced to zero A car-carrying ship delivers new vehicles to a compound near Sheerness in Kent. The UK plans to keep the tariff of 10% on cars in the post-Brexit trade regime. Photograph: Gareth Fuller/PA Britain’s farmers and carmakers will… Continue reading UK farming and car industry to be protected in post-Brexit trade regime
Aston Martin makes £119m loss in first quarter of 2020
Aston Martin Carmaker’s woes escalate, with 45% fewer cars sold to dealers than in same period last year Coronavirus – latest updates See all our coronavirus coverage Aston Martin sales slumped by 86% in China, and decreased by 57% and 30% in the Americas and Europe. Photograph: Rebecca Naden/Reuters Aston Martin Lagonda’s losses ballooned to… Continue reading Aston Martin makes £119m loss in first quarter of 2020