Aston Martin says it is gearing up for a “key milestone” in its history through a stock market listing. The luxury UK sports car manufacturer confirmed a story by Sky News on Tuesday that it had started the flotation process, with the aim of launching the prospectus for its Initial Public Offering (IPO) on 20… Continue reading Aston Martin drives ‘milestone’ £5bn float as profits accelerate
Author: Sky News UK
Jaguar Land Rover moves Discovery production to Slovakia
Jaguar Land Rover is to move all production of its Discovery from the UK to Slovakia in a move that could lead to job losses. Britain’s biggest carmaker, which is owned by India’s Tata Motors, said production will be transferred early next year. In 2016, the company said it would produce Discovery models in Slovakia.… Continue reading Jaguar Land Rover moves Discovery production to Slovakia
Elon Musk says Tesla will be ‘thoroughly reorganised’
Tesla’s chief executive Elon Musk has told staff the firm is undergoing a “thorough reorganisation” after two of its cars were involved in crashes last week. The tech billionaire’s email to employees also comes amid production problems and senior staff departures, with shares falling 2.1% to $297 on Monday. Mr Musk said the restructuring plans… Continue reading Elon Musk says Tesla will be ‘thoroughly reorganised’
Vauxhall showrooms face axe in contract shake-up
Vauxhall says it does not expect any UK showroom staff to lose their jobs despite giving all of its 326 dealerships two years’ notice of contract termination. The carmaker, currently the second largest in the country by sales volume, said it would be proposing new deals with the “vast majority” of its franchisees under a… Continue reading Vauxhall showrooms face axe in contract shake-up
Jaguar Land Rover confirms plans to cut 1,000 UK jobs
Jaguar Land Rover has confirmed plans to shed 1,000 jobs as it cuts production at two sites. Britain’s biggest carmaker said it had been informing employees about the decision on Monday – after reports had emerged last week. A spokesman confirmed that 1,000 agency staff at Solihull were not having their contracts renewed. Meanwhile, 362… Continue reading Jaguar Land Rover confirms plans to cut 1,000 UK jobs
Jaguar Land Rover ‘to cut 1,000 jobs’ in Solihull
Jaguar Land Rover is to shed 1,000 jobs and cut production at two sites, according to reports. The carmaker said it would make an announcement to employees on Monday regarding its production plans for 2018/19. It added: “In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production… Continue reading Jaguar Land Rover ‘to cut 1,000 jobs’ in Solihull
VW replaces CEO Matthias Mueller amid group restructure
Volkswagen has announced that Herbert Diess will take over from Matthias Mueller as chief executive. Diess is a former BMW executive who has overseen the core Volkswagen brand since 2015. He will head up the management board that reports to the group’s board of directors and take charge of vehicle development and research as well… Continue reading VW replaces CEO Matthias Mueller amid group restructure
Global markets rise as China’s President Xi vows to cut auto tariffs
Global markets reacted positively to conciliatory moves from China on Tuesday, after President Xi Jinping promised to cut automotive tariffs this year. China’s leader also promised to improve intellectual property protection and raise foreign ownership limits within the auto sector “as soon as possible.” Asian shares closed higher, while US stock futures and the dollar… Continue reading Global markets rise as China’s President Xi vows to cut auto tariffs
Aston Martin lines up banks to steer £4bn stock market float
The British luxury car-maker Aston Martin is lining up a trio of banks to lead a prospective £4bn stock market listing that could take place within months. Sky News has learnt that the manufacturer of James Bond’s vehicle of choice is close to hiring Deutsche Bank, Goldman Sachs and JPMorgan as the global co-ordinators for… Continue reading Aston Martin lines up banks to steer £4bn stock market float
Vauxhall owner hands boost to Luton plant
The owner of Vauxhall says its Luton plant will make the new Opel/Vauxhall Vivaro vehicle in a decision that will safeguard 1,400 jobs. The new Vivaro van replaces the current model from 2019 and the plant’s capacity is expected to increase to 100,000 vehicles a year. PSA Group, which owns Vauxhall, did not say how… Continue reading Vauxhall owner hands boost to Luton plant