Before we had even published last week’s show the news about Britishvolt had changed from receivership to saved. More details are now available, as Glencore have given the company a five week lifeline. Britishvolt has again asked the UK Government for an early release of £30 million in funding. To learn more about what has happened, click this Move Electric link here.
Peter Campbell has produced a Twitter thread with more context and information, click here to read.
The Guardian has an article asking if the Government is doing enough for the car industry, click here to read that.
Arrival, the EV light goods vehicle company, appears to be in more trouble than some thought. There has been a fire in one of their vans, there are reports of low moral and a company wide email from the CEO expressing his anger at leaks to the Financial Times. On top of that, some really silly management decisions such as thinking of opening an office in Mauritius and trying to develop an electric jet plane. For more click another Peter Campbell Twitter thread here.
The father and son team who helped Carlos Ghosn escape from Japan have now been sent back to the US, where they will serve the remainder of their sentence. To read more, click this Bloomberg link here.
The SMMT has released data on the New Car Registration figures for October 2022. They have risen 26.4% over 2021, but that was an appalling month. Battery electric vehicles were a big portion of the spike. Added to which the just announced canned Fiesta finally makes it back in the Top 10 Most Registered vehicles for the month, at No.1, pipping the Nissan CashCow by two! To read more about this, click here for the SMMT article link.
CEO Amedeo Felisa has stated that supply issues and logistics are at the core of their problems that have led to them cutting back on forecasts for margins and deliveries in 2022. However, he went onto say that the steps being taken mean 2023 onwards will be much better. Share prices dropped on this news. Click here for the BusinessDay article to learn more.
Bentley has announced that it increased profits in the first quarter, thanks to sales improving in the US, Europe and the UK. These more than offset the drop in China, Middle East and Africa. New model derivatives and personalisation are the reasons why, according to the company. Learn more by clicking this BusinessLive link here.
