Following the Supreme Court’s recent ruling that some forms of historical car financing was illegal the Financial Conduct Authority (FCA) has opened a consultation into how those effected should be compensated. Some from within industry are unhappy at what is being covered and the potential exposure in terms of repayments. To find out more, click this article link here from Broker News.
Stellantis are getting a new European boss, with Emanuele Capellano taking over from Jean-Philippe Emperato, who takes the reigns at Maserati. This is the latest move by the new CEO of the group, Antonio Felosa, as he continues to shape the company in a way he feels will bring success. Click this Autocar article for more.
Talking of shaping the company, in the US Stellantis announce a huge investment of over £10 billion to help the North American brands bring new models to market including, it is being suggested, V8 power plants. Click this Carcoops article link here to find out more.
Aston Martin gave a warning to investors that it will not hit the target of profitability by the end of 2025, as hoped. Blame is being laid at the feet of weak demand and delays to the Valhalla hypercar. Adding further pain is that they share several suppliers with JLR who have been dealing with the knock on effect of the cyberattack. If you wish to read more, click this Business Matters article link here.
Munro, the Scottish off-road EV start up, has secured a further £2 million funding from an existing and other investors. This will enable them to expand their production facilities and create up to 300 new jobs as they aim for an annual production capacity of 5000 vehicles by 2031. To read more about this success story, click the EV Powered link here.
China is reminding the world exactly how much power it has, in terms of controlling global manufacturing, by adding more restrictions to some rare earths that are used across industries, including automotive. You can find out more, by clicking this Chatham House article link here.
To read the latest from Ed Conway, about rare earths, click this Substack link here.
Another week and another story of an Over the Air (OTA) update having unintended consequences on cars and their owners. This time Jeep issued an update last week that has put some cars in ‘limp home mode’, whilst others have been bricked. Once more, much of the car industry does not seem to get software and how much harm doing it badly reflects back on...
