Arrival announced that it has a cash problem, as in not enough to get it through to the end of next year. They are looking at cutting more costs, which is rumoured to include large layoffs in the UK as it focuses the operation in the US. To read more, click this article here from Yahoo Finance.
In diesel gate news we find that a US judge has approved a settlement of $80 to $85 million for the class action brought against Porsche over emission tampering and misleading fuel economy information. Porsche also have to pay $25 million legal fees. There is also an extra $250 per vehicle that has Sport+ fitted. Further information can be found by clicking this Automotive News article link.
If both manufacturers and environmental groups are both unhappy with the new regulations for Euro 7 internal combustion regulations, does that mean they are pretty close to being right? Manufacturers are shouting it is too tough and the environmental groups are screaming it is too weak. Click here to read the Autocar Business article about the proposals. For some more context, on one of the trickier parts, is a thread from Julian Rendell discussing the constant monitoring tech that does not exist, which you can read by clicking here. More context can be found in this excellent article from Emission Analytics, who talk about the balance the regulations have hit. Click here to read that.
Thanks to the new Range Rover and Range Rover Sport, Jaguar Land Rover reduced their losses to £175 million, when £302 million the previous year. Sales were up to £5.3 billion, a jump of 36% on the three months previous and 20% on the same period last year. To read more about this click the BusinessLive article here. For some extra context, click the Tweet from Peter Campbell.
Continental, the Tier 1 supplier to much of the automotive and mobility industry, has been hacked by the group called LockBit. The group claims to be selling 40 terabytes of the company’s data to anyone willing to stump up $50 million. Continental stated it was hit in August this year but it had “averted” the attack, yet also confirmed to Handelsblatt business newspaper that data had been stolen. Not a great look when you desperately need to get your customers to trust you and your systems. This is potentially very bad for a wide range of mobility and automotive related areas due to Continental having a lot of fingers in a lot of pies. To read more about the incident,
