THIS week in the Trade Plates TV news show find out where the automotive industry stands since the vote to leave the EU was announced last Friday (June 24).
Rebecca spoke to David Bailey, professor of industry at Aston Business School, about his predictions for the sector and what the biggest struggles ahead will be.
Click play on the video below to see what he had to say.
What now? Manufacturers consider their options in the wake of Brexit
The Brexit verdict came against the wishes of many leading players in the automotive industry, with a statement issued by the SMMT three days before the referendum saying that staying in the European was ‘critical’ to the future of the UK automotive industry.
Brexit won’t stop Aston Martin building a new £200m plant in Wales
Aston Martin has announced that its plans to build a new £200m plant in South Wales will not be halted by the UK’s decision to leave the EU. However, CEO Andy Palmer warned that Brexit means the carmaker will need to make extra ‘productivity and efficiency’ savings.
Brexit: Glass’s and SMMT react to historic vote
The automotive industry will be negatively affected by the result of last night’s EU referendum, according to Rupert Pontin, director of valuations at Glass’s. Mike Hawes, SMMT chief executive, added: ‘The British public has chosen a new future out of Europe. Government must now maintain economic stability and secure a deal with the EU which safeguards UK automotive interests.’
VW ‘set to fork out almost £7bn to settle US dieselgate claims’
Volkswagen has agreed to take a series of steps costing about £6.89 billion to settle claims from its unprecedented diesel emissions cheating scandal in the US, sources say. Most of the money would go to compensate 482,000 owners of cars with two-litre diesel engines that were programmed to turn on emissions controls during lab tests and turn them off while on the road, according to sources.
Big Motoring World to expand its Kent HQ after a ‘highly successful’ spell
Leading premium used car supermarket Big Motoring World is set to expand its Kent headquarters to radically increase trading and grow the business. After announcing ambitious expansion plans last August, the firm has secured planning permission to expand its operations.
Football legend Michael Owen test drives the BMW i8 with Alexanders Prestige
Andrew North, managing director of North Yorkshire-based sports, 4×4 and supercar specialist Alexanders Prestige, found out exactly that when he took the England footballing legend out for a spin in a BMW i8.
Could the PCP spark the next major mis-selling scandal?
The PCP could be the product to spark the next major mis-selling scandal, according to car finance experts at the National Association of Commercial Finance Brokers. The personal contract plan is one of the most common ways that private individuals — and business owners — in the UK finance their cars. Last year alone, an estimated one million cars were purchased using PCPs.
Used car market steadied in June, reports CAP HPI
The used car market steadied in June as the pace of decline in used values slowed to one per cent, according to the latest figures from CAP HPI. Black Book Live reported a small drop of one per cent at three years / 60,000 miles, which showed a steadier picture than the previous month’s 1.9 per cent decline.
Ford scores double top in our exclusive poll of UK car dealers
Ford has taken the top two places in the definitive list of the cars Britain’s motor traders most like to sell. The Ford Focus (1st) and Fiesta (2nd) – two of the nation’s biggest-selling models – topped the poll, which was carried out by Car Dealer Magazine to celebrate its centenary issue.
Missed yesterday’s live broadcast with CarShop CEO Jonathan Dunkley? Click play below to catch up.