New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in June 2024 by 11% compared with the same month in 2023. The corresponding value of new business decreased by 10% over the same period. In the first half of 2024, new business was 3% […]
Arriving a month into the new government’s growth agenda, this week’s announcement that a new trade strategy will be a cornerstone of wider industrial plans represents a major opportunity for automotive. Given that the sector is, traditionally, the UK’s largest exporter of manufactured goods in terms of value and generates £115bn in total trade, the potential […]
NatWest Group has today successfully issued its first Electric Vehicle Green bond (the “EV Green Bond”) raising net proceeds of €750m from institutional investors based in the UK, Europe & Asia. The issuance makes NatWest Group the first UK bank to issue a green bond where the use of proceeds are intended to exclusively finance […]
As automotive manufacturers across the UK set about retooling their factories to build a new generation of electrified models, it’s encouraging to see the tough job of turning last year’s massive investment announcements into reality is underway. With some production paused during this transformative period, a decline in output was inevitable compared with the improved performance of […]
While government is set to scale back support, van drivers and commercial fleets recognise the benefits of going electric, but need fast charging points and EV subsidies to adopt electric vehicles (EVs), think tank highlights. In a report out today, the Social Market Foundation – a cross-party think tank –calls for funding to install fast […]
As the 31 July Consumer Duty reporting deadline looms, RSM UK is urging motor finance firms to allocate and document adequate financial provision for potential customer complaints redress in conjunction with new reporting rules. Historically, some retailers and motor finance brokers received commission linked to the interest rate paid by customers. This was known as […]
Lombard, the UK’s largest asset finance provider, is set to rev up the motor finance market with a new leasing offering for electric and plug in hybrid vehicles. Through Lombard’s salary sacrifice scheme for businesses, drivers who are higher rate taxpayers may save on average 43% of the cost of leasing a brand new EV. This […]
The massive investments announced in the past year to drive the UK auto sector’s zero emission transformation have given us fresh momentum – and they are just the latest chapter in a success story spanning more than a quarter century. As SMMT’s 25th Annual Sustainability Report published this week shows, vehicle manufacturers have more than halved the […]
When the automotive sector succeeds, so does Britain. So as SMMT congratulates the Labour Party on its election victory, we look forward to working with the new government to implement its proposals which come at a pivotal moment for our industry. The next five years will be decisive, with a once-in-a-generation switch to zero emission […]
2024 The UK new light commercial vehicle (LCV) market declined -4.5% to 33,066 units in June, ending a record-equalling 17 month growth run, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). Despite the fall, the market has remained robust in the first half of the year – […]
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