Auto Retail Agenda: 9 September 2024
08 September 2024
- CHERY’S OMODA COULD BUILD CARS IN THE UK
- BYD INCREASES RETAIL NETWORK TARGET
- HERITAGE AUTOMOTIVE 2023 PROFIT HALVES
- AUTO RETAIL LIVE TO HELP RETAILERS HIT TARGETS
- CUPRA BRAND ‘AT RISK’ DUE TO CHINESE TARIFFS
- TOYOTA TO SLASH EV TARGETS
- STOCKWATCH
- COMING UP
- PENSION POT FOR ‘BASIC’ LIVING UP 60% IN 3 YEARS
- SUBMISSIONS CLOSE TUESDAY FOR OCTOBER BUDGET IDEAS
Chery’s Omoda could build cars in the UK
China new entrant Chery is “weighing up the possibility of building cars in the UK,” according to UK head Victor Zhang. It is already preparing to build cars in Spain, at a former Nissan factory.
“For the UK, we are also evaluating. To be honest, we are open for all options and opportunities.”
Chery’s Omoda and Jaecoo brands are focused on the international market. Omoda has now launched in the UK and currently has a network of 60 retailers – which it hopes to build to more than 100 by the end of the year.
“While we cannot speculate on commercial investment decisions,” said a spokesperson for the Department for Business,” “We welcome Chery International’s Omoda launch in the UK and would positively view any new investment in the UK.”
Chery has also been talking to the Italian government about setting up production there.
Next month, Auto Retail Network will publish its latest New Entrants Report. The launch will coincide with a webinar, more details of which will follow later this month.
BYD increases retail network target
Chinese new entrant brand BYD has increased the number of franchise points it aims to have from 100 to 120 by the end of 2025.
BYD is close to its target of 60 showrooms by the end of 2024 but hopes to double that in 2025 through its existing 20 brand partners.
The manufacturer has also recently moved its 56 staff into a new headquarters in Uxbridge, West London, and expects to grow this to 156 in a year’s time.
Heritage Automotive 2023 profit halves
Wiltshire’s Heritage Automotive saw profit before tax decline from £4.1m to £1.9m in the year ended December 2023. Turnover increased from £179.2m to £218.3m. The directors said an increase in stock, together with increased interest rates, raised the company’s interest charges by £406k.
They added they are “satisfied with the performance of the business which they believe to be reflective of the wider market”.
Auto Retail Live to help retailers hit targets
Join Hendy Group commercial operations director Mark Busby, Marubeni Auto Investment UK COO Jason Cranswick and Auto Trader performance director Bex Kennett at 9am on 10 September to hear expert insight on where the market is now, what consumer demand looks like and how retailers can hit increasingly tough OEM targets. The expert panel will also be on hand during the free webinar to answer your questions: sign up here
WORLD NEWS
Cupra brand ‘at risk’ due to Chinese tariffs
Cupra CEO Wayne Griffiths, a Brit, says planned tariffs on EVs built in China “put the whole financial future of the company at risk”. Its new Tavascan, built in China, could be “wiped out” by planned tariffs of 21.3%. Neither raising its price nor moving prediction is an option, he said – and without projected Tavascan sales, Cupra will miss next year’s EU-mandated CO2 reduction targets, and face heavy fines.
Toyota to slash EV targets
Reports in Tokyo suggest Toyota is set to slash its EV production targets by a third, from 1.5 million in 2026 to a million. Toyota responded to the report by saying the numbers were not “targets” but “benchmarks”.
STOCKWATCH
Closing prices on 6 September 2024 and weekly change
Auto Trader Group 857.2p (+6.2p / +0.7%)
Caffyns 450.0p (n/c)
Halfords 142.0p (-5.0p / -3.4%)
Inchcape 836.0p (-16.0p / -1.8%)
Motorpoint 160.0p (+16.5p / +10.8%)
Pinewood 343.5p (-9.0p / -2.5%)
Vertu 68.5p (-3.1p / -4.4%)
COMING UP
Tuesday, Auto Retail Live: sign up here
Tuesday, UK unemployment
Wednesday, GDP
MONEY MATTERS
Pension pot for ‘basic’ living up 60% in 3 years
The value of the average pension pot needed for a ‘basic’ retirement has risen nearly 60% in three years. It has jumped from £68,300 in 2020-21 to £107,800 in 2023-24. An income of £19,300 will give someone a ‘basic’ standard of living in retirement, with the pension pot in addition to the full state pension of £11,502 a year.
Submissions close Tuesday for October Budget ideas
Tuesday is the deadline for submissions for policies to be considered in the October Budget. Battle lines are apparently being drawn over inheritance tax, capital gains tax and corporation tax, after chancellor Rachel Reeves pledged not to raise income tax, VAT or national insurance.
ISSN 3049-5725
Tags:
Auto Retail Live, Budget, BYD, Chery, Cupra, EV, Heritage Automotive, Jaecoo, New Entrants Report, Omoda, pensions, Toyota, Victor Zhang 
Why Subscribe?
As an auto retail executive you need insightful and unique industry intelligence to boost your business potential. Here’s a taste of what Auto Retail Network has to offer:
- Get informed and boost your business potential
- More than 1,200 fellow executives have joined us since launch
- Independent, carefully crafted, unique content relevant to you and your business
- Develop a greater awareness of market trends and opportunities
- Access to a wide range of materials whenever, wherever and however you want it
- Significant discounts on ARN events, reports and other publications
