• MORE DOUBT OVER 2030 EV PLEDGE
• NFDA TO REVEAL HUGE SATISFACTION IN FRANCHISED RETAILERS
• FORD UK WORKERS VOTE TO STRIKE
• COX TO LOWER 2024 SALES FORECAST
• CHINA TAKES EU EV TARIFFS TO WTO
• CHINA JULY SALES: 1 IN 2 NEW CARS WERE ELECTRIFIED
• STOCKWATCH: Inchcape ready to re-rate
• COMING UP: UK GDP
• SAVINGS RATES ARE TUMBLING
• EDDIE JORDAN SUES HSBC

More doubt over 2030 EV pledge

Liam Butterworth, boss of driveline giant Dowalis (formerly known as GKN) has dismissed EV sales targets and predicted that even by the mid-2040s, “we’ll still be probably around 50% of new passenger cars with an internal combustion engine of some form or other”.

The Sunday Times said his predictions go far further than any other major industry figure has dared predict in public – “but they elicit quiet nods of approval from many,” who complain the previous government’s confusing targets are forcing OEMs to build more EVs than the public wants to buy.

The EU is understood to be considering extending its own 2035 deadline – which is not only five years later than the Labour’s planned UK target, but also allows OEMs to include hybrids to comply.

Auto industry EV newsletter The Fast Charge reports Labour may indeed defer its manifesto pledge to restore the UK petrol ban to 2030 – or even “push it into the long grass”… which “many senior figures in the green sector would prefer to happen”.

Tom Riley reports EV leaders call Labour’s quick commitment to reverse former PM Rishi Sunak’s decision to push the ban on non-hybrid petrol and diesel cars from 2030 to 2035 “too reactive”.

Labour shadow roads minister Bill Esterson, who enthusiastically spoke of the pledge during opposition, “p***ed people off,” said several industry leaders.

Post-election, he was replaced by Lillian Greenwood, someone well versed in transport matters.

 

NFDA to reveal huge satisfaction in franchised retailers

The latest NFDA Consumer Attitude Survey, published today (Monday 12 August), will show overwhelming satisfaction with franchised retailers, Auto Retail Agenda can exclusively reveal. A huge 92% of consumers say they are either ‘very satisfied’ or ‘fairly satisfied’ with their auto retailer.

A franchised retailer was by far the most popular choice for consumers; at 46%, they were more than double the 22% who bought from an independent retailer.

The NFDA also asked consumers about barriers to EV adoption, with 55% of consumers saying cost is the biggest deterrent.

The latest NFDA Consumer Attitude Survey is published today at 9am, and will include commentary from both NFDA chief executive Sue Robinson and JudgeService founder and MD Neil Addley, which was commissioned by the NFDA to carry out the survey of a nationally-representative 1,500 motorists.

 

Ford UK workers vote to strike

More than 1,500 Ford white collar staff in Dunton, Stratford, Dagenham, Daventry and Halewood have voted in favour of strike action and will begin ‘action short of strike’ (ASOS) on 22 August. Coordinated strike action will be scheduled if the dispute over pay is not settled.

Unite says Ford is pushing to impose 100% performance-related pay from 2025 and cut sick pay entitlement.

“Ford’s relationship with its white-collar staff has never been worse,” said Unite general secretary Sharon Graham. “Instead of engaging with Unite, the company has resorted to threats and bullying to try and prevent staff from taking industrial action.”

A Ford spokesperson refuted Unite’s claims and said the company “will continue to engage with Unite and our employees on a fair and balanced offer”.

https://tinyurl.com/22ssvd9t

 

Cox to lower 2024 sales forecast to 2.018m

Cox Automotive will publish its latest Insight Quarterly (IQ) this week and is expected to revise downwards its 2024 new car registrations forecast to 2.018 million, Auto Retail Agenda can exclusively reveal. This is a marginal 2.07% decrease on its previous baseline forecast, and reflects both the performance recorded by the SMMT in the first two quarters, and expected Q4 volatility from the ZEV Mandate.

Last week, the SMMT lowered its expected 2024 BEV share from 19.8% to 18.5% and it’s 2024 forecast to less than 2m cars.

Cox’s baseline forecast is expected to show a 19.9% quarterly increase in registrations in Q3 – but a 17.0% quarterly decline in Q4. This will be due to strategic and tactical activity on the part of many OEMs. Overall, 2024 will end up around 6% on 2023.

The full forecast will be available here on Wednesday.

 

 

WORLD NEWS

China takes EU EV tariffs to WTO

China has launched a formal complaint to the World Trade Organisation over the EU’s anti-subsidy duties on Chinese EVs. “Judgement in the EU’s provisional conclusion lacks factual and legal foundation,” said a ministry spokesperson. “It severely violated WTO rules and undermined the global cooperation on dealing with climate change.”

 

China July sales: 1 in 2 new cars were electrified

The Chinese new car market hit a new milestone in July with half of all vehicles sold being either pure EV or plug-in hybrids. Sales of so-called new energy vehicles (NEVs) jumped 37% year-on-year to account for 50.7% of sales.

https://tinyurl.com/2hpjc94y

 

 

 

STOCKWATCH

Closing prices on 9 August 2024 and weekly change

Inchcape ’ready to re-rate’; FTSE 250 business in a strong position after retail disposal leaves it as a higher-margin, less capital intensive business

Auto Trader Group 791.4p (-0.2p / -0.02%)

Caffyns 460.0p (n/c)

Halfords 140.8p (-3.2p / -2.2%)

Inchcape 797.5p (-35.5p / -4.3%)

Motorpoint 137.0p (-5.0p / -3.5%)

Pinewood 330.0p (-10.5p / -3.1%)

Vertu 69.6p (-0.7p /-1.0%)

 

 

COMING UP

Tuesday, UK unemployment

Wednesday, CPI and RPI

Thursday, UK GDP

 

 

MONEY MATTERS

Savings rates are tumbling

Banks are rushing to pass on the Bank of England base rate cut from 5.25% to 5%. Comparison site Savings Champion says that since the 1 August announcement, 164 savings accounts have either been cut or replaced by newer versions – paying up to 0.86% less.

Savings Champion co-founder Anna Bowes said banks are always quick to cut “but I am gobsmacked by just now many savings rate cuts there have already been”.

https://tinyurl.com/4mz5ymdh

 

Eddie Jordan sues HSBC

F1’s Eddie Jordan is suing HSBC for allegedly encouraging him to borrow £47m to invest in a “low-risk” fund that lost him £5m. His investment company, Pendragon Investment Holdings, claims advisors at HSBC’s private bank put pressure on it to invest in the fund, which lost around 10% of its value on maturity. HSBC made £4.2m in interest and fees.

https://tinyurl.com/yc7ywa3t

 

ISSN 3049-5725