• WILLIAM BROWN: HUGE RETAILER INTEREST IN XPENG
• 800 RETAILERS AT STELLANTIS ANNUAL DEALER CONFERENCE
• STEPHEN JAMES PROFIT DOWN 46%
• ROLLS-ROYCE ‘CAN’T STOP RUSSIA SALES’
• DONALD TRUMP IN SURPRISE BILL FORD PHONE CALL
• SONY HONDA SET FOR FIGHT WITH RETAILERS
• STOCKWATCH
• COMING UP
• HIDDEN PENSIONS TRAP WARNING

William Brown: huge retailer interest in Xpeng

A recent retailer conference for Xpeng was so oversubscribed, “it was standing room only,” IM MD William Brown told Auto Retail Agenda. “We are not dismissing any interest at this stage, but all our appointments will be strategic.”

Interest has been high for the Chinese new entrant ever since IM was confirmed as the distributor last year. “Our plan for 2024 is around 20 retailers plus a number of aftersales.” This will be the right level for sustainable representation, believes Brown.

“Longer term, we aim to grow in line with the ZEV Mandate – our plan maps that trajectory, and there’s a lot of producing coming down the line that will drive this as we approach 2030.”

Right now, there is a lot of push in the EV market, observes Brown. “If you’re an EV-only brand, it’s not sustainable – it’s a race to the bottom. We are trying to build a premium brand and don’t want to mortgage that brand integrity.”

Retailers are going to play a key role in building awareness for Xpeng in the UK. “It works well, having a dealer network with an unknown brand – they have the reputation, are well-respected and trusted; consumers don’t know the new entrants but do know their dealer, and value the face-to-face aspect where they can tell the story of new brands.”

Last week, Xpeng ran a series of press drives for its UK launch car, the G6. This is an electric rival to the Tesla Model Y, with prices anticipated to undercut it by several thousand pounds. The brand’s official launch will be on 11 February in London, with senior Xpeng representatives scheduled to attend.

“We are taking preorders now, and expect the first customer cars to arrive in the UK by March or April.”

* Order the Auto Retail Network New Entrants Report 2024

 

800 retailers at Stellantis annual dealer conference

A record attendance of more than 1,000 guests from over 800 retailers at the latest Stellantis UK annual confidence in Manchester saw delegates hear detailed plans of the group’s nine brands over three days.

The line-up included the UK debut of Leapmotor. Damien Dally was confirmed as brand director, moving on from Fiat and Abarth.

During the conference, group MD Eurig Druce confirmed Stellantis was one of the UK’s only OEMs to comply with the ZEV Mandate through sales alone.

 

Stephen James profit down 46%

BMW and Mini retailer Stephen James Automotive, bought by Hedin mid-2023, has reported a £4.9 profit before tax for the year ended December 2023, 46% down from a £9.2m profit in the previous year. Turnover fell slightly from £258m to £244m.

The directors said a strong order bank made them confident the strong trading performance would continue in 2024.

 

Rolls-Royce ‘can’t stop Russia sales’

Rolls-Royce CEO says that the company can’t stop intermediaries buying cars from retailers in and shipping them to Russia; once a car is in private hands, it cannot track the vehicle’s movements.

State-backed website RT reported in November that Rolls-Royce sales in Russia had increased by 39% in the nine months to September 2024.

“None of these motor cars came through any of our dealers directly. They’ve all come through third parties. So clearly there are some people who are working very hard to circumnavigate those rules.”

https://tinyurl.com/5ydkeu9w

 

 

WORLD NEWS

Donald Trump in surprise Bill Ford phone call

Ford executive chair Bill Ford has revealed he recently took a surprise phone call from president-elect Donald Trump. “He called me out of the blue and we had a terrific conversation… he understands the importance of our industry and Ford in the industry. He wants to be helpful.”

GM CEO Mary Barra also last month said she is eager to work with Trump on policy. “My experience has been that he listens very intently.”

https://tinyurl.com/27zmk295

 

Sony Honda set for fight with retailers

US retailers are gearing up to fight Sony Honda Mobility’s direct sales plans. “We are unfortunately not surprised but are still very disappointed with Sony Honda Mobility’s states plans to see its vehicles directly to consumers and compete with its Honda and Acura dealer network,” said NADA president and CEO Mike Stanton.

“Honda should understand that any misguided attempt to bypass or undercut its US dealers will be challenged in statehouses and courthouses across the country – with NADA’s full support.”

https://tinyurl.com/4s8r6cau

 

 

STOCKWATCH

Closing prices on 10 January 2025 and weekly change

Auto Trader Group 774.2p (-19.2p / -2.4%)

Caffyns 450.0p (n/c)

Halfords 123.8p (-7.2p / -5.6%)

Motorpoint 125.0p (-5.5p / -3.9%)

Pinewood 345.0p (-10.5p / -2.9%)

Vertu 55.2p (-5.0p / -8.6%)

 

 

COMING UP

Wednesday, CPI and RPI

Thursday, GDP

 

 

 

MONEY MATTERS

Hidden pensions trap warning

Pension savers are being reminded about the risks of ‘lifestyling’, where savings are slowly shifted from stock markets to bonds, which are perceived to be lower risk. The recent bond market volatility highlights the dangers, with one saver losing £100k from a £330k pot.

https://tinyurl.com/57hk6yvb

 

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