The report will also highlight how the UK government has yet to announce its stance on tariffs “leaving uncertainty about how pricing and consumer demand for Chinese BEVs will be affected”.The full report will be published today (Monday 2 September).

2030 ICE phase-out ‘a major risk’

The 2030 target for banning new ICE car sales is “a major risk” without additional support measures, says the BVRLA. What’s more, the ICE van phase out target will be “unachievable”.

The Department for Transport has confirmed the government is committed to reinstate the 2030 Phase Out deadline for cars, with a consultation expected from late September. This is expected to focus on what specifications a vehicle must have to be classified as ‘hybrid’. The position on vans remains unclear.

In a statement, the Office for Zero Emission Vehicles stated a commitment to phasing out cars that rely solely on ICE engines by 2030, “as per our manifesto”. The ZEV Mandate already requires 80% of all new cars to be ZEV by 2030 and “we are not proposing to change this”.

The aim is to define standards for 2030-2035 for both cars and vans” by the end of 2024”.The BVRLA will undertake its busiest ever month of campaigning in September.

 

Berry BMW profit almost halves

Marsh Wall, which trades as Berry BMW and Mini, has reported profit before tax of £6.8m for the year ended December 2023, down from £12m in 2022. Turnover increased from £383m to £412m.

Looking ahead, “trading in 2024 started well, as the company took decisions in late 2023 to deal with overpriced used cars due to the falling market values,” said the directors. “This allowed the company to start the year strong and is expected to continue strong and meet budget levels set.” New car supply issues, they added, are expected to be overcome by H2 2024.

 

Volvo boss ‘happy to be bombarded’ by Waylands

Following the successful opening of Waylands Volvo Gloucester last week, and sales director Dominic Gouldsborough writing to “apologise in advance to friends and colleagues at Volvo UK for all the calls you will receive from me today whilst we set everything up,” Volvo Cars UK MD Nicole Melillo Shaw has said she is “happy for you to bombard the team… Let’s go!”.The new facility is Wayland’s sixth Volvo retailer.

 

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 touch OEM targets. The expert panel will also be on hand during the free webinar to answer your questions: sign up here

 

 

WORLD NEWS

Tariffs see Chinese EV sales fall in Europe

Chinese EV sales in Europe have fallen from 10.2% a year ago to 9.9% in July 2024, following the introduction of higher tariffs of up to 47.6% by the EU – despite the aggressive expansion of Chinese brands across the continent. Less than 14k Chinese EVs were registered in July – down from 23k in June.

The levies have escalated trade tensons between China and the EU.

https://tinyurl.com/4rs8tzbf

 

Now a Dutch group is suing Stellantis

Following last week’s report in Auto Retail Agenda that US shareholders are suing Stellantis, an independent foundation has filed a class action lawsuit in the Netherlands against Stellantis over alleged emissions test cheating by its predecessor company Fiat Chrysler.

Once again, Stellantis said the lawsuit is “without merit”.

https://tinyurl.com/4rs8tzbf

 

 

STOCKWATCH

Closing prices on 30 August 2024 and weekly change

Auto Trader Group 851.0p (+7.0p / +0.8%)

Caffyns 450.0p (-10.0p / -2.1%)

Halfords 147.0p (+5.4p / +3.7%)

Inchcape 852.0p (+4.0p / +0.4%)

Motorpoint 143.5p (+1.0p / +0.6%)

Pinewood 352.5p (+2.5p / +0.7%)

Vertu 71.6p (-0.4p / -0.5%)

 

 

COMING UP

Tuesday, UK retail sales

Thursday, August new car registrations

Friday, Halfords Group AGM

 

 

MONEY MATTERS

Right to a four-day week mooted

Workers’ rights to ask for a four-day working week could be strengthened under government plans to increase flexible working. Employees would still have to work their full hours, but could compress them into a shorter working week.

Following reports last week, an employment expert said it is “not yet clear what this ‘new’ law will entail”. A spokesperson at the Department for Business and Trade told the BBC that any changes to employment legislation “will be consulted on, working in partnership with business”.https://tinyurl.com/3b8c3dxr

 

Tax grab chances rated

Reversing the 5p fuel duty cut and either increasing the Capital Gains Tax rate or aligning it to income tax rates of 20%, 40% and 45% stand the highest chance of going ahead in the October Budget, say experts. Inheritance tax and pension tax relief also have a fair chance of increasing, although there’s believed to be a low chance that stamp duty and income tax will be increased.

https://tinyurl.com/2ynu3eew

 

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