Auto Retail Agenda: 21 October 2024
20 October 2024
- CHINA NEW ENTRANT XPENG COMING TO UK ‘WITHIN WEEKS’
- EVANS HALSHAW FORD NORTHWICH IN SUDDEN CLOSURE
- CAR CANNIBALS HIT TAYLORS VAUXHALL BOSTON
- QUIZ PERRYS AND SWANSWAY IN AUTO RETAIL LIVE USED CAR BRIEFING
- BYD PLANNING BIG SHAKE-UP IN EUROPE
- AUSTRALIAN RETAILERS’ AGENCY APPEAL EXPECTED IN EARLY 2025
- STOCKWATCH
- COMING UP: Auto Retail Live used car briefing
- INCOME TAX THRESHOLDS EXPECTED TO REMAIN FROZEN
- SMALL FIRMS FEAR RISE IN NATIONAL INSURANCE
China new entrant XPeng coming to UK ‘within weeks’
Chinese EV brand XPeng will launch in the UK in “less than a handful of months,” co-founder Brian Gu confirmed at the Paris Motor Show. Its Tesla Model Y-rivalling G6 will be the launch car in right-hand drive UK.
“The UK is a very important market,” said Gu.
The G6 is already available in European markets, where the model range line-up closely mirrors the Telsa Model Y.
Chinese firms are understood to be committing to the UK following the government’s confirmation it will not follow the EU and raise tariffs on China-built EVs.
* The Auto Retail Network New Entrants Report 2024 features an in-depth profile of XPeng and 14 other new entrants to watch, plus insights from retailers, experts and OEMs. Buy it here
Evans Halshaw Ford Northwich in sudden closure
Mystery surrounds the sudden closure of Evans Halshaw Ford Northwich. It is believed the site was permanently closed on 15 October, with its last Facebook post – to advertise the new Capri – on 14 October. Ford declined to comment to The Sun and Evans Halshaw told Chester Live it was not able to comment.
Evans Halshaw is owned by US firm Lithia, which brought the brand (plus Stratstone and CarStore) for £250m from Pendragon in September 2023.
Car cannibals hit Taylors Vauxhall Boston
Thieves struck Taylors Vauxhall Boston last Friday. They damaged a number of demonstrator cars to remove parts. The ‘car cannibals’ took bodywork including the bonnet and front wings, the front bumper, headlights and other components. They also smashed windows in order to gain access to the bonnet release. One of the vehicles was an EV and was plugged in to charge.
No customer cars were affected and the business remains open – albeit with two fewer courtesy cars.
Quiz Perrys and Swansway in Auto Retail Live used car briefing
Join Perrys’ Darren Ardron, Swansway’s Peter Smyth and Motors’ Phill Jones in this week’s Auto Retail Live used car briefing. Discussion points include a used car market overview and consumer behaviour in 2024, what works best when it comes to used car pricing, and how profitability can be maintained through the ongoing disruption caused by the market missing more than 1.5 million cars during the pandemic.
* Sign up here for the free used car briefing
WORLD NEWS
BYD planning big shake-up in Europe
BYD executive vice president Stella Li says the new entrant is unhappy with its performance in Sweden and Germany, “so you will see several big changes from BYD in the coming months”. BYD will “double to triple” its retailer network in Europe by the end of 2025, with particular focus on Germany, where it will grow from 26 to 120 retailers.
BYD recently took over its German distributor, Hedin Electric Mobility, after sales fell 38% in the first eight months of 2024. They have risen 1,830% in the UK – the best performance in Europe.
* The Auto Retail Network New Entrants Report 2024 contains executive insight from BYD and other key new entrants. Buy it here
Australian retailers’ agency appeal expected in early 2025
After Australian retailers lost their agency case against Mercedes-Benz Australia, it was announced they were to appeal. This is now expected to be heard in Q1 2025, with a judgement handed down a few months later. “The elements the retailers are appealing is unconscionable conduct,” AADA CEO James Voortman told us.
STOCKWATCH
Closing prices on 18 October 2024 and weekly change
Auto Trader Group 885.4p (+15.9p / +2.7%)
Caffyns 450.0p (n/c)
Halfords 148.2p (n/c)
Motorpoint 171.0p (+7.5p / +8.2%)
Pinewood 294.5p (-9.5p / -5.2%)
Vertu 65.4p (+7.3p / -1.5%)
COMING UP
Thursday, Auto Retail Live used car briefing: sign up here
Friday, UK retail sales
MONEY MATTERS
Income tax thresholds expected to remain frozen
The chancellor is expected to continue the freeze on income tax thresholds in the Budget later this month. It technically doesn’t amount to a tax rise, despite fiscal drag bringing more taxpayers into higher rates of tax. Income tax is the government’s biggest source of revenue and will raise £303bn this year.
The thresholds have been frozen since 2021 and are already fixed until 2028. “The government has given no indication that it will end the freeze early,” said one analyst, [but] “it is a horrible way of raising taxes on working people without them knowing”.
Small firms fear rise in national insurance
Small business owners are considering recruitment freezes, cutting workers’ hours and even selling up amid concerns about a rise in national insurance for employers in the Budget. Employers currently pay national insurance at 13.8%; increasing it 1% would raise £8.5bn. Employers also don’t pay national insurance on pension contributions but the chancellor could change this – at a rate of 13.8%, it would raise £17bn a year.
ISSN 3049-5725
Tags:
AADA, agency, BYD, Evans Halshaw, Ford, Hedin, income tax, Lithia, National Insurance, New Entrants, Perrys, Swansway, Taylors Vauxhall, XPENG 
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
