With over £1 Billion in Profits, £80 Billion in Investments, and 300,000 Jobs on the Line, Jaguar Land Rover (JLR) Issues Warning ahead of Crucial Brexit Talks

Automobile, Business, World

The warning could not have been starker. Jaguar Land Rover (JLR), the UK’s largest car manufacturer, issued a strongly worded statement ahead of a crucial cabinet meeting to be held today, which is meant to provide a blueprint for the UK’s controversial Brexit deal. In it, Prof. Dr. Ralf Speth, CEO, asserted: “A bad Brexit deal would cost Jaguar Land Rover more than £1.2 billion in profits each year. As a result, we would have to drastically adjust our spending profile.”

He went on to add, “I don’t want to threaten anybody but we have to make transparent the implications of the move. We want to stay in the UK. JLR’s heart and soul is in the UK.”

With this, JLR joined other major global companies, including Airbus, BMW, and Nissan who have openly expressed their fears about the potentially devastating impact of Brexit on their businesses. “If the UK automotive industry is to remain globally competitive and protect 300,000 jobs in Jaguar Land Rover and our supply chain, we must retain tariff and customs-free access to trade and talent, with no change to current EU regulations,” warned Speth.

“JLR has been a vocal proponent of free and frictionless trade with the EU for two principal reasons,” explained Sarwant Singh, Senior Partner and Head of Frost & Sullivan’s Mobility Practice. “Firstly, mainland Europe is one of the company’s largest markets, where it sells nearly a fifth of its cars, and, secondly, Brexit could make it increasingly challenging for JLR to buy automotive components—due to import duties—and sell its products—due to sizeable levies on vehicle exports—in what constitutes its largest market.”

The prospect of the UK exiting the EU in March 2019 is pressuring the British government to provide businesses with greater clarity and reassurances in a post-Brexit world.  Unfortunately, the continuing maelstrom of uncertainty has only made companies even more jittery about their ability to make a smooth transition.

As a result, the upcoming negotiations, which will bring together the entire British cabinet in the hope of agreeing on the UK’s future relations with the EU, are critical. Once there is consensus, a whitepaper will be tabled to the EU as a basis for further negotiations. This outcome is doubtful, however, as the battle between hardliners and soft Brexiteers in the cabinet has only grown shriller in the past several weeks.

The Prime Minister’s Office has indicated that among the plans being considered are allowing the UK to establish its own tariffs on goods being imported, and also determine which tariffs—the UK’s or the EU’s—will be imposed on these goods. Another proposal is to have the UK stick closely to EU regulations but allow Parliament the authority to determine where they should differ.

However, whether the cabinet will vote ‘aye’, in unison, on these proposals or, indeed, whether the EU will be amenable to them, remains unknown.

“Many businesses are understandably concerned about what kind of agreement will be hammered out today,” noted Singh. “They will be rooting, no doubt, for a deal that reflects their own preferences and ensures that frictionless trade continues with mainland Europe.”

The stakes are high at today’s cabinet meeting. For JLR, an unfavourable outcome would spell an “unpredictable future.” It could result in massive layoffs and put a huge question mark over an estimated £80 billion of investment envisaged for the next five years.

With projections like this, the cabinet would do well to take note: on their decision will rest not just the future of businesses like JLR but that of the entire British economy.

Toyota Motor North America Reports January 2018 Sales

Automobile

— TMNA posts best-ever light truck sales for January
— Toyota Highlander, RAV4 and 4Runner post best-ever January
— Lexus NX gas and hybrid post best-ever January

PLANO, Texas, Feb. 1, 2018 /PRNewswire/ — Toyota Motor North America (TMNA) today reported January 2018 sales of 167,056 vehicles, an increase of 16.8 percent from January 2017 on a volume basis. With one more selling day in January 2018 compared to January 2017, sales were up 12.1 percent on a daily selling rate (DSR) basis.

Toyota division posted January sales of 149,142 units, up 17 percent on a volume basis and 12.3 percent on a DSR basis.

“We are off to a great start with strong customer demand for light trucks, including RAV4, Highlander and 4Runner, setting best-ever records for January,” said Jack Hollis, group vice president and general manager, Toyota division. “We’re encouraged by the strength of the market and the momentum we have with a full calendar year of the all-new Camry, followed by the launch of the all-new Avalon in the spring.”

Lexus posted January sales of 17,914 vehicles, up 15 percent on a volume basis and 10.4 percent on a DSR basis.

“Lexus is off to a very strong start this year. The NX, both gas and hybrid, had their best January ever, and the all-new three-row RXL is just now starting to hit dealership showrooms,” said Jeff Bracken, group vice president and general manager, Lexus division. “Combined with the launch of our fifth-generation LS and LS hybrid this month, along with the Limited Edition LC Inspiration Series and two-row LX, we’re very optimistic about the year ahead. These new models will be followed throughout the year by 10 additional new models.”

January 2018 Highlights

Camry sales were up 21.3 percent
TMNA, Toyota and Lexus divisions post best-ever light truck sales
Toyota division SUV posts 56,933 units
RAV4 sales of 26,655 units, a best-ever month
4Runner sales were up 11.2 percent, a best-ever month
Highlander sales of 15,484 units, a best-ever month
Toyota division pickups up 27.3 percent
Tacoma up 33.6 percent
Tundra posted sales of 7,644 units, up 15.3 percent
Lexus division LUVs up 23.6 percent, a best-ever month
NX up 41.9 percent in January, a best-ever month
RX posts monthly sales of 6,738 units
GX sales up 12.1 percent
Lexus ES sales were up 21.6 percent
*Note: Unless otherwise stated, all figures reflect unadjusted raw sales volume

About Toyota

Toyota (NYSE: TM) has been a part of the cultural fabric in the U.S. and North America for 60 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands. During that time, Toyota has created a tremendous value chain as our teams have contributed to world-class design, engineering, and assembly of more than 33 million cars and trucks in North America, where we operate 14 manufacturing plants (10 in the U.S.) and directly employ more than 46,000 people (more than 36,000 in the U.S.).  Our 1,800 North American dealerships (nearly 1,500 in the U.S.) sold more than 2.6 million cars and trucks (2.4 million in the U.S.) in 2017 – and about 85 percent of all Toyota vehicles sold over the past 15 years are still on the road today.

Toyota partners with community, civic, academic, and governmental organizations to address our society’s most pressing mobility challenges. We share company resources and extensive know-how to support non-profits to help expand their ability to assist more people move more places. For more information about Toyota, visit www.toyotanewsroom.com.

 

New Number of Votes in AB Volvo

Automobile

The number of votes in AB Volvo has changed due to the conversion of a total of 2 595 454 Series A shares to a total of 2 594 454 Series B shares. The conversions were implemented with the support of the opportunity for Series A shareholders to request conversion of Series A shares to Series B shares which was entered in the Articles of Association at the 2011 Annual General Meeting.

Today, 31 December 2017, the last trading day of the month, there are a total of 2 128 420 220 registered shares in AB Volvo. Of these 480 307 330 are Series A shares and 1 648 112 890 Series B shares. The number of votes in the company amounts to 645 118 619 based on the number of registered shares.

For more stories from the Volvo Group, please visit www.volvogroup.com/press.

The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 95,000 people, has production facilities in 18 countries and sells its products in more than 190 markets. In 2016 the Volvo Group’s sales amounted to about SEK 302 billion (EUR 31,9 billion). The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm. For more information, please visit www.volvogroup.com.

This information is information that AB Volvo (publ) is obliged to make public pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 13.00 p.m. CET on 31 December 2017.

Porsche Reports New All-Time Monthly Sales Record

Automobile, Business, Press Releases

U.S. Porsche Dealers sell 5,555 vehicles in November 2017; year-to-date retail sales up 2.5 percent

Porsche Cars North America, Inc. (PCNA), importer and distributor in the United States of the Porsche 911, 718 Boxster and Cayman, Panamera, Cayenne, and Macan model lines, today announced November 2017 sales of 5,555 units. This marks a 0.8 percent increase over November 2016. Year-to-date, retail deliveries are up 2.5 percent.

“With 5,555 deliveries, we set a new all-time monthly record. In particular, our two-door sports cars – the Porsche 911, and the 718 model line – showed impressive double-digit growth versus last year,” said Klaus Zellmer, President and CEO of PCNA.

Porsche 911 sales in the U.S. reached 976 units, a 39.6 percent increase year-over-year. The 718 Boxster and Cayman line posted 522 retail deliveries, up 14.2 percent over November 2016. Sales of the Panamera sports sedan stood at 729, a 43.7 percent increase year-to-date. The Macan continued to experience high demand with 1,981 vehicles sold, up 14 percent year-to-date.

Porsche Approved Certified Pre-Owned (CPO) vehicle sales in the U.S. were at 1,749 units, a 23.4 percent increase over November 2016. Year-to-date, CPO sales are up 11.2 percent with 16,956 deliveries for 2017.

Model

November Sales

Year-to-Date

2017

2016

2017

2016

ALL 911

976

699

8,197

8,190

ALL BOXSTER/CAYMAN

522

457

4,786

5,887

ALL PANAMERA

729

731

6,276

4,367

ALL CAYENNE

1,347

1,572

12,263

14,284

ALL MACAN

1,981

2,054

19,985

17,536

GRAND TOTALS*

5,555

5,513

51,507

50,265

*918 Spyder sales are reflected in 2016 grand total figures.

About Porsche Cars North America, Inc. | One Porsche Drive, Atlanta, GA 30354 USA
Established in 1984, Porsche Cars North America, Inc. (PCNA) is the exclusive U.S. importer of Porsche 911, 718 Boxster and 718 Cayman sports cars; Macan and Cayenne SUVs; and Panamera sports sedans. Headquartered in Atlanta, Georgia since 1998, PCNA is also home to the first Porsche Experience Center in North America featuring a module-based 1.6 mile driver development track, business center, and fine dining restaurant, 356. The company operates a second Porsche Experience Center near Los Angeles. That 53-acre complex features a driver development track with eight educational modules totaling 4.1 miles, a business center, and Restaurant 917. PCNA employs over 300 people who provide parts, service, marketing, and training for 189 dealers. They, in turn, work to provide Porsche customers with a best-in-class experience that is in keeping with the Porsche brand’s nearly 70-year history of leadership in the advancement of vehicle performance, safety, and efficiency. PCNA is an indirect wholly-owned subsidiary of Porsche AG, which is headquartered in Stuttgart, Germany.

At the core of this success is Porsche’s proud racing heritage that boasts some 30,000-plus motorsport wins to date.