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...The group is also building a plant in Mexico that is expected to come online in 2026....
...Another heavily-traded company that until recently was a penny stock is Mullen Automotive....
...This story was corrected to reflect that Group 1 Automotive has 55 sites in the UK, not 51 as indicated in a previous version....
...Falling market share and sales figures reported this month indicate the two groups face rising competition and the whiplash of US-China geopolitical tensions....
...The automotive industry nonetheless expects EVs to become dominant in time as governments push to decarbonise road transport....
...US group Lithia, which already has 50 UK sites, will buy the showrooms, Pendragon said on Monday....
...Red Sox owner Fenway Sports Group, which was advised by Hogan Lovells and Shearman & Sterling....
...Renesas, a key supplier of chips to the automotive industry, has been on a deal spree as it looks to diversify, which included adding the Apple supplier Dialog to its stable....
...“Those global corporates already proved that even the biggest automotive [manufacturers] today have to purchase China’s solutions in order to save time as well as get a lot more competitive products,” Li...
...A number of EV makers have recently scaled back expansion plans, including Ford and General Motors, while rental group Hertz is selling one-third of its electric fleet to buy more petrol vehicles....
...China started commercial driverless development in 2013, about five years after groups in the US....
...A record 313,000 electric vehicles were sold in the US in the third quarter, according to data group Cox Automotive....
...It has also been in talks with Toyota and big automotive parts manufacturers such as Denso and Aishin, which are part of the Toyota Group, to explore areas of collaboration....
...The rise was down to new demand and not simply higher prices, and in fact its estimate would have been even higher if the figure was adjusted for inflation, the data group said....
...The unit recorded sales of ¥185bn, not including subsidies, compared with ¥2.1tn for the entire group....
...The Alliance for Automotive Innovation, a trade group that includes major carmakers, has said stringent US emissions standards proposed in April mark “a significant movement of the country’s electrification...
...Private credit co-heads James Reynolds and Kevin Sterling have also been named global head of direct lending and global head of investment-grade private credit and asset finance, respectively....
...“IF Metall is one of the most flexible and industry-focused unions in Europe,” one automotive industry manager explains....
...EVs made up 8.6 per cent of US new vehicle sales in the first quarter of 2023, compared with 5.9 per cent for the same period a year earlier, according to the trade group Alliance for Automotive Innovation...
...The impact on Japan’s car manufacturing will be monumental,” said Takaki Nakanishi, a veteran automotive analyst who runs his own research group....
...equity does deals in the ‘magic circle’ Earlier this month, the partners at UK “magic circle” law firm Allen & Overy voted through one of the industry’s largest-ever tie-ups with New York’s Shearman & Sterling...
...IPOs for grocery delivery app Instacart and marketing software group Klaviyo are expected to provide a further test of investor appetite next week....
...Global impact The introduction of solid-state batteries could have a profound impact on the future of the global automotive industry....
...On Sunday, partners at the London-based firm and former US heavyweight Shearman & Sterling were given just hours’ notice to join calls to learn that their top ranks had been quietly brokering a $3.4bn megamerger...
...European companies have complained that the laws, which require groups to store data locally, are vague and cumbersome to observe....
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