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...Another heavily-traded company that until recently was a penny stock is Mullen Automotive....
...The group is also building a plant in Mexico that is expected to come online in 2026....
...This story was corrected to reflect that Group 1 Automotive has 55 sites in the UK, not 51 as indicated in a previous version....
...The higher forecast came even as the group, which spun off its automotive division last year, boosted operating profits from its continuing operations to £420mn for the year to end December 2023, up from...
...Over the same period, Chinese social media company Hello Group, which owns dating site Tantan, is down 64 per cent. Match Group, owner of Tinder and Hinge, has fallen 83 per cent....
...Watch Whitney explain her thesis here....
...Whitney Fogelberg has joined C Street Advisory, a communications and strategic advisory group that specialises in distressed company and debtor representations....
...Following a series of smaller disposals and the demerger of its automotive business, Melrose is now focused on the GKN aerospace operation it acquired as part of its £8bn takeover of the UK engineering group...
...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....
...The company is also under pressure after chief executive Whitney Wolfe Herd announced in November she was leaving. Its shares are currently down over 80 per cent over the past five years....
...US group Lithia, which already has 50 UK sites, will buy the showrooms, Pendragon said on Monday....
...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....
...A record 313,000 electric vehicles were sold in the US in the third quarter, according to data group Cox Automotive....
...The $7bn dating market remains dominated by incumbent Match Group, which has snapped up rising players such as Hinge....
...China started commercial driverless development in 2013, about five years after groups in the US....
...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...
...“IF Metall is one of the most flexible and industry-focused unions in Europe,” one automotive industry manager explains....
...Addressing the ecosystem concept, Bumble boss Whitney Wolfe Herd said: We obviously put a huge focus on romantic relationships and dating....
...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...
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