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Monthly repayments on new cars and truck money agreements have risen by more than 40% on some versions considering that 2019, according to research study by What Car?.

Research study by What Car?'s team of Target Price mystery shoppers compared typical money bargains between 5 models currently for sale as well as in 2019.

It discovered ordinary monthly individual contract acquisition (PCP) payments had risen by at the very least 22.4% throughout the sample versions, with gas and hybrid versions of the Volvo XC40 tape-recording a 42.5% rise in average regular monthly payments.

The five models contrasted were the Ford Puma, Mini Hatchback, Seat Ateca, Volkswagen Golf and Volvo XC40, all which have actually gotten on sale in their existing guises since 2019.

All versions had additionally taped at the very least an 11.0% increase in retail price, plus rate of interest had climbed in all examples-- and also tripled for one.

Steve Huntingford, What Car? editor, stated: "PCP financing is one of the most preferred option for new cars and truck buyers, however the differences between the deals offered today reveal the importance in doing your research to contrast offers and consider various other choices such as bank loans when funding a vehicle.

"The cars and truck market is not unsusceptible to the difficulties of Covid, semiconductor scarcities as well as currently energy cost rises, and they have combined to create a considerable amount of turmoil in the new auto market.

"However, the cost increases are not universal, nor always appropriate to fund and also pay purchases, so it's still possible to get an appealing bargain if you shop around or use our totally free brand-new vehicle purchasing service."

While 3 of the five models contrasted were less expensive to buy using financing than money in 2019, all five designs cost even more to get through financing to-date.

Regardless of rising passion rates and also expenses, What Car?'s team of secret shoppers located some brand-new cars and trucks stay cheaper to purchase on money.

For instance, buyers opting for a 42-month PCP bargain on a Toyota C-HR 1.8 Hybrid Icon CVT stand to save 4.6% over the retail price when funding the car, due to a finance down payment of approximately ₤ 1250 and low interest rate of 1.9%. The cash money saving equates to ₤ 1362 over the 42-month ownership cycle.

The Ford Ecosport 1.0 Ecoboost 125 Titanium as well as the BMW 5 Series 530d xDrive M Sport work out more affordable than their original checklist price when bought making use of PCP finance, with 3.8% as well as 2.1% cost savings, equating to ₤ 887 as well as ₤ 1202 over the checklist cost, respectively.

Ford, the UK brand-new cars and truck market leader by volume year-to-date (YTD), is back with a variety of 0% retail deals to attract consumers to close out 2022.

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SAO PAULO — Kevin Magnussen shocked Formula One in Brazilian Grand Prix qualifying by earning pole position for the sprint race at Interlagos on Friday.

It was the first pole after 142 races for the Danish driver, who celebrated by making faces at the cameras before the third qualifying session was over. Then he jumped on his car and punched the air in the drizzle. He gave his Haas team boss Guenther Steiner an emotional hug.

“The team put me out on track exactly at the right moment,” an exultant Magnussen said.

Asked whether he expected to earn pole, he replied: “Not even close. It is incredible.”

Magnussen started in F1 in 2014 and returned to the series this year after a one-year absence as the replacement for Russian driver Nikita Mazepin.

On team radio, Magnussen was even more excited: “I never felt like this in my life," he said. Minutes before, when he was told he was in first position, he replied: “You're kidding.”

Meanwhile, Haas teammate Mick Schumacher, who is still seeking a seat for the next season, finished not surprisingly in 20th and last place.

Steiner said on Thursday he has yet to decide whether Schumacher will race for the team next year, adding he hopes a decision will be made next week. Schumacher has earned only 12 points this season. Magnussen has a paltry 24.

Magnussen was almost five seconds faster than Schumacher. World champion Max Verstappen was second by almost two-tenths of a second. Mercedes’ George Russell was third.

Qualifying was delayed by rain, which helped Magnussen. The last five minutes of the session were severely affected by the wet track.

Haas spoke about Magnussen's pole position with a touch of disbelief: “What did we just do?” the team posed on Twitter. “That was a Viking performance!”

Friday's results set the grid for Saturday's sprint race, which will determine the starting positions for Sunday's race at Interlagos.

Ferrari's Carlos Sainz, who will start the sprint in fifth position, will have a five-place grid penalty for Sunday's race. The Spaniard has added a new internal combustion engine for the weekend, a penalty-inducing sixth of the season.

Red Bull's Sergio Perez, who is still fighting to secure the runner-up position in the drivers' championship, was first during free practice earlier on Friday. He had a design on his helmet in collaboration with Disney.

“It is for the Black Panther movie, a movie that represents a lot of my country,” the Mexican driver said. “The helmet itself is unique and I really like it.”

Perez will start the sprint, which is expected to go under rain again, in ninth position.

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Chorley Group aftersales director as well as former handling supervisor Pauline Turner was hailed as a "solid, energised and also helpful" leader as the car retail service revealed her retired life today.

The AM100 company' founder Andrew Turner OBE, her bro and also the group's chairman, commemorated her as team were notified of her leave from the business in a letter flowed around business.

Speaking specifically to AM about her decision to retire at the age of 55, Pauline stated: "I'm greatly happy with what the team has accomplished. I've essentially been part of it because prior to it was Chorley Group. It has expanded from literally absolutely nothing right into an incredibly solid service that is growing a branching out.

"For me, it's time to go a focus on various other things, yet I understand it's in extremely risk-free hands. Not many family members services have such a strong development, however Chorley Group is still growing."

In his letter to Chorley Group workers, Andrew Turner claimed he had "mixed feelings, including satisfaction, unhappiness and also enjoyment" when writing about his sibling's retired life.

He added:"Pauline has been at my side for a lot of my occupation and also has actually been by (current Chorley Group managing director

Adam Turner's) side for every one of his."Throughout the last 30 years Pauline has actually been ever existing in the Chorley Group trip, from the very early days of her valeting and also marketing autos at our Parbold utilized cars and truck site, to leading business as handling director.

"She has constantly been the solid, energised, supportive, imaginative and powerful leader most of us understand and also enjoy."

Turner defined his sibling as his "a rock to me directly" and highlighted her as one of the vital ladies in the industry to "spearhead the requirement for female leadership, constantly pushing borders on the trip to success".

Pauline Turner spend 5 years as MD of Chorley Group, throughout which time the group was granted with several of AM's Best Dealerships to Work for awards.

Present Chorley Group handling director Adam Turner, who formally replaced Pauline as handling director in September 2020, outlined the function his auntie had actually played in his very own occupation in a recent dealership profile attribute with AM Magazine.

Chorley Group has revealed that David Giles, previously aftersales supervisor at Chorley Nissan, would currently replace Pauline as the team's aftersales director, with a handover procedure currently underway.

Turner's written address to staff said that Pauline would certainly now be taking a step back from the team's everyday running to concentrate on "some amazing tasks she has planned", adding that she would certainly be "delighting in life to the greatest" yet "never as well far to lend support when required".

Pauline informed AM that she means to dedicate her time to chairitable jobs, consisting of volunterring with Chorley Youth Zone, as well as taking a trip.

She included: "I've had an amazing profession and I truly wish to give thanks to all individuals I've dealt with and the advisors I've had during my career.

"When I started operating in the sector 30 years ago there really weren't numerous ladies, yet the assistance I received was amazing. I've appreciated a wonderful career, yet I'm additionally anticipating what's to come."

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Society of Motor Manufacturers as well as Traders (SMMT) information has actually shown that light industrial lorries registrations fell to their lowest level in a years throughout October.

LCV enrollments were down 18.4% at 22,366-- the worst efficiency for the month given that 2012-- as supply shortages remained to restrict global manufacturing and availability.

The result left October 16.5% behind the pre-pandemic five-year average as well as the field down 19.9% year-to-date at 235,962 units.

SMMT chief executive Mike Hawes stated:"The UK's van market continues to be bound by supply lacks in the middle of tough operating problems, which will likely continue into 2023, easing over the course of the year.

"Demand for absolutely no exhaust vans stays robust in spite of these obstacles, but a successful internet absolutely no shift will call for measures targeted at lasting operator confidence."

Last week AM reported that the UK automotive sector continues to be on program to deliver its lowest brand-new auto enrollments amount to given that 1982, in spite of a 26.4% growth in October.

Hybrid and battery electric cars (EV) drove the year-on-year uplift in car enrollments to 134,344 units, accelerating quantities on a poor October 2021 when deliveries dropped by 24.6% year-on-year, with battery electrical vehicles (BEV) enhancing 23.4% to 19,933 and also plug-in hybrids (PHEVs) by 6.2% to 8,899.

In the van market, battery electric car (BEV) climbed 52.5 %year-on-year in October to represent 7.6% of the market-- up from 4.1% in the very same month in 2014.

Shipments of the most prominent big vans considering greater than 2.5 tonnes declined by 7.6%, while registrations of mid-weight cars weighing as much as 2.5 tonnes fell by 50.7% and also those considering 2.0 tonnes or under by 80.7%, nevertheless.

The efficiency has led the SMMT to downgrade its expectation for full year 2022 to 290,000 devices-- down 18.5% on 2021 and also 20.8% on 2019.

While the LCV market is anticipated to rally in 2023 to 330,000 systems, and up to 351,000 units throughout 2024, these total amounts would still be listed below pre-pandemic levels.

Ford signed up the biggest variety of LCVs in October, with its Transit Custom leading the enrollments league table, closely complied with by the Transit.

The Vivaro Electric stays the UK's very successful electrical van with 3,254 sold in the initial 10 months of the year.

The success of this model has assisted Vauxhall stay the nation's best-selling e-LCV manufacturer thus far this year, along with being the 2nd biggest-selling LCV maker overall.

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Another near doubling of new automobile enrollments from Ford was led by the doomed Fiesta hatchback throughout October, Society of Motor Manufacturers as well as Traders (SMMT) data shows.

The blue oval delivered 94.7% more cars than in October 2021 last month to lead the market with 13,295 registrations, with the long-time hatchback preferred leading the very popular car rankings with 4,230 devices.

It suggested that the Fiesta-- dealing with the axe from the brand's version line-up in 2023-- made the difference as Ford accelerated ahead of market competing Volkswagen with 108,072 enrollments year-to-date, versus 104,975 for the German OEM.

Despite falling behind Ford-- up 1.9%year-to-date-- Volkswagen expanded its October enrollments by 41.5%, to 12,804 units, in October yet continues to be 19.5% down year-to-date.

Numerous carmakers expanded their registrations quantities by over 100% last month as the sector provided 26.4% development on a stark October 2021 which experienced a 24.6% year-on-year decline.

Cupra was up 104.9% to 1,543 devices, Land Rover 103.4% to 3,275, while MG continued its march to development with volumes up 103% to 4,749 units.

The VW Group's fastest-growing brand name continues to supply significant development following the launch of its Born electric vehicle (EV), which is currently the subject of a long-term road test by AM editor Tim Rose.

Its development appears to be coming to the hinderance of sis brand Seat, however, which experienced an additional 38.4% decline (to 1,532 devices) in October to leave its annual registrations down 54% at 18,463 year-to-date.

Cupra's year-to-date enrollments are now up 94.4% at 12,016, with a similar 0.9% market share to VW brand Porsche, which has seen its registrations climb 35.8% to 13,155 in the very same duration.

Amongst the essential year-to-date market share victors are: MG, at 3.2%; Tesla whose sales have actually increased 45.4% to 32,229, causing a market share of 2.4%; Kia, up 9.3% YTD to 89,146, to supply a 6.64% share; as well as Hyundai, up 19.5% YTD at 69,757 with a market share of 5.2%.

Scottish car retailer Eastern Western Motor Group has reported a 102.5% uplift in pre-tax profits and 23% revenue growth in its annual financial results for 2021.

PBT rose to £32 million (2020: ££15.8m) as turnover grew from £665m to £818m at the Edinburgh-based AM100 franchised car retail operation which grew its Nissan representation with the acquisition of Alex F. Noble during the 12-month period to December 31.

The results follow a 33% rise in profits during 2020 despite a 14.1% decline in revenues from £774m in a heavily COVID-impacted 2020.

In its 2021 results statement the business said increases in new and used vehicle sales had combined with “a significant increase in retained margins” to deliver the majority of its uplift in profitability.

Back to business

New car sales volumes grew by 9.6% year-on-year on a like-for-like basis, Eastern Western reported, with used car sales volumes up by 19% as gross profit per unit ramped-up by 64.7%.

The report stated that the strong market recovery after the UK’s COVID-19 lockdowns had caused the business’s leadership team to question the supposed acceleration in consumer appetite for online car retail.

It said: “Demand in Q2 2021 and beyond, when the business re-opened fully, was very strong, introducing a large degree of scepticism into the argument customers are desperate for digital-only retailing experiences.

“Customer behaviour post-restrictions, suggested customers were delighted to be able to ‘shop normally’ again, using digital tools to enhance a physical experience rather than completely replace it.”

It added: “This might explain why traditional ‘bricks & clicks’ retailers have fared well at a time when digital disruptors have often struggled.”

Despite the scepticism Eastern Western said that it would be working with its OEM partners to improve its digital customer experience.

The group currently represents BMW, Harley Davidson, Honda, Kawasaki, Lexus, Maxus, Mazda, Mercedes-Benz, Mercedes-Benz Commercial Vehicles, Mini, Nissan, Smart, Toyota and Volkswagen across 37 franchise locations.

Portfolio expansion

Last month AM reported that Eastern Western had opened a new Volkswagen Van Centre, in Edinburgh, just weeks after being awarded the franchise.

The opening, its first within the VWCV franchise, represents one of a series of growth opportunities completed by the group during 2022, with more to come in 2023.

In February 2022 the business acquired Halbeath’s Car Village in Fife. The eight acre site contains seven car dealerships, including its own Honda, Nissan and Toyota businesses.

Last month, following an extensive refurbishment, it also opened a new Mercedes-Benz passenger car dealership on the site, to cover the Fife area of Scotland.

The three other dealerships on this site are currently let to other car retail groups.

In July, Eastern Western was appointed as Toyota franchisee for Stirling, following Arnold Clark’s exit from the network.

It is currently trading from a temporary Toyota facility alongside its Nissan and Honda dealerships in the city until a new facility is developed on the same site in 2023.

Group managing director Douglas Brown told AM that more expansion will follow in 2023, stating: “We will also be expanding further with two of our current manufacturer partners in three new geographical territories in late 2023.”

During the 2021 trading period Eastern Western made efforts to improve the terms of employment for its workforce amid rising inflation.

It experienced a 10.8% increase in administrative costs as it pursued a target of offering market-leading rates of pay as a result, it said.

Its financial results revealed an intention to focus on energy and furl cost savings to mitigate its burden in future.

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MEXICO CITY-- Formula One's regulating body got Red Bull to pay a $7 million penalty and also waive wind passage time as punishment for spending beyond your means the 2021 price cap by $1.8 million during Max Verstappen's first championship period.

The fines announced Friday at the Mexico City Grand Prix are unlikely to please Red Bull rivals, many of whom required harsh penalties varying from removing Verstappen of last year's title, a reduction in future Red Bull spending, as well as any type of punishment that would certainly injure the group competitively.

Red Bull has currently completed both a 2nd F1 title with Verstappen as well as the constructors' championship with three races remaining this season.

"They ache anyway, so it does not matter what you do," Verstappen said of those who asked for his champion to be removed.

Rather, the FIA as well as Red Bull pertained to terms on a monetary penalty and a decrease of just 10% of its allotted time in the wind tunnel in 2023. Red Bull has 30 days to pay the $7 million fine as well as a year to spread out its reduction of wind tunnel time.

Red Bull need to likewise pay the expenses incurred in the investigation.

Red Bull approved guilt in the FIA charge notification, however the regulating body noted "there is no complaint or evidence that RBR has sought any time to act in poor faith, dishonestly or in a deceitful manner, neither has it wilfully hid any type of information from the Cost Cap Administration."

Red Bull, though, discussed it as a clerical mistake as well as misconception of exactly how to use the prices in particular areas, amongst them: catering solutions, social safety contributions, traveling expenses and also exactly how they managed unused parts.

The cost cap was established as a competitors equalizer to prevent the bigger, heavily-funded teams from outspending the smaller sized organizations battling to maintain.

Competing team Mercedes has actually said that a monetary penalty will only urge others to also spend too much and pay the fine as punishment. McLaren president Zak Brown also created a letter to the FIA demanding rigid punishment for a crime he likened to disloyalty.

Brown said any kind of group condemned of spending beyond your means ought to be punished that very same quantity and deal with an equivalent reduction the next period, and also violating teams must experience in affordable locations.

"The lower line," Brown created, "is any type of group that has actually overspent has actually gained an unjust advantage both in the existing and also following year's automobile advancement."

Brown's letter incensed Red Bull principal Christian Horner, that has kept the spending infraction was minor however had emerged right into scandal.

"Suddenly we are attempted and also based on 3 weeks of efficient misuse. And after that to be seeing a letter implicating us of disloyalty as well as being fraudulent, it is just not right, and this has to quit," Horner said recently. "It is significantly disappointing for a fellow competitor to be charging you of dishonesty, to implicate you of illegal activity is stunning."

As to those that have actually called for Verstappen's 2021 title to be removed, he claimed there are lots of who will never ever accept his initial championship. Verstappen defeated Lewis Hamilton in a debatable surface developed when the since-fired race supervisor made a late race adjustment in method throughout the season finale that permitted Verstappen to pass Hamilton for the win as well as the champion.

"From my side I can (accept it), most likely they can not and will certainly never ever be able to which's an issue for them to take care of," Verstappen said.

___

More AP auto racing

HINWIL, Switzerland — German manufacturer Audi has chosen Formula One team Sauber as its factory works team when it enters the racing series in 2026.

Sauber said in a statement on Wednesday that Audi also plans to acquire a stake in the Sauber Group, although no financial details on the shareholding or the timing of it were given.

It was not immediately clear if Audi will run its own team or only supply engines to Switzerland-based Sauber.

“To become Audi’s official works team is not only an honor and a great responsibility,” Sauber F1 team principal Frederic Vasseur said. “It’s the best option for the future and we are fully confident we can help Audi achieve the objectives they have set for their journey in Formula One.”

Sauber’s title sponsorship with Alfa Romeo finishes at the end of next year. The team is in sixth place in the 10-team constructors’ championship, but is only one point ahead of Aston Martin with three races left this season.

Audi announced in August that it was entering F1 as a power unit supplier in 2026 in line with new engine regulations, and was widely expected to team up with Sauber.

Sauber will continue to use Ferrari engines until 2025.

Audi will then manufacture its own power unit in an era when there will be a greater emphasis on sustainable fuels and an increased electrical component in engines.

From 2026, the electric power output for the power units, consisting of an electric motor, battery, control electronics, and a combustion engine, will increase.

The electric motor will then be nearly as powerful as the combustion engine and the highly efficient 1.6-liter turbo engines will run on advanced sustainable fuel, which Audi says was a prerequisite for entry into the series.

“Audi is the best strategic partner for the Sauber Group," Sauber chairman Finn Rausing said. "It is clear that we share values and a vision, and we look forward to achieving our common goals in a strong and successful partnership.”

F1 president Stefano Domenicali said Audi's partnership with Sauber is further proof of how the series is becoming more attractive.

“The combination of those two names is a very exciting prospect for our sport,” Domenicali said. “It highlights the strong momentum that Formula 1 has and the belief in our strategy to further grow and enhance the sport while delivering on our sustainability plans to be net zero carbon by 2030 with advanced sustainable fuels in the cars in 2026.”

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The world's top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies.

The EV investment figure, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice the most recent calculation published just a year ago.

To put the figure in context, Alphabet, the parent company of Google and Waymo, has a market cap of $1.3 trillion.

Automakers have forecast plans to build 54 million battery electric vehicles in 2030, representing more than 50% of total vehicle production, according to the analysis.

To support that unprecedented level of EVs, carmakers and their battery partners are planning to install 5.8 terawatt-hours of battery production capacity by 2030, according to data from Benchmark Mineral Intelligence and the manufacturers.

Leading the charge is Tesla, where Chief Executive Elon Musk has outlined an audacious plan to build 20 million EVs in 2030, requiring an estimated 3 terawatt-hours of batteries. Musk in late October said Tesla already is working on a smaller vehicle platform targeted to cost half as much as the Model 3 and Model Y.

While Tesla has not fully disclosed its spending plans, such exponential growth - a 13-fold increase over the estimated 1.5 million vehicles it hopes to sell this year - will come at a cost of hundreds of billions of dollars, according to a Reuters analysis of Tesla's financial disclosures and forecasts for global EV demand, and battery and battery mineral production.

Germany's Volkswagen, while lagging behind Tesla, has ambitious plans through the end of the decade, targeting well over $100 billion to build out its global EV portfolio, add new battery "gigafactories" in Europe and North America and lock up supplies of key raw materials.

Japan's Toyota Motor Corp is investing $70 billion to electrify vehicles and produce more batteries, and expects to sell at least 3.5 million battery electric models (BEVs) in 2030. It plans at least 30 different BEVs and expects to transition the entire Lexus range to battery electric over that span.

Ford Motor Co keeps boosting its spending level on new EVs - now at $50 billion - and at least 240 gigawatt-hours of battery capacity with its partners as it aims to produce around 3 million BEVs in 2030 - half its total volume.

Mercedes-Benz has earmarked at least $47 billion for EV development and production, nearly two-thirds of that to boost its global battery capacity with partners to more than 200 gigawatt-hours.

BMW, Stellantis and General Motors each plan to spend at least $35 billion on EVs and batteries, with Stellantis laying out the most aggressive battery program: A planned 400 gigawatt-hours of capacity with partners by 2030, including four plants in North America.

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