Brexit remains a problem of JLR.
Timing is everything. Amid the Brexit disaster, Jaguar Land Rover is working with global software, mobility and telecoms companies to create a smart city hub in Ireland. If this ever comes about on the scale envisioned, it will allow real-world testing of connected technology where self-driving vehicles share the streets with cars, pedestrians and cyclists. The testbed will be in the Limerick-Shannon metropolitan area at Shannon Free Zone, Shannon, Co. Clare. The future of Irish trade, political sovereignty and access to the EU is dependent on the resolution of Brexit. Jaguar Land Rover is the UK’s largest automotive manufacturer.
Brexit talks were stopped yet again today (Thursday) when head European Union negotiator Michel Barnier announced a member of his team tested positive for COVID-19. Significant gaps in the auto industry’s ability to plan still exist, with a lack of clarity on the nature of the UK-EU’s future relationship hampering the efforts of almost nine in 10 firms to prepare according to a trade group. A disastrous ‘no deal’ outcome, or failure to achieve workable deal for auto, would mean £47 billion hit to UK sector over next five years – on top of ongoing corona virus crisis costs, the auto industry claims. Ah, such is the price of failed ideologies grimly held by blind ideologues who ignore real consequences, economists and political scientists to their own detriment if not self destruction. (see AutoInformed – SMMT – Final Plea for Zero-Tariff Trade Deal As Brexit Negotiations Near End) Continue reading →
Porsche Q3 in Black at €437 Million Because of VW
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After the first nine months of the fiscal year 2020, Porsche Automobil Holding SE (Porsche SE), Stuttgart is making money again, albeit only at €437 million after tax (prior-year period: 3.52 billion euro). After the first six months of the fiscal year 2020, this figure had been negative at minus -€329 million.
Porsche SE’s positive result after tax basically comes from the profit from an investment accounted for at equity in Volkswagen AG of €505 million (prior-year period: €3.58 billion. Porsche Se is the largest holder of VW common stock). The business of the Volkswagen Group was affected by the Covid-19 pandemic in the first nine months of 2020 but made a recovery in the third quarter. Nonetheless both groups remain in difficult if not precarious financial positions. Continue reading →