Luxury Carmaker Bentley to cut 1000 Jobs | UK Market Update

  • Jun 05, 2020 BST
  • Team Kalkine

Strict lockdown measures have resulted in many buyers pulling back from the market concerned that their financial position might deteriorate in the future. According to the latest figures released this morning, average UK house prices saw a 'modest' fall of 0.2% during May, with early signs that market activity is beginning to pick up.

Luxury carmaker Bentley is to cut 1,000 jobs in the UK, about a quarter of its workforce. The company, which makes its cars in Crewe, is expected to offer workers the chance to take voluntary redundancy. The move comes as the car industry faces a sharp drop in sales due to coronavirus. Bentley has also struggled to be profitable in recent years. Bentley, which is owned by Volkswagen, declined to comment but is expected to make a formal announcement on Friday.

May 2020 saw UK plugin electric vehicle market share hit 16%, with the cumulative 2020 share now standing at 7.2%, almost triple 2019’s result. The Tesla Model 3 again takes the prize for best selling auto (of any kind) overall, maintaining the result from April. UK auto market volume was down 89% year on year, but auto dealers are now reopening for business, promising better results going forwards.

#UK #Bentley #jobloss #Kalkine

 


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The video has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above video is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.

 

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