Latest Energy/Automotive news bulletin | March 27th – Midday
UK production of battery electric, plug-in hybrid and hybrid cars fell -5.6% to 27,398 units in the month
London, March 27, 2025 (Oilandgaspress) –-UK car and commercial vehicle production declined -11.6% in February, to 82,178 units, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). Manufacturers turned out 10,787 fewer cars, vans, trucks, taxis, buses and coaches than in February the year before, with multiple factors at play, notably soft markets at home and overseas, model changeovers and plant restructuring.
Car Manufacturing:
| Feb 24 | Feb 25 | % Change | YTD 24 | YTD 25 | % Change | |
|---|---|---|---|---|---|---|
| Total | 79,907 | 73,814 | -7.6% | 162,904 | 144,918 | -11.0% |
| Home | 20,658 | 13,780 | -33.3% | 40,717 | 27,744 | -31.9% |
| Export | 59,249 | 60,034 | 1.3% | 122,187 | 117,174 | -4.1% |
| % export | 74.1% | 81.3% | 75.0% | 80.9% |
The overall performance reflects the challenges the sector faces globally. Measures are needed urgently to bolster the UK’s competitiveness and drive consumer demand. Yesterday’s Spring Statement by the Chancellor, which offered no support for the industry or consumers, represented a missed opportunity and will delay further the sector’s ability to deliver growth for the UK economy. The forthcoming Industrial and Trade strategies must, therefore, be fast-tracked to signal the UK is open for business, and the £2 billion promised by government via the Automotive Transformation Fund rolled out immediately.
Fundamental to growth will be a strong new vehicle market, one that is increasingly electrified. Government must support all elements of road transport in this transition by cancelling the VED Expensive Car Supplement for EVs, cutting VAT on public charging and new BEV sales, extending the Plug-in Truck Grant and introducing mandatory targets for infrastructure rollout. This would back the industry’s billions of pounds of investment in new factories, models and discounts, and embolden consumers and operators to make the switch. . Read Related News
US President Donald Trump slapped a 25% tariff on all auto imports starting next week, with auto parts to follow by 3 May 2025, sending shockwaves through global markets. The move drew swift condemnation from European leaders and industry stakeholders.
The White House defended the decision on national security grounds, citing continued risks posed by foreign automotive imports to the US industrial base. “I find that imports of automobiles and certain automobile parts continue to threaten to impair the national security of the United States and deem it necessary and appropriate to impose tariffs,” the White House statement said. The reaction across the Atlantic was swift and severe. German Economy Minister Robert Habeck called for a strong and unified European response, stating: “The EU must now give a firm response to the tariffs—it must be clear that we will not back down in the face of the USA.” . Read Related News
Repsol joins forces with Schroders Greencoat, the specialist renewables manager of Schroders Capital, as a 49% partner in a 400-megawatt (MW) wind and solar portfolio, valued at €580 million. The portfolio includes eight wind farms, totaling 300 MW, in the northern Spanish provinces of Huesca, Zaragoza, and Teruel. The agreement also includes two solar plants, totaling 100 MW, in the province of Palencia. All the assets are expected to be operational during the first half of 2025. The closing of the transaction is subject to administrative formalities by the purchaser. This agreement is a further step in Repsol’s strategy for the renewable power business, which focuses on optimizing the financial structure and profitability of the projects by incorporating partners into the assets to maximise value generation and ensure double-digit returns. Repsol will maintain control of the assets. As part of the transaction, in December 2024 Repsol arranged a long-term syndicated loan financing of €348 million with BBVA, Crédit Agricole CIB, Banco Sabadell, and the Official Spanish Credit Institute (ICO)... Read Related News
NEO Energy (“NEO”) today announces a strategic merger with Repsol Resources UK (“Repsol UK”), creating a leading independent producer in the North Sea (the “Transaction”).
Under the terms of the Transaction, the combined business will be jointly owned by NEO (55%) and Repsol UK (45%) and have a large and diverse asset portfolio which is expected to generate material cashflows and provide a platform for organic and inorganic growth. Repsol will retain USD1.8billion of the decommissioning liabilities related to its legacy assets, enhancing the cash flows of the combined business.
The combined group will be renamed NEO NEXT Energy Limited (“NEO NEXT”) and is expected to become one of the largest producers in the region. Completion of the Transaction remains subject to approvals from the relevant authorities and regulatory consents and is expected during the third quarter of 2025. . Read Related News
Donald Trump’s decision to slap tariffs on imported cars has crashed U.S. car stocks with major brands feeling the sting. Shares of General Motors were down 8% in after-market trading after the announcement was confirmed.
Meanwhile, the stock price of American car giant Ford was down by around 4.5%. After the President’s statement, share prices in Toyota, Honda and Hyundai all fell between 3% and 4%. Elon Musk’s Tesla was also rocked with share prices down 1.3% after the policy was confirmed on Wednesday afternoon. Read Related News
Just Stop Oil has announced it is to cease direct action, with a final protest in Parliament Square on April 26.
In a statement issued on Thursday, the group said: “Just Stop Oil’s initial demand to end new oil and gas is now Government policy, making us one of the most successful civil resistance campaigns in recent history. “We’ve kept over 4.4 billion barrels of oil in the ground and the courts have ruled new oil and gas licences unlawful.
“So it is the end of soup on Van Goghs, cornstarch on Stonehenge and slow marching in the streets. But it is not the end of trials, of tagging and surveillance, of fines, probation and years in prison.” JSO added: “As corporations and billionaires corrupt political systems across the world, we need a different approach. We are creating a new strategy, to face this reality and to carry our responsibilities at this time. Nothing short of a revolution is going to protect us from the coming storms.” Read Related News
The UK could plunge into an economical crisis in a matter of days due to the threat of US tariffs, the financial watchdog warned. Rachel Reeves delivered her Spring Statement yesterday, announcing major cuts totalling around £14 billion. But the Office for Budget Responsibility (OBR) said that the chancellor may be forced to make further cuts as the threat of of Donald Trump’s proposed tariffs on the UK loom. The US president announced on Wednesday a 25% import tariff on all cars. He added that the measure will come into effect on April 2 and charges on businesses importing vehicles will start the following day. While taxes on car parts are set to begin in May or later, the OBR also warned against the threat of US tariffs on UK exports of up to 20%, which are expected to be announced this Tuesday on on what Trump called “liberation day”. This could wipe of 0.6% off GDP (gross domestic product) growth by 2026, increasing to 1% if the Government retaliated with their own tariffs. . Read Related News
Dacia Bigster reveal elevated essentials
Bigster delivers more Dacia. This all-new vehicle makes C-SUV performance affordable once again.
More style, with a design that goes straight to the essentials, sturdy and spacious, with a range of additional features for the most demanding customers, including two-tone body colour and 19″ wheels.
More technology, with electrified powertrains, a 10.1″ central touchscreen, digital instrument panel, and a power tailgate.
More comfort, with exceptional interior space, optimised acoustic insulation, dual-zone air conditioning with rear air vents, a panoramic opening sunroof, power driver seat, as well as a multimedia system with six speakers and Arkamys 3D Sound. Not forgetting the intelligent YouClip system.
More load capacity, with a spacious boot, modular roof bars, and a 40/20/40 bench seat for carrying long objects with four occupants in the car.
More versatility, with real off-road capability and a 4×4 version for the most demanding customers.
With Bigster, Dacia is staying true to its values, delivering the best value for money on the C-SUV segment. Read More
SMMT response to President Trump tariff news
Today’s announcement by President Trump is not surprising but, nevertheless, disappointing if, as seems likely, additional tariffs are to apply to UK made cars. The UK and US auto industries have a long-standing and productive relationship, with US consumers enjoying vehicles built in Britain by some iconic brands, while thousands of UK motorists buy cars made in America.
Rather than imposing additional tariffs, we should explore ways in which opportunities for both British and American manufacturers can be created as part of a mutually beneficial relationship, benefitting consumers and creating jobs and growth across the Atlantic. The industry urges both sides to come together immediately and strike a deal that works for all. Mike Hawes, SMMT Chief Executive
US-UK Key Data
The US is Britain’s second largest car export market after the EU, with more than 101,000 units shipped in 2024, representing 16.9% of cars exported.
UK passenger car exports to the US were worth £7.6 billion in 2024.
UK car exports to the US are mainly premium and luxury cars.
US passenger car imports to the UK reached 18,000 units in 2024. Read More
Horisont Energi (EURONEXT: HRGI) has today published its annual report for 2024.
2024 marked a year of transition for Horisont Energi, as a slowdown in the green transition had an adverse impact on project timelines. Despite these challenges, the company has achieved commercial progress, strengthened strategic partnerships, and streamlined operations to support long-term value creation.
2024 Key Business Development Activities
Obtained status as EU Project of Mutual Interest (PMI) for the Gismarvik CO2 hub
Extended option agreement with Haugaland Næringspark for the realisation of the Gismarvik CO2 hub.
Reservation of power supply confirmed by Fagne 10 MW covering the first phase of the Gismarvik CO2 hub project.
Collaboration agreement for the Norway-Netherlands CO2 corridor with ECOLOG.
Joined new industry coalition to develop green fuels and CO2 corridors and connect Portugal and Northern Europe, led by Madoqua Renewables and featuring leaders like Cargill, Mitsui and Siemens.
Decision on Concretisation (BoK) for Polaris extended until May 2025 – seeking new operating partner.
Subsequent Events
Signed the first term-sheet (non-binding) for gas supply from the Snøhvit LNG facility at Melkøya in Northern Norway passing a milestone for the Barents Blue project.
Progressing partnership dialogues to develop the Barents Blue project after Fertiberia exited in Q1 2025.
Signed ammonia sales term-sheet (non-binding) with European energy group.
Financial Highlights
Reported income of NOK 4.0 million, primarily paid feasibility studies for the Gismarvik CO₂ hub project.
Operating loss reduced to NOK 115.4 million compared to NOK 203.0 million in 2023, reflecting cost measures.
Cash and equivalents at NOK 82.3 million at year-end compared to NOK 200.4 million in 2023.
Currently funded to complete planned project development into 2026, assuming that additional activities related to the next phase of the projects will be financed through successful completion of ongoing and planned financing processes. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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