Japanese car manufacturer Nissan has confirmed that it will not be closing its Sunderland factory, following months of uncertainty surrounding a potential Brexit agreement.

Ashwani Gupta, Nissan’s chief operating officer, said that the agreed trade deal between the UK and the EU had created a positive environment, adding that: “Brexit gives us the competitive advantage not only within the United Kingdom but outside the United Kingdom also.”

As a result of the deal, Nissan also has plans to move electric battery production to the plant, which currently produced and imported from Japan.

Gupta said: “We’ve decided to localise the manufacture of the 62kWh battery in Sunderland so that all our products qualify [for tariff-free export to the EU]. We are committed to Sunderland for the long term under the business conditions that have been agreed.”

Some 27% of drivers aged 18-34 requested a payment deferral on car finance in 2020, according to Deloitte’s Global Automotive Consumer Study 2021.

With only 13% of drivers aged 35-54 requesting a payment deferral, and only 1% of over 55s, the data reveals that the financial implications of Covid-19 have been inconsistent across age groups.

Commenting on the divergence between different generations of drivers, Nathan Thompson, automotive director at Deloitte, said: “Our study shows that the youngest drivers are at least twice as likely to have deferred on car repayments as older generations.”

Concerning purchasing plans, one in five drivers have been forced to delay their next purchase in response to the pandemic and subsequent restrictions. 18% of consumers cited social distancing as a key requirement for vehicle purchase.

Growth in mobility services is anticipated to increase as the effects of the pandemic, which has hampered progression within the sector, begin to diminish.

The prediction, which comes from automotive technology provider Epyx, states that, despite widespread negative impact, Covid-19 has also facilitated increasingly imaginative future thinking.

Several mobility concepts rely on asset sharing, be it cars, public transport vehicles or forms of micro-mobility. Heightened awareness of viral transmission has dampened user appetite for shared forms of transport. Subsequently, progress across mobility has stagnated.

Explaining the pandemic-induced mindset shift, Debbie Fox, commercial director of Epyx, said: “The ways in which car usage patterns have been affected, the growth in home working and the widespread adoption of video conferencing are all likely to make mobility solutions appear more viable to a wider range of potential users.

Statement from MotoNovo:

It is with great sadness that we announce the passing of motor finance and industry stalwart Peter Landers. After a three week battle with Covid-19, Peter succumbed to this dreadful virus in the early hours of New Year’s Day.

A consummate professional Peter was well-known and respected across the banking, asset finance and motor finance industries and Advisory circles. His calm demeanour, in-depth industry insight, diligence and sense of humour earned him a broad circle of trusted friends and colleagues.

Mark Standish, chief executive of MotoNovo, reflects: “Peter was a gentleman and unflappable role model. As well as being a fantastic colleague during our time together at Bank of Scotland and MotoNovo, he was also a great friend over the last twenty-five years. Like I’m sure many, I will miss his wise counsel, unwavering support and expertise but above all else, his humility, caring nature and razor-sharp wit.”

With the Financial Conduct Authority (FCA) ban on discretionary question looming, AutoProtect Group have sought to provide greater clarity over several areas implicated in the regulatory changes.

The ban, which comes into place on 28 January, has raised particular confusion surrounding the potential for any limited discretion and ‘rules’ for lender selection that may be feasible.

Tara Williams, group chief risk and compliance officer at AutoProtect Group, sets the record straight: “The challenge for any discretionary pricing model is threefold: how could such a model be controlled acceptably to meet lender risk requirements? How would an acceptable level of discretion be established? And how could the FCA policies accommodate such a model?

“I know the dialogue has been continuing on this issue, but I think it is right to question the risk/reward of such an approach.”