Classic cars destroyed in an Essex barn fire
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The Sun
an hour ago
- The Sun
Struggling iconic car firm ‘asking to delay payments' – after axing hundreds of jobs at UK factory and £4billion losses
A STRUGGLING car brand has reportedly asked to delay payments to suppliers in a bid to free up funds. The company's new CEO has already confirmed it will be axing hundreds of jobs at a UK factory after reporting £4 billion in losses in the last financial year. 3 3 Nissan's Sunderland factory will be axing around 250 jobs as part of a "voluntary leave scheme" which allows employees to choose to leave their role with the company's support. Earlier this year the manufacturer announced 20,000 job losses, seven factory closures and a pause on all post-2026 new car development. It is all part of a restructuring project overseen by CEO Ivan Espinosa after he was appointed in April. Now, Reuters has reported that the major car manufacturer has asked suppliers to allow it to delay payments in an attempt to free up short-term cash. According to a source and emails seen by Reuters, Nissan has asked some suppliers in Britain and the European Union to accept delays in payments. This would give the company more cash on hand at the end of the April-June first quarter. Requests like this are not uncommon as a means of freeing up cash flow. In a statement, Nissan told The Sun: 'As we take quick actions under theRe:Nissan plan, we are leveraging the strong and flexible relationships we have built with our suppliers to ensure financial stability and maintain solid foundations for future success. 'With their full agreement, we have incentivised some of our valued suppliers to collaborate under more flexible payment terms, at no cost to them, in order to support free cash flow. 'As previously communicated, our cash position remains strong. We continue to cooperate with our valued suppliers across our operations, including in the UK, where we are looking forward together to the launch of the all-new Nissan LEAF and the arrival of our new e-POWER technology to Qashqai, the highest-volume car built in Britain.' While the deal could help the company in the short-term, they could be left with more to pay down the line. A source from the company told the reporter that June payments would be delayed until August 15, while some would be pushed until September. New Nissan Leaf tested - it's bigger, better and goes further These delays are not being forced on suppliers, but were sent as requests earlier this month. It is all part of Nissan's attempt to rebuild in light of their financial difficulties. The company hopes to have positive free cash flow by the 2026 financial year. In other emails, a director in the treasury department stated a target of freeing up $150million. Suppliers have allegedly been given two options. They can accept a delayed payment in return for a higher repayment with interest. Or they can be paid on time by HSBC, with Nissan paying the bank back with interest later. Nissan estimated that it could boost free cash flow by up to $59 million by extending payment terms. It comes as another major manufacturer has reported a loss on its Nissan Motor shares. Renault announced today that it will report a loss of about $11.2 billion in the first half after changing the way it accounts for the investment. After a two-decades long partnership, the French carmaker is trying to distance itself from the struggling business. Renault owns 35.7% of the company, and plans to assess changes in its value based on Nissan's share price, with no impact on its net income nor on dividends it pays out. Essentially, they are interested in how much the company is valued at, not its monetary worth. 3
Auto Express
an hour ago
- Auto Express
Car Deal of the Day: £238-a-month Kia Niro EV is less glitzy than an EV3, but a lot cheaper
285 mile-range; easy to drive Just £237.50 a month Nearly £100 a month cheaper than EV3 The new EV3 may be the Kia that's (rightly) in the spotlight right now, but don't forget the other electric car that has helped Kia to become a leading EV maker – the Niro EV. It may not have the EV3's new factor, but the Niro EV is still an excellent electric family hatchback – especially if you're new to the world of EV motoring. Add in the fact that the Niro costs around £100 less a month on lease than its glitzier sister, and it's a winner in our book. Advertisement - Article continues below First Vehicle Leasing is offering the Niro EV for just £237.50 a month right now, after an initial payment of £3,200.04. This 36-month agreement has a 5,000-miles-a-year cap, but this can be revised up to 8,000 for an extra £17.16 a month. This deal gets you a Niro EV in 2 spec. It's the lowest of the two-trim line-up, with the higher being – you guessed it – 3. The range has recently been rationalised and you can thank the EV3's arrival for that, probably. Still, 2 gets you 17-inch alloys, a 10.25-inch touchscreen with Apple CarPlay and Android Auto, sat-nav, rear parking sensors, a reversing camera, and a plethora of safety kit. Skip advert Advertisement - Article continues below The Niro also gets a 64.8kWh battery pack that's good for a claimed 285 miles. In our testing we've found 250 miles to be the most likely range you can get, which is still pretty good. The interior is well finished and has a design that's very similar to that of its EV6 big brother. It's roomy, too, with plenty of space for a couple of six-footers in the back, while the boot is huge at 475 litres. Fold down the back seats and this rises to nearly 1,400 litres, plus there are plenty of clever storage places such as a handy 'frunk' under the bonnet. The Car Deal of the Day selections we make are taken from our own Auto Express Find A Car deals service, which includes the best current offers from car dealers and leasing companies around the UK. Terms and conditions apply, while prices and offers are subject to change and limited availability. If this deal expires, you can find more top Kia Niro EV leasing offers from leading providers on our Kia Niro EV page. Check out the Kia Niro EV deal or take a look at our previous Car Deal of the Day selection here… Find a car with the experts Car Deal of the Day: 717bhp BMW M5 Touring super-estate on a tasty lease deal Car Deal of the Day: 717bhp BMW M5 Touring super-estate on a tasty lease deal The BMW M5 Touring is M car royalty, with a thoroughly impressive PHEV powertrain. It's our Deal of the Day for 29 June Electric car appeal is at its lowest since 2019 Electric car appeal is at its lowest since 2019 From poor electric car sales to crashes in F1, Mike Rutherford thinks its been a crazy few weeks in the automotive world New Skoda Epiq vRS to headline brand's hot-SUV onslaught New Skoda Epiq vRS to headline brand's hot-SUV onslaught Every future Skoda will get the go-faster treatment, with the brand also working on making cars sharper and more engaging
The Sun
an hour ago
- The Sun
I stayed in the UK's coolest hotel room – with racing simulators, a cocktail bar AND you can take the dressing gown home
IT'S the ultimate overnight stay for Formula 1 fans - from carbon-fibre wrapped furniture, original McLaren memorabilia and racing simulators to a bar with a private happy hour. I was the first person in the world to stay at the lavish suite at The Trafalgar St James in London's Trafalgar Square - created to celebrate 20-year partnership between Hilton and McLaren Racing. 12 Ahead of the British Grand Prix at Silverstone this weekend, petrol-heads can take the ultimate pitstop until July 20 with the two-room suite setting fans back £1,800 for the night. But with all the amazing extras included in the price I think it's actually worth every penny. The experience starts with a VIP welcome at the hotel where a luggage trolley with Jensen Button's racing helmet in the lobby sets the scene for the racing stay and you're handed a plush folder decked out in McLaren colours containing your room key and detailing all the extra special features of your stay. Then it's up to the first floor suite - dubbed room 20 to celebrate the partnership - and beyond the first door, lifesize photos of the 2025 McLaren drivers Lando Norris and Oscar Piastri line the hallway walls. The first door opens up into a vast 51-square-metre luxury suite with carbon-fibre wrapped furniture and a vast sofa and coffee table in the McLaren signature Papaya Orange colour. Sitting alongside it is yet more McLaren memorabilia including the racing helmets of former drivers Lewis Hamilton and Kimi Raikkonen as well as a vast flat-screen TV, ready to show the highlights of the latest Austrian Grand Prix. Ready to relax? The orange bathrobes are yours to keep - alongside slippers and silky eye masks. Fancy a quick snifter as you're getting ready for the night? There's a complimentary decanter of Jack Daniels and exclusively-designed orange glasses for you to indulge in. This Hotel is Home to the UK's Only Swim-Up Bar With a tot of the good stuff in hand, I ran a bath in the marble-clad ensuite, which comes complete with full-size Molton Brown toiletries you can take with you and a built-in TV. But for the real fans, it's the second door to an incredible 68-square-metre playroom that will be the ultimate treat. The 'Drivers Access Only' opens into a lobby stuffed with memorabilia - including racing suits and yet more boots and helmets worn by the current duo. And there's more fabulous freebies for guests here - two exclusive McLaren backpacks are yours to fill with the other merchandise that comes with your stay including Lego McLaren car kits, baseball caps and a pair of sunglasses. 12 12 Beyond, the room opens up to reveal two F1 racing simulators and a lounge area with a pit wall of TV screens and original McLaren F1 car seats to relax on. A high-end speaker comes complete with a QR code to a curated McLaren racing play list. But before you get settled into those racing seats, Hilton treats guests to their own personalised private happy hour with signature cocktails and snacks. Last Lap Lemonade featured Jack Daniel's, mandarin liqueur and ginger beer; Formula Jack combined more whiskey with fresh lemon juice, muddled blackberries and basil. But my favourite was the Podium Spritz with raspberry-infused Grey Goose vodka, Limoncello and prosecco. You'll have an hour to enjoy as many cocktails as you please - but the potent concoctions definitely didn't improve my driving skills! 12 12 12 While not included in the suite price, the Trafalgar St James' has two great restaurants for refuelling between laps. The Rockwell in the lobby features a tapas-style menu with reasonable prices for its central London location, dishes start from just £9. Right now there's a couple of McLaren-inspired specials including two chosen by the drivers. Lando's choice is a grilled chicken slider with slaw, avocado and sriracha mayo complete with sweet potato wedges and Oscar has gone from fillet steak with chimichurri, wild crispy rice and charred sweetcorn. And for a nightcap before we retired for a night of racing fun, the rooftop bar and restaurant offers unbeatable views of the London skyline including Big Ben to the London Eye. 12 12 After an incredible night's sleep alongside my racing heroes, there was one more amazing treat - signature smoothies based on the drivers' favourites alongside McLaren-branded Nutribullet blender you are also welcome to take home with you. You'll have plenty of time to enjoy more racing fun with a midday check out but tearing myself away from the intoxicating mix of hotel luxury and racing fun was no easy feat. The suite is the latest in Hilton's 'Stay Like' specials, inviting guests to relax like their favourite stars in immersive suites. Previous suites have included Stay Like Wicked at the New York Hilton Midtown adn the Stay Like An Infinite Icon at the Beverly Hilton in LA. While the suite is only at The Trafalgar St James' until July 20, rumours have it the F1 suite could pop up at other Hilton hotels across the globe. Also, Monaco Grand Prix' most expensive hotel room costs £69,000 and is filled with Ayrton Senna memorabilia. Plus, inside the unique Hilton hotel rooms overlooking the F1 grid at Silverstone and they only cost £108.
