What does the cryptic crossword clue "Vehicle maker in decline — that's true, according to reports (10)" mean?

The definition is "Vehicle maker". The wordplay uses a homophone (sounds like). homophone of (according to reports) WANE (decline) RIGHT (that’s true) The answer is WAINWRIGHT.

Vehicle maker in decline — that's true, according to reports (10)

Times Cryptic #28853 | 12 Down | 2024-03-01 flower

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