The UK government faces increasing opposition from car manufacturers over strict electric vehicle (EV) sales targets, citing weak consumer demand and financial strain on the industry, BBC News reports. A consultation on EV sales targets will be launched, though the government remains firm on the 2030 deadline to phase out new petrol and diesel cars.
The Chancellor has pledged “proper support” for the car industry as the Government phases out new petrol and diesel vehicle sales by 2030. Rachel Reeves confirmed a consultation is underway to review inherited plans, including potential fines for firms not meeting electric vehicle sales targets. She emphasised the need to balance the transition with maintaining investment and jobs in Britain, ensuring the automotive sector thrives during the shift to electric vehicles.
Jonathan Reynolds said he was ‘profoundly concerned’ about the impact of the policy following news Vauxhall owner would close a factory in Luton.
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Jonathan Reynolds will give a speech to the annual dinner of the Society of Motor Manufacturers and Traders at London’s Grosvenor House Hotel.
Carmakers said on Tuesday they will have to pay out nearly 6 billion pounds ($7.52 billion) in discounts and compliance costs to meet Britain's electric vehicle sales mandate for 2024. "Profitability and viability are in jeopardy and jobs are on the line," Society of Motor Manufacturers and Traders (SMMT) CEO Mike Hawes warned in a statement. Prime Minister Keir Starmer's spokesperson said the Labour government will launch a consultation on changing Britain's zero-emission vehicle mandate, but will stick to a 2030 deadline for phasing out new petrol and diesel car sales.
The closure of Vauxhall's Luton van plant is a car crash for the 1,100 workers who could lose their jobs and threatens to trigger a pile-up for a government facing acute pressure from manufacturers over its plans to transition to an electric-only future.
Exclusive: The 71-year-old, who left in 2000, says he has three priorities to revive the supermarket chain for a second time
Here's what we know about 'the biggest reform to employment support for a generation'
Chancellor Rachel Reeves promised that her Budget would “fix the foundations” of the UK economy. But businesses warn the reality is the opposite.
STORY: Tesla's electric vehicles would likely not qualify for California's new state tax credits.That's under a proposal in the works if President-elect Donald Trump scraps the federal tax credit for EV purchases.The update came from the state's Governor Gavin Newsom's office on Monday (November 25).It prompted Tesla shares to close down 4% and fall another 1.2% in after hours trading.Reuters reported this month that Trump's transition team is considering eliminating the federal tax credit of $7,500 for EV purchases.Tesla CEO Elon Musk, a close Trump adviser, sharply criticized the idea of barring the automaker from EV subsidies.He wrote on X in response "Even though Tesla is the only company who manufactures their EVs in California! This is insane."The state faces financial headwinds, with an estimated $2 billion budget deficit next year.EVs account for 22% of California car sales.But Musk and Newsom have clashed over a number of state policies.These include the shutting of Tesla's Fremont factory during the pandemic.And California's approval of a bill on transgender kids.In 2021, Tesla moved its headquarters from California to Texas.Musk said this year that his other companies such as SpaceX and social media platform X will follow suit.
Soho’s famed Groucho Club has been served with notice of a licence review after allegations that the venue has been associated with “serious crime”. As a result, the club has now temporarily closed.
French cognac maker Hennessy has suspended a plan to bottle its brandy in China to avoid import tariffs, staff briefed by management said on Tuesday, after hundreds of workers went on strike last week to protest the move. Hennessy, owned by luxury group LVMH, had said it was exploring options to deal with antidumping measures imposed by Beijing last month, including shipping cognac to China for bottling to circumvent tariffs. The company told unions and employee representatives on Monday it had dropped the plan after a meeting last week between the French and Chinese presidents in Brazil allowed talks on the issue to resume, said Mathieu Devers, a Hennessy technician and employee representative.
Foreign carmakers are at risk of losing up to US$20 billion in profit annually in China, amid intensified competition with domestic producers and a rapid market shift toward electric cars and smarter vehicles, UBS Investment Bank says. Paul Gong, the head of China automotive research at UBS, said diminished demand for foreign brands will lead to an overcapacity of 10 million vehicles. "We think foreign automakers need to re-evaluate and adjust their strategies [in China]," he said at a seminar i
STORY: Volkswagen will exit its controversial plant in China's Xinjiang region.It comes after years of investor pressure to abandon its presence there.Rights groups have documented abuses including mass forced labour in detention camps.Beijing denies any such abuses.VW and its Chinese partner agreed to sell the asset to a Shanghai government-owned buyer.The transaction value of the deal was not revealed.The significance of the plant, which used to assemble Volkswagen's Santana vehicle, has dwindled in recent years.The German carmaker cut jobs at the plant, leaving about 200 employees to conduct final quality checks and hand over vehicles to dealers in the region.VW has denied reports that it kept the plant open as a condition from Beijing to keep producing across China.The decision to free itself from the plant comes as VW is battling to boost flagging sales in China, it's biggest market, amid intense competition and sluggish demand.Europe's car companies also have to contend with the impact of a potential trade war between Beijing and the European Union.That's after the EU imposed anti-subsidy import tariffs on China-made electric vehicles.
Rivian (RIVN) stock surges after reports from Bloomberg said Tesla (TSLA) has reached a "conditional" settlement with its electric vehicle (EV) competitor. Tesla accused Rivian of poaching employees to access proprietary information about its EV tech. Market Domination Hosts Julie Hyman and Josh Lipton break down the headline. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written by Naomi Buchanan.
One of Britain’s biggest pub chains has warned of a £100m hit after Rachel Reeves launched a raid on businesses in her tax-raising Budget.
The Biden administration is exploring a proposal to potentially include weight loss medications from pharmaceutical giants Eli Lilly (LLY) and Novo Nordisk (NVO) under Medicare and Medicaid coverage. Yahoo Finance Health Reporter Anjalee Khemlani explores how the Centers for Medicare & Medicaid Services' (CMS) plans to reinterpret existing statutory language that currently prohibits coverage of these weight-loss drugs. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Angel Smith
As global markets navigate through a mix of geopolitical tensions and economic optimism, U.S. indexes have approached record highs with broad-based gains, driven by positive labor market reports and stabilizing mortgage rates. In this dynamic environment, dividend stocks remain an attractive option for investors seeking steady income, especially as the Federal Reserve hints at potential interest rate cuts; here we explore three top dividend stocks yielding up to 8%, highlighting their...
Indian Prime Minister Narendra Modi said Thursday during a visit to Guyana that his government views Guyana as key to India’s energy security.
A veteran Inverclyde architect has been struck off for unnaceptable professional conduct.
