Iveco has closely coordinated Tata, Leonardo deals with Italian government
India's Tata Motors (TAMO.NS), opens new tab last week agreed to buy Iveco in a deal valuing it at 3.8 billion euros, while the Italian truck and bus maker separately agreed to sell its IDV defence business to Leonardo (LDOF.MI), opens new tab, giving it an enterprise value of 1.7 billion euros.
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The Independent
7 minutes ago
- The Independent
Electric car grants and discounts round up – Citroen first to get grants, while Vauxhall and Fiat are the latest with discounts
Citroen is the first car maker to offer discounts on its electric car range as part of the official government Electric Car Grants that were announced three weeks ago, with the eligible Citroen models now showing on the official government website as being available with grant money applied to the list price. Models including the Citroën e-C3, e-C4, e-C4 X and e-Berlingo are getting £1,500 off with immediate effect, with customers automatically benefiting from the discounts without having to do any paperwork. The upcoming e-C3 Aircross and e-C5 Aircross models are also set to get the same £1,500 discounts when they go on sale in the coming months. The first official discounts come three weeks after the government's announcement of the Electric Car Grant, and as news broke of a drop in car sales. Overall car sales were down five per cent in July, while there was a clear slow down in the rate of growth of EV sales. It had been expected that there would be a pause in electric car sales as buyers waited to see which cars would be eligible for discounts and which cars wouldn't. One car company executive, speaking anonymously to The Independent, confirmed that dealers were reporting customers cancelling orders until it was clear which cars were and which cars weren't eligible for grants.. The electric car grant was announced on Monday 14 July and went live on Wednesday 16 July. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon 'science-based targets' around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. As car companies grapple with the process involved in getting approval for the grants, many of them have introduced their own discount schemes to incentivise customers to keep buying their electric cars. The latest discounts come from Vauxhall and Fiat – fellow Stellantis brands to Citroen. Vauxhall is offering £1,500 off its entire range of Corsa, Frontera, Mokka, Grandland, Astra and Astra Sports Tourer, with additional benefits including up to £1,500 deposit contribution on zero per cent finance on some models, or a £2,500 deposit contribution towards finance on the Grandland. Vauxhall's 'Electric All In' offer of £500 towards a home charger or public charging also still stands. Fiat is offering £1,500 off its 500e, Fiat 600e, Abarth 500e and Abarth 600e all-electric models, with zero per cent finance still available on the 500e. Volkswagen Group brands VW, Skoda and Cupra have launched a 'Grant Guarantee' discount scheme while waiting for news from the government. VW is offering £1,500 off selected ID. 3 and ID. 4 all-electric models. 'We welcomed the Government's announcement of its Electric Car Grant and wanted to make sure customers could start benefitting from lower-cost electric motoring as quickly as possible. We have already seen an uplift in enquiries since the Government's grant was announced, which is great news for Volkswagen's electrification plans,' said Rod McLeod, Director of Volkswagen UK. Skoda is offering the same £1,500 discount across its Elroq and Enyaq model range, but not the Enyaq Coupe, while Cupra is offering £1,500 off many of its Cupra Born models. VW, Skoda and Cupra offers apply to cars bought during August and registered for the new 75 registration plate with deliveries starting on September 1. However, VW, Skoda and Cupra have all made it clear that if the government's EV grant comes through, the brands' Grant Guarantee scheme will end – customers won't be able to receive both. Last week, Volvo introduced a discount in lieu of any government grant, with £1,500 off any of the brand's EX30 electric models, even those that cost over the £37,000 limit. Smart also offered its own 'EV grant' with £1,500 off the whole range of Smart #1 and #3, in addition to existing incentives. That means you could save a total of £3,500 off a Smart #1, for example. Hyundai has its own electric grant, with the biggest discount available on Hyundai's smallest model. The Hyundai Inster – recently voted World Electric Car of the Year – gets a £3,750 'grant' bringing the entry-level car's price down to £19,755. There's still an additional £500 off if you go for Hyundai's low-rate PCP finance, too. The rest of the Hyundai electric car range, including models over £37,000, are also getting a £1,500 discount as part of the offer. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said: 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. Relatively unknown Chinese brand Skywell is also throwing its own EV grant of £3,750 on top of a £6,000 dealer deposit contribution if you buy the Skywell BE11 on finance. That brings the potential list price down to just £27,245 for the entry-level car. The BE11 is far from the best EV you can buy, but at that price it represents a lot of car for the money. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation.
The Guardian
31 minutes ago
- The Guardian
Italian government gives final approval for bridge linking Sicily to mainland
The Italian government has given the final approval for the construction of a multibillion-euro bridge linking Sicily to the mainland, a project that has been a topic of debate since at least the late 1960s but has been held back by a litany of concerns, including the huge cost, seismic risks and mafia infiltration. Giorgia Meloni's rightwing government has set aside €13.5bn to build what would be the longest single-span bridge in the world. A dream of Italy's late former prime minister Silvio Berlusconi and revived soon after Meloni's government came to power in 2022, the 3.7km bridge and its surrounding facilities are expected to take 10 years to build. Cars, trains and foot passengers currently cross the Strait of Messina, between the Sicilian city of the same name and Villa San Giovanni in Calabria, by ferry – a journey that takes about 30 minutes. The green light for the bridge, which the government argues would give a much-needed economic boost to Italy's poorer south, was given by an inter-ministerial committee on Wednesday, said the transport minister, Matteo Salvini, who is also the project's chief backer. Salvini described it as 'a metro over the strait'. Salvini said the approval would need to be validated by the national audit court, which could take a few weeks, but said he was optimistic work would begin 'in September or October'. 'The Strait of Messina is a project without precedent in the world,' Salvini told reporters. 'This goal is to complete by 2032-33.' Salvini added countering any attempt at criminal infiltration in the project would be the government's 'raison d'être'. 'We must monitor the entire supply chain to ensure it is impervious to criminals,' he said, adding if it was discovered that the mafia was involved then the bridge would not be built. It will be constructed by a consortium led by Italy's Webuild Group and including Spain's Sacyr and the Japanese group IHI. Pietro Salini, the chief executive of Webuild, said the project would be 'transformative for the whole country'. The company estimates the bridge's construction will create more than 100,000 jobs. The approval will allow for preliminary works, including archaeological and geological surveys, to be carried out. An estimated 4,000 people on either side of the strait will be forced to leave their homes as part of an expropriation plan. They will be compensated, but this has not been enough to stop frequent protests against the bridge's construction. Despite Berlusconi's attempts to approve the project during his three governments, it was rejected because of the high costs, engineering impracticability and the environmental impact. Environmental associations this week filed a complaint with the EU, flagging serious risks for the local environment, while Angelo Bonelli, an MP for the Greens and Left Alliance, said the plan was 'a colossal waste of money' and vowed to continue to fight against it. The area of the construction is also among those with the highest seismic risks in Europe.
Telegraph
38 minutes ago
- Telegraph
There are questions Beijing must answer about its Embassy plans
The saga of the new Chinese Embassy in London has reached its climax. Having bought the Royal Mint, a huge and historic site of more than five acres opposite the Tower of London, for £255m in 2018, Beijing is now developing it. Much of this building would be used for normal cultural and diplomatic purposes. But the plans include a vast basement with no obvious function. More concerningly, details of these plans have been redacted in Beijing's application. There are justifiable fears that the basement could become a high-tech centre for espionage, surveillance and monitoring of Chinese nationals. The basement might even include facilities where pro-democracy activists from Hong Kong could be interrogated. Lawyers for the Chinese are already exploring legal loopholes to extradite its opponents and rewards are offered to those who turn them in. The decision on granting planning permission now rests with the Housing Secretary. Angela Rayner is, of course, also the Deputy Prime Minister. As such she will be more concerned about global than local issues. Britain's economic dependence on China means that it seems most unlikely that Ms Rayner will refuse planning permission, apart from minor modifications. But it is welcome that she has at least asked for an explanation as to why the plans have been redacted. This is, however, an issue that transcends normal diplomatic relations. We cannot allow the largest embassy in Europe to be erected in such a strategic location in London without proper parliamentary and press scrutiny. Ms Rayner must elicit more information from the Chinese about what would go on inside their proposed basement. Until the Beijing authorities are more forthcoming about their intentions, the public is entitled to presume that they are sinister.
