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Bloomberg
an hour ago
- Bloomberg
'A Miserable Deal': Ex-EU Trade Negotiation on US Tariff Agreement
The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy. The pact was concluded less than a week before a Friday deadline for President Donald Trump's higher tariffs to take effect and was quickly praised by several European leaders, including German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, who called it "sustainable." J who was Director of International Affairs at the European Commission & Head of the EU Delegation to the WTO joined Stephen Carroll and Valerie Tytel on Bloomberg Radio. (Source: Bloomberg)
Forbes
an hour ago
- Forbes
Europe's Third-Best Selling Car Brand Is Who?
Strong Czech brand Škoda has swooped in to claim third in the first half-year car sales in Europe. ... More Photo: Škoda Auto. The third-best selling car brand in Europe so far this year is… Škoda Auto. Yes, Škoda. The 130-year-old Czech brand, part of the Volkswagen Group, clambered above mainstays like Peugeot, Citroen, Opel and Ford to sit in third place in year-to-date sales to the end of June according to both JATO Dynamics and automobile industry body EMEA. Sitting behind only Volkswagen and Renault, Škoda also managed to be third without a single model selling in the top 10, instead preferring strength across the board in combustion, battery electric vehicles (BEV) and plug-in hybrids. Škoda Auto delivered 509,400 cars globally (up 13.6%), including 409,100 in the Europe and the UK, and delivered a 10.4% rise in net revenue to €15.070 billion, on an operating profit of €1.285b (up 11.8%). The tightly run Czech ship managed an 8.5% return on sales, too (up 8.4%), putting the Volkswagen, Audi and Seat brands to shame beneath the Volkswagen Group umbrella. 'Škoda Auto is thriving, delivering solid financial results for the first half of 2025 despite significant challenges across our industry," Škoda Auto CEO Klaus Zellmer said. "Once again, we have achieved growth across our core KPIs and demonstrated that we are one of the most profitable automotive brands in the volume segment. 'It is notable that our success in the first six months has been spread across powertrains, confirming we are on the right course by offering freedom of choice in this era of transition. And our order numbers prove, that our EV strategy is also on track: More than 120,000 orders for our all-electric new Enyaq and Elroq models were made by end of June.' The Volkswagen brand retained its overall Number One sales spot in Europe for the first half of ... More 2025. Photo:. Volkswagen as a brand took its number-one slot with the support of big sales numbers from the T-Roc, the Golf and the Tiguan, despite the perennial big-selling hatchback Golf sliding 17% in year-to-date sales to sit fifth on the charts. France's Renault followed in second overall, with the Clio hatch comfortably outselling the Golf to be the second-biggest selling model overall in 2025 so far. Tesla was overtaken by China's MG over the same period, with its market share declining in Europe from 2.4% to just 1.6%, despite having its own factory in Germany, in a rising BEV market. BEV sales rose 25% in the first half of the year, to 1,193,397 according to JATO Dynamics, while PHEVs rose 24% to 597,588 sales, but the biggest stat was a 91% rise in sales of Chinese brands. Volkswagen has also kept its foot on Tesla's throat in the American brand's BEV stronghold, outselling it by 135,427 BEVS so far this year to Tesla's 109,262. And while Volkswagen's BEV sales are up 78% in 2025, Tesla's have slid 33% backwards. BMW has pushed its way into third place in BEV sales, with 94,468 (up 15%), though Audi (74,561, up 53%) and, particularly, Škoda (71,789, and up 147%) are aiming to slip past the Bavarian brand in the second half of the year. Tesla sales continue to slide in Europe, down 33% this year despite the Model Y finishing the June ... More sales month as the second strongest BEV. Photo: Smith Collection/Gado/Getty Images. It has been a surprise to some that the rise in the Chinese brands has not come at the expense of the Renault Group's budget Dacia brand, though, whose Sandero is the biggest selling car in Europe so far this year. It sold 128,842 buyers, according to JATO Dynamics, while the stablemate Clio (122,489) finished the half-time break in second and the Peugeot 208 (108,146) was third, followed by three Volkswagens (T-Roc, Golf and Tiguan). Dacia slotted its new Duster in at seventh (97,188), while the Peugeot 2008, Citroen C3 and Toyota Yaris Cross rounded out the top 10. It has been a difficult six months for the Stellantis Group, even though it held on to the second slot behind the Volkswagen Group and ahead of the Renault Group. Where the Renault Group has the Renault, Dacia and boutique Alpine brands, Stellantis has Peugeot, Citroen, DS, Fiat, Alfa Romeo, Lancia, Abarth, Maserati and Jeep brands to draw from. Only the Alfa Romeo brand has shown significant signs of sales life for the Stellantis Group in ... More Europe this year. PhotoL AP photo/Nam Y. Huh. It has bet the farm on Europe's BEV uptake, and so far, European customers aren't signing on. Only Alfa Romeo (up 33%), Peugeot (+6%) and Jeep (+2%) showed any signs of life from the Stellantis fleet. Renault was chased home by an energetic and creative Hyundai -Kia Group in fourth (with 540,917 sales) and BMW Group (including a surging Mini), with Toyota in sixth (478,686 sales). Mercedes-Benz ran a distant seventh (355,152), followed by Ford, the Geely Group and Nissan. Consistently the engine room of the European car market, Germany saw its H1 sales fall 13.8% this year, but it wasn't the worst. The Italian market dropped 17.4% to lead the market the wrong way, along with Belgium (down 16.4%) and Estonia (-14.5%). The leaders were Ireland (up 63.2%), Latvia (39.4%), Lithuania (32.7%) and Iceland (27.2%), while the major markets were lead up by Spain (13.9%) and the UK (3.5%).
CNN
an hour ago
- CNN
Oscar Piastri ‘took some risk' to win rain delayed Belgian Grand Prix
Oscar Piastri extended his Formula One drivers' championship lead after battling past McLaren teammate Lando Norris to win the rain-soaked Belgian Grand Prix on Sunday. The race at the legendary Spa-Francorchamps was delayed by more than an hour after heavy rain made racing impossible. But when action did get underway, it didn't take long for Piastri to impose himself on the race. The Australian started second on the grid, behind his McLaren teammate Norris. Due to the conditions, though, the race started under safety car supervision, with racing only getting properly underway after the fourth lap. It was during that first racing lap that the 24-year-old made his move, sling-shooting past Norris. 'I had to be committed. I got a good run out of turn one and then I could stay very close … it was not the easiest, there were a few moments but then I could stay super close out of there,' Piastri told Sky Sports about his brilliant start to the race. 'The actual overtake itself was reasonably straightforward. I could get ahead before the breaking zone but, yeah, the leading up to it took some risk.' Piastri then managed his tires well enough to fend off Norris as the track dried out from the previous deluge. In truth, Norris' strategy of picking more durable tires gave him a real chance of overtaking Piastri in the final laps, but a number of small errors and a slow pit stop extinguished that hope. He eventually finished over three seconds behind first place, but wasn't too frustrated. After the race, Norris noted how tricky it was to start from the front on a wet track, with his car having to go through water first which created a slip-stream for those directly behind him. 'It's tough to lead from the beginning,' Norris told Sky Sports after the race. 'Not saying I did the best job but, yeah, just seems like this weekend it was a headwind down that straight and just pretty much impossible to keep ahead. 'Nothing to complain about too much. It was a good race otherwise. I gave it a good shot, I was pushing hard but not enough.' Norris now finds himself 16 points adrift of Piastri in the drivers' standings, with the Australian now winning six races this year. Piastri said he was happy to get back on top of the podium having last won a race at the Spanish Grand Prix in June. 'I think the last couple of weekends I felt very good in how I've driven and the pace, but I've just not ultimately pulled it off,' he said. 'To finally get the win this weekend is a really nice feeling and I felt like, you know, qualifying wasn't the best, but the race I did everything as well as I could have and I'm very happy.' Ferrari's Charles Leclerc completed the podium on Sunday, finishing in a distant third. Next up is the Hungarian Grand Prix this weekend, with the McLaren teammates set to battle it out again.
