Labour dealt major blow as petrol and diesel drivers take same action
Mike Thompson, chief operating officer at Leasing Options, said "there's been a lot of confusion around vehicles that will qualify for the new scheme, and we really hope the Government clears things up soon".
He added: "What we do know is that to qualify, the car needs to have a recommended retail price of £37,000 or less. That means straight away, popular models like the Tesla Model Y are off the table.
READ MORE State pensioners 'caught off guard' after becoming 'casualty' of HMRC
"On top of that, the size of the grant will depend on how sustainable the vehicle is. The greenest models could get up to £3,750, while band two models could be eligible for £1,500."
"There's also a safety element involved, and some brands won't qualify if they don't meet certain standards," he added.
"And when you consider that 54 per cent of people say cost is still the biggest thing holding them back from going electric, it's clear support like this is needed to make EVs more affordable for everyone," Thompson added.
Thompson said: "Right now, with the details of the Government scheme still up in the air, there have been reports of a lot of drivers holding off on EV purchases, hoping to take advantage of any discounts when the rules are clearer."
One motorist said: "I can buy an electric Mini made in Oxford and shipped to China for £6000 less than I can buy a similar car in UK. Electric cars in China are half the cost of similar cars here but the infrastructure is in place there for charging cars whereas in uk we are a decade behind especially in the rural communities. To charge an electric car in China costs between 10p - 20p but in Rip off Britain it's 9p a kw at home and sometimes up to £1 a kw in public…"
"Many people are waking up to that electic vehicles are not as economical and cheap to run as the government and car manufacturers have told us, and are still buying diesel and petrol car's," another wrote.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Major new US law could significantly impact Tesla's future — here's why it's the EV maker's toughest challenge yet
Thanks to the One Big Beautiful Bill Act, American automakers no longer need to meet fuel consumption standards or pay fines for exceeding limits on pollution they create. Those fines were once a significant source of revenue for electric vehicle manufacturers such as Tesla. What's happening? As CarExpert reported, President Donald Trump's July 4 signing eliminated penalties for automakers that don't meet fuel economy standards. These penalties were first introduced in 1975. The bill also signaled the end of federal tax credits of up to $7,500 for qualified new and used EVs, starting Sept. 30. Tesla has already been struggling this year, even before new concerns about revenue surfaced with the passage of this bill. The EV brand has been navigating a range of challenges, including declining sales, lost consumer loyalty due to CEO Elon Musk's polarizing politics, lawsuits, and safety concerns, particularly with its supervised Full Self-Driving technology and other autonomous features. This latest blow to the clean transportation revolution could hit Tesla even harder. Why are fuel economy fines important? Until now, automakers had been paying millions of dollars in fines annually to offset the harm caused by their dirty energy vehicles. Meanwhile, EV companies such as Tesla sold carbon credits to those automakers and collected revenue from multiple markets. Companies that make traditional gas-powered vehicles established trade relationships with EV companies to reduce their average fuel consumption figures and avoid fines. As a result, EV companies earned significant money from these payments, with high profit margins and extra funds to produce new EVs. However, now with this EV revenue boost eliminated, it signals a potential setback for the broader EV transition. If traditional automakers can produce cars that emit more toxic pollution with no financial repercussions, there is less incentive for them to transition to clean driving solutions in the future. What's being done to support EV automakers? While policy changes could change the way automakers do business, consumer demand is clearly still high for electric vehicles — and many countries will still have EV incentives in place after the federal tax credit for qualified EVs expires in the U.S. on Sept. 30. Fuel economy fines or not, owning an EV is still among the most effective ways to save money on your personal transportation and to curb your environmental impact. EVs dramatically reduce heat-trapping pollution over their lifespans since they don't release tailpipe exhaust. Research shows that the pollution you avoid by driving an EV quickly surpasses the cost of producing electric vehicles. Do you think Tesla can bounce back from its recent struggles? Yes It depends on Elon's actions I don't think it's struggling Nope Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Cantor Reiterates Neutral on Rivian (RIVN) Amid Weak Delivery Guidance and Margin Pressure
Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the On August 6, Cantor Fitzgerald analyst Andres Sheppard reiterated a Neutral rating on the stock with a $15.00 price target. Cantor has acknowledged that Rivian benefits from its Amazon commercial partnership, strategic joint venture with Volkswagen, and differentiated product offering including R1, EDVs, and the upcoming R2 vehicles. The R2 line is particularly going to act as a meaningful catalyst, driving higher customer demand due to a more competitive price point. The management is, however, discouraged by the company's FY25 delivery guidance. 'However, while management disclosed that it expects Q3 deliveries to be its highest for the year, we remain discouraged by the company's FY25 delivery guidance of 40,000 – 46,000 vehicles, which is lower than FY24 deliveries, and by the disappointing Gross Margin, which came way below expectations.' A fleet of electric vehicles in a cityscape, representing the companies success in urban transportation. The firm also discussed several factors driving their neutral stance, although it is excited about Rivian's emphasis on autonomy in the upcoming Autonomy/AI investor day in Q4. 'Overall, we remain Neutral in the near term, driven by lower delivery expectations, worsening macro conditions, tariff uncertainty, the removal of the $7,500 EV Tax Credit, and uncertainty regarding the company's autonomy and charging segments (which have yet to be quantified by management).' Rivian Automotive, Inc. (NASDAQ:RIVN) is an automaker that creates and manufactures electric vehicles, as well as software and services. While we acknowledge the potential of RIVN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Yahoo
an hour ago
- Yahoo
Sui Jumps 4% as Swiss Banks Expand Regulated Access for Institutional Clients
Sui's (SUI) price rose 4% in the past 24 hours to $3.82 as Swiss digital asset bank Sygnum expanded its offerings to include custody, trading and lending products tied to the blockchain for its institutional clients. The move means regulated investors in Switzerland can now hold, trade and borrow against SUI through Sygnum's platform, broadening access to the layer-1 blockchain's ecosystem. The bank's services are aimed at professional and institutional investors seeking exposure under Swiss financial regulations. Earlier this week, another Swiss institution, Amina Bank, said it had started offering both trading and custodial services for SUI. Amina described the step as making it the first regulated bank globally to support the blockchain's native asset. The announcements appear to have spurred market activity. CoinDesk Analytics data shows trading volume spiked to 36.45 million tokens over midnight, more than double the 14.31 million daily average, as buyers stepped in to defend a support zone between $3.72 and $3.74. That level has held since mid-July, suggesting short-term traders see it as a key price floor. SUI's daily gains track closely with the broader crypto market, as measured by the CoinDesk 20 Index (CD20), which climbed 4.5% in the past day. The token's monthly performance is also positive, up 7% over the past 30 days, but significantly lower than the broader market, with the CD20 up 24%. For institutional clients, the expansion of regulated access to newer blockchain projects like Sui represents more than just another trading option. It signals growing comfort among banks with integrating blockchain networks beyond the largest, most established assets. In practice, this could mean asset managers, corporate treasuries and high-net-worth clients have more ways to diversify holdings without leaving regulated frameworks. Sui, developed by Mysten Labs, aims to offer high-speed, low-cost transactions using a novel data structure called 'objects' to improve scalability. Wider access through banks like Sygnum and Amina could help it compete for developer attention and real-world applications. If demand for bank-mediated blockchain exposure continues to grow, Sui may find itself in a stronger position to attract not only speculative traders but also enterprise adoption. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data