How updating business cards has created a $200m Australian business
An Australian start-up that is trying to become the default option as a business card for the digital era has pulled in major US investment that values the company at $200 million, after global user numbers surged to over 2.5 million.
It may sound like a simple idea, but Blinq has turned an entrepreneur's hunch that a dynamic digital contact profile could replace the centuries-old calling card, into a viable business that has just closed a $US25 million ($38.7 million) funding round, led by US-based Touring Capital.
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7NEWS
an hour ago
- 7NEWS
Hyundai expects an exodus of brands due to new Australian emissions regulations
Australia's stringent new vehicle emissions regulations are set to send a host of auto brands running from these shores, according to local Hyundai chief Don Romano. The ink officially dried on the federal government's New Vehicle Efficiency Standard (NVES) at the start of this year, bringing with it legislation designed to reduce the carbon footprint of the Australian car market. While the NVES came into effect on January 1, 2025, penalties won't start being accrued until July 1. The recent federal election brought with it some uncertainty about the NVES, with former Liberal leader Peter Dutton promising to scrap the legislation. However, in the wake of Labor's win led by Anthony Albanese, there's no longer any doubt about whether it will be enforced. Speaking to CarExpert at the launch of the pint-size Hyundai Inster electric SUV, Mr Romano said that many automakers will be caught off guard by the punitive new regulations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. 'When it comes down to NVES, there's going to be a lot of brands that are going to start falling apart because they're burying their heads in the sand,' said Mr Romano. 'They're not doing the math, they're not looking at just how much this is going to cost them to stay in business in Australia. 'I think you're going to see an exodus. You're going to see a number of brands that finally say 'I can't do it', unless the government that we just re-elected makes the decision to go in a different direction, which I think is unlikely given the election results.' Hyundai has backed the NVES from early in the piece, expressing confidence in meeting the Australian Government's tightening CO2 targets between 2025 and 2029. However, some of its rivals have been less supportive and others including Toyota have indicated that fines would ultimately be passed onto consumers in the form of price hikes. Having taken over as Hyundai Australia CEO just a few months ago, Mr Romano will lead the brand in its response to NVES with a focus on electric vehicles (EVs) and other 'future energy' initiatives. 'Let's do it like Europe, [where] they're just going, 'okay, we've got to live with it, let's deal with it'. And guess what we're seeing right now in Europe? A resurgence in EVs,' he said. While Hyundai is prepared to tackle tightening emissions regulations, Mr Romano still sees significant room for improvement in how policy is used to accelerate the transition towards greener forms of transport. 'What the government is doing is half-baked,' he concluded. 'They're pushing us to move to BEVs, only us. What they're missing, not just in Australia but everywhere, is the fact that the gas [petroleum] companies aren't being pushed to put in the charging infrastructure. 'If you were to do that, I think that resurgence would push even higher. Right now we're at 20 per cent BEVs in Europe, with a much more robust charging infrastructure. 'Once you start doing that, then you start getting economies of scale, and then all the costs start to come down. At that point you're going to see all the advantages of BEVs, and they'll be less expensive ultimately than an ICE vehicle. 'The only way to get there… is to have a more robust charging infrastructure that engenders a lot of confidence in buyers to buy.' Less than one in 10 vehicles sold in Australia last year were EVs (91,292 of more than 1.22 million), although that number was up 4.7 per cent on the previous year.
Sky News AU
an hour ago
- Sky News AU
Trade Minister Don Farrell pushes Trump administration to scrap ‘unjustified' tariffs on Australian goods
Trade Minister Don Farrell has expressed optimism that the Albanese government can secure the removal of tariffs imposed by the United States President Donald Trump. Sky News understands that a deal was initially struck to exempt Australia from US steel tariffs, but it was later scuttled by trade adviser Peter Navarro. Mr Farrell said that he would not 'speculate on what might or might not have occurred' but acknowledged he did offer a critical minerals deal. Mr Farrell told Sky News Sunday Agenda the trade barrier set up by President Trump was 'unjustified' and promised to keep pressing the case with senior officials. He held two meetings last week in Paris with Jamieson Greer, the Acting United States Trade Representative, and said negotiations were ongoing. 'I did meet Jamieson Greer. I met him twice, and that's on top of previous conversations I've had with him,' Mr Farrell said. 'The position I put to Jamieson Greer is that the tariffs that the United States have imposed on Australia are unjustified.' Mr Farrell noted that trade between Australia and the US is heavily tilted in America's favour — approximately $30 billion annually. 'There is no justification for the United States to impose tariffs on Australia…We want all of the tariffs removed, not just some of them removed,' he said. Mr Farrell confirmed that Mr Greer acknowledged any tariff decision would ultimately rest with President Trump. Prime Minister Anthony Albanese and President Trump are expected to meet on the sidelines of the G7 summit in mid-June 2025. 'These are ultimately decisions that the President of the United States will make,' Mr Farrell said. 'But I am certainly of the view that we have the opportunity to continue to talk… to put our case across that these tariffs on Australia are simply unjustified.' When asked whether it was up to Mr Albanese to land a breakthrough directly with the President, Mr Farrell said he was confident in the possibility of an exemption. 'I have the greatest confidence in our Prime Minister to push the Australian point of view on this issue,' he said. Mr Farrell also said he would continue to pursue open and 'honest discussion' with US counterparts, including Commerce Secretary Howard Lutnick, to secure a fairer deal. The opposition has criticised the Albanese government over the lack of progress, pointing to a recent deal that saw the United Kingdom secure a 50 per cent reduction in steel tariffs from the US. Mr Farrell did not confirm whether Australia could achieve a similar arrangement but insisted that his position — demanding full removal — was principled and justified. 'We're buying more than we're selling to them,' he said. 'It doesn't make any sense at all to impose a tariff on Australia.'
Perth Now
an hour ago
- Perth Now
Expert Insights: Q&A with FCAI chief executive Tony Weber
Australia's first federally mandated automotive emissions legislation, known as the New Vehicle Efficiency Standard (NVES), is now upon us. The NVES officially began on January 1 and there's now less than a month to go before auto brands start accruing financial penalties for exceeding increasingly stringent CO2 limits determined by vehicle type from July 1. Intended to reduce the CO2 emissions of Australia's new-vehicle market overall by incentivising the uptake of more efficient vehicles, the scheme will also award credits to automakers that sell zero- and low-emissions vehicles, creating somewhat of a carbon trading system for the local auto industry. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Supplied Credit: CarExpert Needless to say this has caused significant friction in the industry, between brands that sell only electric vehicles (EVs) such as Tesla and Polestar, which are members of the Electric Vehicle Council (EVC), and brands that do not. In this exclusive interview with the chief executive of the Federal Chamber of Automotive Industries (FCAI), Tony Weber, the head of the organisation that represents most auto brands in Australia, outlines several problems with the NVES. These include the potential for higher prices for some new vehicles, which the FCAI says could throttle sales, force owners to keep their existing vehicles for longer and slow the total emissions reduction of the 'carpark' of vehicles currently on our roads. The NVES is a policy that aims to reduce emissions from Australia's light vehicle fleet by setting emissions targets for new vehicle sales. Manufacturers that exceed the targets must pay penalties or adjust their model mix to meet future targets. The FCAI has long advocated for an emissions reduction scheme that is ambitious in scope. The scheme must recognise current and projected consumer demand, as well as the unpredictable nature of future technological breakthroughs. Supplied Credit: CarExpert The NVES provides the impetus to supply low-emission vehicles to the Australian market. The great unknown is consumer demand for these products. But the NVES, an extremely ambitious scheme, could result in a lower-than-anticipated uptake of low-emission technologies, which could encourage consumers to hold onto older vehicles for longer. This could have the opposite effect of increasing emissions rather than achieving the policy objective of reducing emissions, while making new cars more expensive. The NVES has already led to the withdrawal of certain internal combustion engine (ICE) models. At the same time, several new market entrants have entered the market in 2024 and 2025, lifting the number of EV models to more than 90. Supplied Credit: CarExpert We expect brands to continue reviewing their product lineups in light of NVES targets and consumer demand. Brands will consider the most efficient mix of low-emissions technologies, including hybrid, plug-in hybrid (PHEV), and battery electric vehicle (EV) offerings. Most important is the Australian consumer's ability to continue accessing the vehicle models and powertrains they want at prices they can afford. It will be up to individual OEMs [automakers] to make decisions on how they manage the cost of compliance across their fleets. This includes adjusting their model mix, purchasing credits, or factoring in the risk of penalties. Many consumers rely on vehicle segments that lack practical EV options and will hold onto their existing vehicles for longer. The large commercial vehicle, large SUV and small vehicle segments are examples where the range of pure battery-electric or plug-in hybrid versions is still limited. The model was produced as an indication of the potential impact of the proposed NVES at that time in 2024. It assumed that if 2023 sales were replicated in 2025 and the out years under the proposed government scenario, there was the potential for significant penalties to apply. Supplied Credit: CarExpert Since that model was produced, legislation was changed and passed in May 2024. OEMs are responding to the NVES by increasing the number of zero- and low-emission vehicles in the market. Given the current level of consumer demand for EVs and their limited availability in a number of vehicle segments, we are concerned about upward price pressures on vehicles as fines accrue under the NVES. Price is just one element buyers consider when purchasing a vehicle. Buyers correctly examine the total cost of ownership (TCO) when buying a car. The TCO includes purchase price, fuel costs, insurance, maintenance and resale residuals. As the scheme commences on July 1, 2025, the need for modelling will be offset by sales data, which will provide real-time information about the scheme, including the accrual of credits and fines. EV ownership costs are predicated on several factors, including fuel costs, purchase price, residual value, insurance costs, and maintenance. Focusing solely on potential savings from fuel costs is misleading. It's too early to predict how credit trading will impact the market, as the decisions of individual OEMs will ultimately drive it. However, given the current demand for EVs among consumers, it's unlikely that sufficient credits will be generated to offset the accumulated debits over the years of the scheme from 2025 to 2029. While there's an increasing number of EV models available in Australia, several segments including large SUVs, LCVs and some small vehicles still have limited EV options. Supplied Credit: CarExpert Without suitable models, consumers may hold onto older vehicles longer, delaying overall emissions reductions. A more balanced transition is necessary to allow technology to catch up, ideally incorporating all forms of zero and low-emission vehicle options. Recent sales data indicate that consumers are increasingly turning to hybrid and plug-in hybrid vehicles as a transitional step toward full battery electric vehicles. Still, these vehicles are unlikely to meet NVES targets after the initial stages of the scheme. In general, the FCAI advocates a technology-neutral approach to transport sector decarbonisation, allowing the market to determine the most efficient and effective method of achieving the government's ambitious carbon dioxide reduction goals. Emissions reduction targets should be approached by engaging all forms of emissions reduction technology. Based on prior analysis by our independent global expert, we expected EVs to account for around 11 per cent of new vehicle sales in 2024. However, the actual result was around 7.0 per cent. Despite the increased availability of EVs, this level of EV penetration is not likely to meet the NVES targets. Many Australians remain unconvinced about the suitability of EVs due to range limitations, charging concerns, and concerns about the total cost of ownership. Supplied Credit: CarExpert Australia's public charging network is underdeveloped, particularly in regional areas, creating range anxiety. In general, EVs remain more expensive than ICE vehicles. There are few options in key segments like utes, 4WDs and small vehicles. There is pressure on residual values, which can be a significant concern for private and fleet buyers. This might be a positive for potential buyers of second-hand EVs but an issue for buyers of new cars, which in turn reduces the number of vehicles entering the Australian market. Increased EV adoption will require significant [electricity grid] upgrades to ensure sustainability. High interest rates and cost-of-living pressures limit consumer purchasing power. Inconsistent federal and state policies create uncertainty for manufacturers. MORE: Australian Government set to make crucial change to emissions regulationsMORE: EV brand urges Australian Government to 'stay the course' on new emissions rules MORE: Customers to wear the cost of new emissions laws
