Latest news with #ChandChudasama
Auto Express
05-06-2025
- Automotive
- Auto Express
Tesla overtaken by China's BYD in the UK car sales charts
Chinese giant BYD has done what many a few years ago would have deemed impossible by overtaking Tesla in UK new-car sales last month, signalling the 'Build Your Dreams' brand is here to stay. In May, just over 3,000 new BYD models were registered in the UK – five times more than the same period in 2023. So far this year, the brand's top seller has been the Seal U hybrid SUV, which sits above the Atto 3, Seal and Dolphin EVs in the brand's model range. Advertisement - Article continues below On the other hand, only a little more than 2,000 new Teslas hit the road last month, meaning it's a third down compared with its main rival. Although BYD is still lagging behind Tesla for overall UK sales in 2025, it's not by that much; the Chinese maker has registered 14,807 models here since the beginning of this year, compared with Tesla's 15,002. In a statement, Elon Musk's EV brand was also keen to point out that while it is 33 per cent behind year-on-year in terms of new registrations, this is due to a switchover in production of the revised Model Y. Tesla says it's 'comfortably' been taking orders for the new car and while it does not pre-register new examples – meaning sales figures are severely down this month – it does expect a return to form in June. Skip advert Advertisement - Article continues below Chand Chudasama, partner at Price Bailey, an accounting firm with heavy experience in the automotive sector, said: 'While the shift to electric vehicles is gaining momentum, consumer sentiment remains fragile. Increasingly the switch to electric cars is being led by cheaper Chinese brands such as BYD at the expense of premium models like Tesla." Chudasama continued, emphasising that Tesla's momentum in the UK market will rely heavily on future trade negotiations between the US and UK; while cars imported here won't necessarily be subjected to tariffs like the ones inflicted on UK cars exported to the US, Tesla may in time be forced to raise prices in Britain in order to recoup some of the financial impact caused by additional duties. Advertisement - Article continues below All of this comes after what has been described by the UK's Society of Motor Manufacturers and Traders (SMMT) as a 'return to form' for the UK car market, with just over 150,000 new cars being registered last month – one-and-a-half per cent up on the same period last year. EV registrations accounted for 22 per cent of new-car sales in May, but at 21 per cent for the year so far, the electric car market share remains far behind the 28 per cent demanded by the UK's tough ZEV Mandate rules. SMMT chief executive Mike Hawes said: 'A return to growth for new car registrations in May is welcome, but manufacturer discounting on new products continues to underpin the market, notably for electric vehicles.' Hawes warned that such practices 'cannot be sustained indefinitely as it undermines the ability of companies to invest in new product development – investments which are integral to the decarbonisation of all road transport.' Next week, Chancellor Rachel Reeves is set to outlay the details of the government's Spending Review. This, the SMMT is hoping, will include a halving of VAT on new EV sales, cutting VAT on public charging to match that of home electricity and lifting the so-called 'luxury car tax' threshold for electric cars – all things the organisation believes will bolster sales. Buy a car with Auto Express. Our nationwide dealer network has some fantastic cars on offer right now with new, used and leasing deals to choose from... Find a car with the experts BYD's plug-in hybrid onslaught to be led by 124-mile secret weapons Plug-in hybrid tech looks like playing an increasingly important role in BYD's future, but expect more EV range, faster charging and better fuel econo… BYD beats Dacia, Honda and Citroen: Chinese EV giant already outsells 'big' UK brands EV sales were up slightly last month year-on-year, but overall car sales were down as buyers tried to dodge increased road tax Best new cars coming soon: all the big new car launches due in 2025, 2026 and beyond These are the most important new cars headed our way, from brands including Audi, BMW, Dacia, Ferrari, Ford, Skoda and more Best cars & vans 8 Apr 2025 Shanghai Motor Show 2025: what all the big car brands are up to The Shanghai Auto Show is now an established part of the automotive calendar – we've got a full list of show debuts New Kia Sportage breaks cover and it's sleeker than ever New Kia Sportage breaks cover and it's sleeker than ever Full specification and details have been announced for the UK version of Kia's big-selling mid-size SUV Car Deal of the Day: Get the Range Rover look for (a lot) less with the Jaecoo 7 for £244 a month Car Deal of the Day: Get the Range Rover look for (a lot) less with the Jaecoo 7 for £244 a month Jaecoo is another Chinese brand that has recently arrived in the UK, and its 7 SUV has made a bit of a splash. It's our Deal of the Day for 3 June. Car Deal of the Day: The Citroen C5 Aircross is a big car for a very small £208 a month Car Deal of the Day: The Citroen C5 Aircross is a big car for a very small £208 a month Its replacement may be waiting in the wings, but the current Citroen C5 Aircross is still a fine car. It's our Deal of the Day for 2 June.
Malaysian Reserve
23-04-2025
- Business
- Malaysian Reserve
YouGov poll commissioned by Price Bailey, reveals British businesses are more concerned about April tax rises than Trump tariffs
Business owners want lower taxes and interest rates while MPs more concerned about free trade LONDON, April 23, 2025 /PRNewswire/ — British businesses are more concerned about April's tax rises than the impact of Trump's tariffs, according to research by Price Bailey, a Top 40 firm of accountants. The research, commissioned by Price Bailey via YouGov and Censuswide, sampled over 100 MPs and over 700 business owners and board level executives. The data revealed that the primary concern of Business Leaders was reducing interest rates/inflation and the tax burden, whereas the two main priorities of MPs were ease of international trade and a skilled workforce. Asked to choose up to three business priorities from a list of 10, Business Leaders prioritised interest rates and inflation (38%), the overall tax burden (34%) followed by a highly skilled workforce (32%). The three principal business concerns of MPs were a highly skilled workforce (42%), ease of international trade (39%), then productivity (38%). Price Bailey says that the results reveal a gulf between what Business Leaders and MPs think Parliament should prioritise to deliver economic growth. Business Leaders are far more focused on issues that will deliver an immediate boost to the bottom line while the priority of MPs tends to be more long term and the benefits less immediately tangible. Chand Chudasama, Partner in the Strategic Corporate Finance Team at Price Bailey, comments: 'MPs and Business Leaders are at odds about what should be prioritised to deliver economic growth and create jobs. Costs have risen in recent years and the increase in employer National Insurance contributions have heaped further challenges onto businesses. In this context it is hardly surprising that businesses want immediate pain relief in the form of tax cuts and interest rates reductions.' 'The hike in National Insurance is also likely to contribute to inflationary pressures. It is effectively a double hit of taxation and cost increases – exactly the opposite of what businesses say they need to grow.' 'It is understandable that politicians, in balancing competing demands, can't always put the needs of business first. The reality, however, is that we need a strong economy to have well-funded public services. The Government has some very difficult decisions to make on public spending, tax and debt.' Chand Chudasama continues: 'Politicians seem to be less confident in Parliament than the Business Leaders. Government are often accused of short termism, so it is encouraging that they are prioritising issues intended to deliver longer term economic benefits but this may be at the detriment of near term growth.' 'While the new administration in the U.S. has brought international trade into sharp focus, it is the domestic economic policy levers which UK politicians have direct control over that are a much greater concern for UK businesses. Most businesses are less concerned about the prospect of tariffs than they are about the ease of running their businesses, that could trade globally, labour and overheads, access to capital and taxes.' Price Bailey says that the main point of convergence between Business Leaders and MPs is the need for a skilled and healthy workforce. It was the highest priority for MPs, with 42% choosing that option, while for Business Leaders it ranked third on 32%. Infographic:
