Latest news with #SocietyofMotorManufacturers
Auto Express
2 days ago
- Automotive
- Auto Express
UK transport funding cut by 5% but there is some good news for drivers
Government spending on transport is set to be reduced following the recent spending review. However, more cash has been set aside to fund the UK's continued transition to electric vehicles, plus to maintain and repair the nation's decaying road network. Chancellor Rachel Reeves has just set out the government's spending plans until the next Parliament in three years' time, and while funding for the National Health Service will increase by three per cent year-on-year until 2028/29, the Department for Transport's day-to-day spending will be cut by as much as five per cent. Advertisement - Article continues below This is the second-largest department cut as a result of the Spending Review, followed by the Foreign Office, which is seeing a 6.9 per cent reduction in spending, mostly on foreign aid. However, despite there being less overall funds available, the Treasury now says it plans to invest £1.4 billion over the next three years into turbocharging the UK's transition to electric vehicles. Exactly how the government plans to do this is another matter, although a spokesperson did tell Auto Express that 'the Government will consider raising the Expensive Car [VED] Supplement threshold for EVs only at a future fiscal event' – meaning that such a move is still on the cards, potentially for Autumn's Budget. Skip advert Advertisement - Article continues below The UK's Society of Motor Manufacturers responded positively to the government's announcement, but chief executive Mike Hawes was keen to point out that 'Some support for EVs has [already] been made available, but more substantive measures to incentivise private consumer demand are still needed if world-leading targets are to be met.' The Electric Vehicle Association England (EVA) also welcomed the investment, but said that 'what matters now is how this funding will be spent'. The trade body's Chief executive Vicky Edmonds warned that 'VAT on public charging, alongside more planning and regulatory barriers, continue[s] to promote a 'two-tier' system between EV drivers with and without access to reliable and cost-effective home charging." On that point, an additional £400 million has also been allocated to aiding the rapid deployment of public EV chargers – Government figures show there are now 76,500 across the UK. Unfortunately, there is no word on whether the government plans to cut VAT on public charging in order to address the difference in cost between public and home charging. It's important to mention that the Government also pledged £24 billion (or roughly £8 billion per year) over the current parliament to fixing and maintaining the UK's major roads. The RAC's head of policy, Simon Williams, hailed this as "wonderful news', stating that 'Local authorities now have a golden opportunity to end the cycle of merely filling potholes and instead begin to be much more proactive in their maintenance. This must include both more surface dressing to keep decent roads in good condition, and resurfacing those that are at the end of their lives.' Did you know you can sell your car with Auto Express? Get the highest bid from our network of over 5,500 dealers and we'll do the rest. Click here to try Auto Express Sell My Car now ... Find a car with the experts Car Deal of the Day: A Volkswagen Golf R Estate for less than a GTI Car Deal of the Day: A Volkswagen Golf R Estate for less than a GTI The Golf R Estate is one of the best performance estates around – and right now it's criminally cheap. It's our Deal of the Day for 9 June. Should Citroen make a new 2CV? Some say oui, others say non Should Citroen make a new 2CV? Some say oui, others say non A new Citroen 2CV could be inbound, but would this be a French fancy or a financial flop? Car Deal of the Day: A fully-loaded Jeep Avenger for under £200 per month Car Deal of the Day: A fully-loaded Jeep Avenger for under £200 per month The petrol-powered version of Jeep's charming baby SUV is our Deal of the Day for 8 June
Yahoo
12-05-2025
- Automotive
- Yahoo
Tesla stock jumps to highest levels since February, notching 3rd straight week of gains
Tesla (TSLA) stock surged higher Friday, pushing shares to their highest level since February as the EV maker notched a third straight week of gains. General sentiment on trade drove Friday's gains, with President Trump floating a cut to US tariffs on Chinese imports ahead of this weekend's negotiations. The upbeat news on China trade policy comes after the White House struck a trade deal with the UK. Tesla shares closed up 4.7%, with shares up around 4% for the week. Tesla stock is up nearly 15% in the past three weeks, boosted by an earnings update highlighted by CEO Elon Musk signaling he planned to spend more time at the company as he transitions away from the Trump administration. The news this week for Tesla was not all positive, however, as continued sales weakness plagued the Europe region. On Tuesday, the latest data from the UK found that Tesla registrations (a proxy for sales) hit only 512 new vehicles in April, per the Society of Motor Manufacturers and Traders auto trade group. That figure is down 62% from a year earlier. Read more about Tesla's stock moves and today's market action Tesla's UK underperformance follows weakness in other key regions. Germany's KBA trade group reported registrations in that country dipped 46% to 885. Germany is home to Tesla's only European factory. Tesla registrations also fell in key territories like France (down 59%), Denmark (down 67%), and Sweden (down 81%), per Bloomberg data polling national auto associations. The drops in April mirror tumbling European sales in March as well. First quarter sales also slid more than analysts expected. Even in Tesla's home market of the US, the company has had to pull additional levers to boost sales. The automaker added a new rear-drive version of the newly refreshed Model Y SUV in the US, with a starting price of $46,630 before incentives. The move came as the company added cheap financing to the new Model Y, aiming to boost sales in the second quarter. Meanwhile, EV blog CarScoops noted that Tesla Model Y Launch Editions are piling up at Tesla showrooms, meaning demand is a problem for the $59,900 vehicle. But with Tesla, fundamentals often do not drive stock performance. The big bets on Tesla now are based on market sentiment, trade, Musk's return from the White House, and Tesla's big bet on robotaxis. Just don't ask whether only Tesla can use the term "robotaxi" — the company lost its bid on Thursday for exclusive use of the term in a ruling by the US Patent and Trademark Office. Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
Yahoo
06-05-2025
- Automotive
- Yahoo
Tesla Sales Plummet Across Europe Even as Model Y Ramps Up
(Bloomberg) -- Tesla Inc. sales kept sliding across Europe's biggest electric-car markets in April, despite the company rolling out an updated version of its most popular vehicle. Most Read from Bloomberg The company registered only 512 new vehicles last month in the UK, the Society of Motor Manufacturers and Traders said Tuesday, down 62% from a year earlier. Tesla's plunge was even more pronounced in Denmark, the Netherlands and Sweden, with sales dropping by at least two-thirds in each country. Tesla saw steep declines in eight of Europe's 10 largest EV markets even as it started shipping the redesigned Model Y sport utility vehicle to customers. Changing over production lines at assembly plants around the globe — including in Germany — cost the company several weeks of output early this year and contributed to the company's worst quarterly sales since 2022. The slump continuing into April suggests that Chief Executive Officer Elon Musk's antics and work for US President Donald Trump is costing Tesla sales, in spite of the company sprucing up its lineup. The CEO has been a top adviser for an administration waging a global trade war and rethinking the US's role in alliances including NATO. Tesla shares fell as much as 2% before the start of regular trading. The stock has fallen 42% from its record high reached in mid-December. The UK was a rare exception for Tesla in the first quarter, with the company seeing a 6% increase in registrations. But while Tesla managed to grow, it lagged well behind the 43% jump in industrywide sales of battery-electric vehicles. After the precipitous drop in April, Tesla's sales are down 1% through the first four months of the year. In Germany — by far the biggest EV market among European Union member states — Tesla's sales fell 46% even as overall electric-car registrations jumped 53% last month. While the Model Y topped the sales charts in Norway last month, the nation's road federation noted in its monthly statement that Tesla's overall sales are 'nowhere near the level we are used to.' 'It may be a sign that many people now find that other brands are just as interesting and have just as much to offer in roughly the same price segment,' said Oyvind Solberg Thorsen, director of the Norwegian Road Federation.
