Latest news with #carmakers
The Independent
a day ago
- Automotive
- The Independent
No grants available yet on EVs – but these are the discounts on offer
A week after the government's surprise EV grant went live, there are still no cars listed on the official government website as being available with grant money applied to the list price. The Electric Car Grant was announced on Monday July 14 and went live on Wednesday July 16. Car makers must apply for the grants, which are available on EVs up to the price of £37,000 and where car makers have signed up to low-carbon Science-Based Targets around manufacturing. Grants of between £1,500 and £3,750 will be available for eligible cars. While the announcement of the EV grant has been broadly welcomed by car makers, it took many of them by surprise, with some learning about the government plan via the media. One car company executive, speaking anonymously to The Independent, also confirmed that dealers were reporting customers cancelling orders until it was clear which cars were, and which weren't, eligible for grants. Buyers of Chinese-made EVs were also left to reconsider their purchases with news that the government wasn't expecting those models to be eligible for the Electric Car Grant. Speaking on Radio Four, Minister for the Future of Roads, Lilian Greenwood, said, 'We don't expect any cars that are assembled in China to be eligible for this scheme. 'The grant is restricted to those manufacturers that reach minimum environmental standards. And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant." The Department for Transport told The Independent: 'We expect dozens of models will be eligible but manufacturers will need to apply for the grant before we can confirm eligibility. We have held multiple calls with vehicle manufacturers to explain vehicle eligibility and how to apply for the grant. These discussions will continue to ensure manufacturers have all the information they need. 'All eligible models will be published on once the application has been approved. Applications will be processed on a first come, first served basis and as quickly as possible.' Chinese car brands have been quick to react by introducing their own 'EV grants' to stimulate demand among private buyers. Leapmotor was first out of the blocks with its Leap Grant, offering £1,500 off the Leapmotor T03, making it Britain's cheapest car at £14,495, while the Leapmotor C10 family SUV gets a £3,750 discount, taking the price down to £32,750. MG followed with its own EV grant, offering a discount of £1,500 off the MG4 and MGS5 EVs on top of existing offers, while another Chinese brand, GWM, has taken the full £3,750 off its GWM ORA 03 models with its Green Grant, bringing the starting price down to £21,245. It's not just Chinese brands applying discounts, though. Alfa Romeo is offering £1,500 off its Alfa Junior Elettrica range, on top of existing zero per cent finance offers and the promise of a free EV home charger with standard installation.
Bloomberg
a day ago
- Automotive
- Bloomberg
Surprise Trade Deal for Japan Turns Stock Losers Into Winners
The unexpected US-Japan trade deal announced Wednesday may end up being a tipping point for the fortunes of many sectors in the stock market — with losers turning into winners, and vice versa. The list of biggest share gains following initial news of the deal was dominated by carmakers, which staged a relief rally after their US tariffs were lowered. Those same shares had been among the poorest performers earlier in the year. There were almost equivalent moves in the other direction, with recent high-flying defense and retail firms being sold.
Times
2 days ago
- Automotive
- Times
EV grant brings ‘chaos and confusion' for makers and drivers
The launch of the electric vehicle grant scheme has led to 'chaos and confusion' for carmakers and motorists, industry experts have said. Manufacturers face 'extraordinary' amount of paperwork to learn if their vehicles are eligible for grants while buyers have been left in limbo, despite being told the scheme was under way. Ministers announced last week that motorists would be given up to £3,750 to switch to EVs, in an effort to drive up demand to meet net zero targets. It would be available on cars with a list price up to £37,000 with the level of grant tiered, so the most 'environmentally sustainable' models attract the biggest discount. Registration for the scheme opened on Wednesday last week, the day after it was announced. Car dealers said they were left fielding calls from potential buyers but had no information. Others said buyers with existing orders were asking to cancel so they could take advantage of the scheme.
Al Jazeera
2 days ago
- Automotive
- Al Jazeera
General Motors reports a 35% profit drop as tariffs weigh on car industry
Auto giant General Motors has reported a 35 percent drop in second-quarter profits, including a $1.1bn hit from United States-imposed tariffs but confirmed its full-year forecast. GM's results released on Tuesday still topped analyst estimates, but the US carmaker cautioned that profits in the second half of 2025 would be lower than in the first. list of 4 items list 1 of 4 list 2 of 4 list 3 of 4 list 4 of 4 end of list The company pointed to sales growth in North America, where new and revamped trucks and sport utility vehicles sold briskly with solid pricing. GM was among the carmakers that benefitted from a surge in demand this spring from consumers who wanted to beat the US tariffs and their higher prices. Profits overall fell 35.4 percent to $1.9bn year-on-year while revenues dipped 1.8 percent to $47.1bn. The US imposed 25 percent tariffs on imported finished cars in early April, a move that affected major GM manufacturing operations in Mexico, Canada and South Korea. Car companies have also faced tariffs on imported steel, aluminium and auto parts. The tariff hit in the second quarter reflected that there were 'minimal mitigation offsets', GM said in a slide presentation. The Detroit, Michigan-based company's outlook for a weaker second half of 2025 reflects 'seasonally lower' volumes, increased spending on vehicle launches and the presence of two quarters with a tariff hit compared with just one in the first half of the year. GM expected annual operating income of $10bn to $12.5bn after notching $6.5bn in the first half of the year. Chief Financial Officer Paul Jacobson described the hit to profitability in the first quarter as 'the peak of the tariff impact for us', telling CNBC in an interview that mitigation efforts should enable a partial recovery in profit margins later in the year. Shifting manufacturing GM expected to mitigate 'at least' 30 percent of the tariff hit through 'manufacturing adjustments, targeted cost initiatives and consistent pricing', according to a slide. Jacobson said it would take 18 to 24 months to implement capital projects to adjust GM's manufacturing footprint. In June, GM announced spending of $4bn over two years to expand production at plants in Michigan, Kansas and Tennessee, making use of unused capacity in its home market as President Donald Trump's tariffs penalise imports of finished vehicles. The June announcement included steps to produce the Chevrolet Equinox and Chevrolet Blazer in the US. The two vehicles are currently assembled in Mexico. GM has so far not shifted manufacturing from South Korea, home to production for the Chevrolet Trax, a popular compact SUV that is priced affordably. Jacobson told CNBC the Trax has stayed profitable even with the hit from the tariff on imported autos. 'We haven't made any long-term decisions about Korea yet, mainly because there is a lot of uncertainty about that,' Jacobson said. Trump has set an August 1 deadline to reach broad trade deals with numerous countries, including South Korea, which faces a 25 percent tariff if there is no deal. 'We're optimistic that the US and Korea can find common ground,' Jacobson said. 'We know the auto industry is important to both sides in those conversations.' GM's stock tumbled on the lacklustre earnings report. It is down 6.6 percent for the day as of 11:30am in New York (15:30 GMT). GM's newly reported hit comes a day after carmaker Stellantis announced it expected a $2.7bn loss in the first six months of the year because of Trump's imposed tariffs. Stellantis, the owner of brands including Fiat and Jeep, will disclose its final results for the first half of the year on July 29. Stellantis stock is down 0.3 percent since the market opened on Tuesday and had increased more than 2.4 percent over the past five days. Source: News Agencies
Reuters
4 days ago
- Business
- Reuters
Chinese exports of two critical minerals plunge even as rare earths rebound
BEIJING, July 21 (Reuters) - China's exports of two critical minerals used in weapons, telecommunications and solar cells have plunged over the past three months amid a crackdown on smuggling and transshipment that has involved China's top spy agency. Exports of antimony and germanium in June were down 88% and 95%, respectively, versus January, according to customs data published on Sunday. Much as with rare earths, China is by far the largest miner and or refiner for both elements. Both were added to an export control list in 2023 and 2024, respectively. Exports to the U.S. were then banned in December as part of retaliation for chip restrictions. Rare earths were added to the same control list in April, precipitating a sharp collapse in export volumes that forced some carmakers in Europe and the U.S. to pause some production lines. But where rare earth export volumes rebounded sharply last month thanks to a deal struck between Washington and Beijing, exports of germanium and antimony fell to some of the lowest levels on record. The collapse in export volumes coincides with well-publicised crackdown on critical mineral export control evasion. China's spy agency said last week it had detected attempts to bypass controls via transshipment, where cargoes move through a third country before going on to their final destination. The week before Reuters reported that unusually large quantities of antimony were being exported to the United States from Thailand and Mexico in what appeared to be transshipment conducted by at least one Chinese company. China's exports of antimony to Thailand have collapsed by 90% after hitting a record in April. There have been no exports to Mexico since April. Spot market prices for high-purity germanium have more than doubled since China imposed export restrictions in July 2023. Antimony prices have nearly quadrupled from May last year.
