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General Motors to take a £1.2bn hit as US tax incentives for EVs slashed
General Motors will record a negative impact of 1.6 billion dollars (£1.2bn) in its next quarter after tax incentives for electric vehicles (EVs) were slashed by the US and rules governing emissions are relaxed.
Shares fell less than 2% before the opening bell on Tuesday.
The carmaker, which had led the way among US car makers with plans to convert production to an electric fleet of vehicles, said in a regulatory filing on Tuesday that it will have to book charges that include non-cash impairment and other charges of 1.2 billion dollars (£0.9bn) because of EV capacity adjustments.
UK inflation to rise to highest in G7, warns IMF as food costs surge
UK inflation is set to surge to the highest in the G7 in 2025 and 2026, according to the International Monetary Fund (IMF).
In its latest outlook report, the influential economic body said price inflation in the UK would increase more sharply than expected in both years compared with previous predictions from July.
It came as the IMF increased its UK growth forecast for this year but reduced its prediction for 2026 amid concerns over the labour market.
The Mercedes Vision Iconic Concept uses the past to inspire the future
Mercedes has revealed a new concept that takes inspiration from the past with the Vision Iconic.
The Vision Iconic’s design has been inspired by the firm’s models from the 1960s, while the large illuminated front grille has been borrowed from the new electric GLC SUV. The interior features a glass dashboard with four-spoked steering wheel, brass door handles and a front bench seat trimmed in blue velvet.
The car uses a steer-by-wire system and a solar paint, which uses solar modules in the car’s paintwork – similar to wafer-thin paste – which could improve electric driving range. There are no plans for a production car.
The FTSE 100 posted modest gains on Tuesday, outperforming European and US peers, while weak UK data put sterling under pressure.
The FTSE 100 index closed up 9.90 points, 0.1%, at 9,452.77. The FTSE 250 ended 36.14 points lower, 0.2%, at 22,028.18, and the AIM All-Share dropped 2.91 points, 0.4%, to 789.56.
The pound was quoted lower at 1.3294 US dollars at the time of the London equity market close on Tuesday, compared to 1.3331 US dollars on Monday.
Starmer to face Commons grilling over China spy case as No 10 at odds with CPS
Sir Keir Starmer will face a Commons grilling over the China spy case, after his government and the Crown Prosecution Service clashed over the release of vital evidence.
The prime minister is beset with mounting pressure over his administration’s handling of the collapsed case, after No 10 accused the Crown Prosecution Service (CPS) of having blocked the publication of a crucial witness statement.
The CPS hit back, and insisted it was entirely up to the government to release the evidence if it wanted to.
Council’s bid to block asylum seekers being housed in Bell Hotel to be heard
A council’s bid to block the use of an Essex hotel as accommodation for asylum seekers is to be heard at the High Court on Wednesday.
Epping Forest District Council (EFDC) is taking legal action against Somani Hotels over the use of the Bell Hotel in Epping, with the Home Office intervening in the case.
A High Court judge granted the council a temporary injunction earlier this year that would have stopped 138 asylum seekers from being housed there beyond September 12, but this was overturned by the Court of Appeal. The authority’s bid for a permanent injunction is now due to be heard across three days at the Royal Courts of Justice in London. The hearing before Mr Justice Mould will begin at 10.30am on Wednesday. Somani Hotels and the Home Office are opposing the claim.
Arbury Motor Group sees profits rise as bosses reveal Leapmotor talks after Citroen axe
Arbury Motor Group has reported soaring profits for 2024, despite ‘cost pressures’ which contributed to the closure of the car dealer’s only Citroen franchise.
Nissan strategy chief says 100% EV remains ‘ultimate goal’ but ‘customer will decide’ future
Nissan’s strategy chief says that decisions over future powertrains will be decided by ‘the customer’.
Lawyers claim carmakers ‘would rather cheat than follow law’ as Dieselgate trial kicks off
Carmakers would ‘rather cheat than comply with the law’. That is the withering verdict of lawyers representing millions of motorists, who yesterday began giving evidence to the High Court over the ‘Dieselgate’ scandal.
Constellation’s Aston Barclay takeover hangs in the balance as CMA steps up investigation
Constellation’s takeover of Aston Barclay has been plunged into further doubt after the Competition and Markets Authority (CMA) referred the case for a ‘phase two investigation’.
‘Dreams of being the biggest’: DealerKit outlines plans after overcoming ‘stumbling block’
DealerKit is aiming to become the biggest DMS provider on offer to the motor trade, its boss has told the Car Dealer Podcast.
Morning mist and fog will lift in northern areas, bringing dry weather and sunny spells across central Scotland, Wales, and southwest England, while other regions stay cloudy, reports BBC Weather.
Tonight remains largely dry; clearer in the southwest and eastern Scotland, with patchy drizzle possible in the far north and southeast.
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