Category Archives: Motoring

Lloyds shareholders could take £1bn hit over car finance crisis

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Analysts forecast bank will have to halve £2bn buyback plan, as ex-boss of City regulator blames watchdog for crisis

Lloyds Banking Group could give almost £1bn less to shareholders this year as a result of the car finance crisis, analysts have said, as the City regulator’s former boss blamed the watchdog for the chaos.

The estimated size of a multibillion-pound compensation bill for motor lenders has grown after a shock court of appeal ruling last Friday, which said customers could not consent to motor loans that involved “secret commission” payments to brokers and car dealerships.

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Project to build German EV microchip factory put on hold

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US firm Wolfspeed and German car parts supplier ZF postpone plans over doubts about viability

A project to build a €3bn factory making microchips for electric vehicles once hailed as part of a “return of the industrial revolution” in Germany has been put on hold, as the crisis in the country’s hi-tech manufacturing industry deepens.

The US company Wolfspeed and the German car parts supplier ZF have postponed plans to build an EV chip factory, adding to problems caused by a delay to two large-scale factories belonging to the US chip giant Intel and possible factory closures being considered by Volkswagen.

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Monster pickup trucks accelerate into Europe as sales rise despite safety fears

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A Dodge Ram 1500 is bigger than a Panzer I tank and campaigners say heavy trucks are ‘lethal’ in collisions

The engines rev, the guitars thrum and a gruff narrator lays out why the vehicle occupying the driveway is more than just a machine. “A truck is a tool,” he says, “but a Ram – a Ram is life.”

So begins an advert for the Ram 1500, a pickup truck slightly bigger than the Panzer I tanks of Nazi Germany and almost as heavy. It is growing in popularity in Europe, with the number of Rams arriving on the continent up 20% in 2023 from the year before, according to registration data from the European Environment Agency. Road safety and environmental campaigners in the UK and Europe are aghast as the latest, most extreme cases of North American car bloat – giant pickup trucks – are increasingly crossing the Atlantic.

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Airport parking: £100 fines in Bristol ‘could be unenforceable’

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Eagle-eyed reader and consumer solicitor say local bylaws are key to question of enforcement

Are private fines sent by Bristol airport’s contractor to motorists who pick up passengers outside its designated, paid-for, drop-off and pickup zone unenforceable?

It looks as though they may be, if an eagle-eyed Guardian reader and a leading consumer solicitor are correctly interpreting the bylaws that govern the airport.

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Chinese firms win record 11% EV share in Europe as buyers rush to beat tariffs

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State-owned SAIC, parent of the British brand MG, was responsible for biggest jump in sales in June

Chinese carmakers secured a record 11% of the European electric vehicle market in June, as buyers raced to beat EU tariffs on imported EVs that came into force this month.

The figures, which include the UK, show that about 23,000 battery electric vehicles were registered in June, up 72% on the previous month as consumers raced to beat the price hike in the EU.

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‘High quality, low price and dizzying variety’: how the Chinese switched to electric cars

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The country has long been the world’s biggest market – but the government’s interest is more geopolitical than environmental

When Kenzi, an advertising worker in Shanghai, bought an electric vehicle in November she wasn’t even thinking about the environmental benefits. She had read Elon Musk’s biography and thought the Tesla 3 looked good. She also knew that if she bought an EV she could bypass the long wait and cost of getting licence plates, which are rationed by the government.

“It’s not easy to get a licence plate in Shanghai, but you get a licence for free when you buy an EV,” she said.

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M25 weekend closure: drivers told to expect ‘incredibly busy’ routes

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Roadworks mean stretch between junctions 10 and 11 will be shut from 9pm on Friday to 6am on Monday

Drivers have been warned to expect delays this weekend as part of the M25 shuts down for the third time this year.

Major roads in the south-east will be “incredibly busy” this weekend as National Highways closes a section of London’s orbital motorway for roadworks in both directions between junctions 10 and 11 in Surrey from 9pm on Friday to 6am on Monday, the AA said.

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Next UK government poised to benefit from fall in inflation and fuel prices

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Pressure on household finances eases as shop price rises slow to 0.2% and petrol costs drop for second month

Britain’s next government is poised to benefit from easing pressure on household finances after a slowdown in inflation in stores and a fall in fuel prices, but costs remain “too expensive” for many families.

Figures from the British Retail Consortium (BRC) show that annual UK shop price inflation cooled last month to 0.2%, down from 0.6% in May – the slowest pace since October 2021 – as retailers cut the prices of many of their key products, including butter and coffee.

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Asda now the most expensive UK supermarket to buy fuel, study shows

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Chain once prided itself on selling the cheapest fuel but RAC analysis shows it is now the dearest

Asda is now the UK’s most expensive supermarket fuel seller, research shows, after the retailer’s private owners ditched its long-held pledge to be the cheapest on the market.

The retailer, which was bought by the billionaire Issa brothers and their private equity partner TDR Capital in 2021, charged an average 2.1p a litre more for unleaded petrol than rivals Tesco, Sainsbury’s and Morrisons at the end of May, according to an analysis by the RAC motoring organisation.

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Biden announces 100% tariff on Chinese-made electric vehicles

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White House levy to protect US makers from cheap imports likely to inflame trade tensions

The US president, Joe Biden, has announced a 100% tariff on Chinese-made electric vehicles as part of a package of measures designed to protect US manufacturers from cheap imports.

In a move that is likely to inflame trade tensions between the world’s two biggest economies, the White House said it was imposing more stringent curbs on Chinese goods worth $18bn.

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Biden White House to expand tariffs on Chinese trade

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President likely to add sectors such as electric vehicles, batteries and solar cells to range of levies set up under Donald Trump

Joe Biden is expected as early as next week to announce fresh tariffs on Chinese trade, with levies focused on strategic sectors including electric vehicles, in a review of measures first put into place under Donald Trump.

An announcement planned for Tuesday will keep the blanket tax rises introduced by the president’s predecessor but supplement them with targeted levies on industries connected to EVs, including batteries and solar cells, according to reports.

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‘Watershed moment’ for Tesla as Elon Musk’s visit to China reaps quick reward

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Deal to use mapping data from web search giant Baidu is a big step towards launching driver assistance tech in world’s biggest car market

Elon Musk’s visit to China has reportedly reaped immediate rewards with a deal for Tesla to use mapping data provided by web search company Baidu, a big step in introducing driver assistance technology in the world’s largest car market.

Musk made an unannounced visit to China over the weekend. The billionaire posted a picture of his meeting with the Chinese premier, Li Qiang, on X, the social network he took over in 2022.

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Average cost of UK car insurance rises by one-third in a year, analysis finds

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ABI reports annual jump of £157 in first quarter of 2024 but says 1% increase on previous quarter indicates rises are easing

The average price paid for comprehensive motor insurance in the UK was about a third (33%) or £157 higher in the first quarter of this year than a year earlier, according to figures from the Association of British Insurers (ABI).

Based on analysis of policies sold, the typical price paid in the first quarter of 2024 was £635, marking a 1% increase on the previous quarter, the ABI said.

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Ford to delay rollout of new electric pickup and SUV as EV sales slow

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Ford EV unit’s pretax losses expected to jump to more than $5bn as US electric vehicle sales growth slows to 2.7%

With US electric vehicle sales starting to slow, Ford Motor Co says it will delay rolling out new electric pickup trucks and a new large electric SUV as it adds gas-electric hybrids to its model lineup.

The Dearborn, Michigan, company said on Thursday that a much ballyhooed new electric pickup to be built at a new factory in Tennessee will be delayed by a year until 2026.

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M25 five-mile closure: drivers warned to steer clear over weekend

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Roadworks mean stretch between junctions 10 and 11 will be closed for first time, from 9pm on Friday to 6am on Monday

Drivers have been warned to steer well clear, turn off the satnav and stick to the official diversions as some of the biggest roadworks since the Romans results in part of the M25 motorway fully closed for the first time in its history this weekend.

Epic traffic jams are anticipated, with a five-mile stretch of Britain’s busiest motorway, the London orbital motorway, closed for engineering from 9pm on Friday.

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Honda and Nissan join forces on electric car technology to chase Chinese rivals

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Deal between Japanese carmakers involves components and software amid race to catch up with Chinese EV firms

Honda and Nissan have put aside the “traditional approach” of fierce rivalry to join forces and work together on electric vehicle technology as Japan’s carmakers try to catch up with Chinese competitors.

The Japanese manufacturers will work together on technology for EVs, including components and software, after signing a memorandum of understanding on Friday.

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UK fuel duty cut is regressive policy that benefits the wealthy, study finds

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Chancellor’s 5p freeze will save £60 a year for well-off motorists compared with just £22 for lower earners

Retaining the fuel duty cut in the budget is a regressive policy that benefits the wealthiest in society, who will save £60 a year, while those who earn the least will save just £22, according to analysis.

Jeremy Hunt on Wednesday announced an extension of the 5p cut in fuel duty brought in during 2022, for which he has won plaudits across the rightwing press.

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UK a ‘tax haven’ for polluting SUVs, says green thinktank

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First-year vehicle excise duty is a fraction of that in countries such as France and the Netherlands

Low taxation on petrol SUVs in the UK compared with much of Europe is inviting a glut of large, polluting luxury cars, according to an analysis by a green thinktank.

The tax paid when buying a new petrol or diesel SUV in the UK is only a fraction of the levies in neighbouring countries, including France and the Netherlands, and lower than many others in Europe, making it a “tax haven” for the bigger, less environmentally friendly vehicles, the report from Transport & Environment (T&E) found.

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Lloyds sets aside £450m for car loan fines and payouts

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Bank’s profits rise 57% but it says there is ‘significant uncertainty’ over liability amid FCA investigation

Lloyds Banking Group has been forced to put aside £450m for potential fines and compensation for motor finance customers, after the UK regulator opened an investigation into whether consumers had been charged inflated prices for car loans.

The lender, which also owns the Bank of Scotland and Halifax brands, said there was “significant uncertainty” over the extent of any misconduct or loss to customers that could result in penalties or payouts.

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UK petrol and diesel prices jump following Houthi attacks

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Petrol is up 3.2p a litre and diesel 4p a litre as fuel tankers are forced to avoid the Suez canal

The cost of filling up a family car in the UK increased by about £2 this month as the jump in the oil price caused by the Red Sea attacks is felt at the pumps.

In the three weeks to 18 February petrol increased by 3.2p to 143.4p a litre, while diesel rose by 4p to 152p, according to the RAC, which said this was “worrying” for motorists.

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