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...The chancellor’s decision to end a policy of letting local authorities keep 100 per cent of the revenues from sales of council homes was taken as part of the deliberations for his Budget on Wednesday....
...Hong Kong-listed shares in Chinese electric-vehicle maker Li Auto dropped 7 per cent on Friday, after the company slashed its January-March sales volume forecast due to lower than expected order intake....
...In recent weeks, sales of pure EVs and plug-in hybrids crept above half of new car sales in China for the first time....
...Europe’s largest carmaker announced falling sales and profits in the first quarter, as the auto industry faces weaker demand and higher fixed costs....
...Tesla has cut prices several times — including this week — to buoy sales, although this has led to a collapse in the re-sale value of its cars....
...US phonemaker Apple’s sales collapsed 19 per cent during the same period....
...The company has also been hit by a global slowdown in EV sales growth and cut thousands of jobs. Tesla did not respond to a request for comment....
...“Xiaomi Auto is striving for the ascendancy of China’s auto industry,” Lei said....
...Elon Musk’s decision to lower the price of Tesla vehicles in China in late 2022 sparked savage price cuts across the auto industry, leading to squeezed margins for both legacy multinational auto groups in...
...Tesla’s sales figures also “suggested a sharp deterioration in growth” in the US, said Tom Narayan, an auto analyst at RBC Capital Market, while the Model Y and 3, which account for more than 90 per cent...
...The Office for Budget Responsibility cut its forecast for electric vehicle sales to 38 per cent of new car sales in 2027, compared with its estimate of 67 per cent in March....
...The global auto industry manufactured 10.5mn electric vehicles last year — and expects to produce 13.5mn this year, according to data pooled from suppliers and forecasters by one auto investor....
...China’s auto industry is the world’s biggest across sales, production and, since last year, exports....
...“It has now caused a major headache for auto companies that rely on these ships....
...Asda, the UK’s third-largest supermarket, posted an increase in sales and profits last year driven by a boost in sales during the cost-of-living squeeze as the chain beefed up its budget range....
...Shares in Li Auto dropped 6.1 per cent after the company announced new price cuts across its line-up on Monday morning in an effort to boost slowing sales growth....
...Your default choice would typically be to run a “dual track” process exploring a public listing alongside a sale — and then select whichever exit path will maximise your financial return....
...In the midst of declining auto sales and rising interest rates, Carvana completed a debt restructuring last year, agreeing with bondholders such as Apollo Global Management to delay near-term cash interest...
...The pressure is especially high in China, the world’s biggest auto market and the US EV maker’s second-largest market by sales, where competition between local EV makers and foreign carmakers is heating...
...This shift will have major ramifications for both the auto industry and the energy sector.”...
...Saudi Arabia has posted a budget deficit for last year, as its income from oil sales was hit by Opec member production cuts and lower prices....
...Renault’s Dacia brand this week announced that its Spring budget EV, which is imported from China, would be sold for under £15,000 in the UK....
...In first-quarter results on Tuesday, PepsiCo chief executive Ramon Laguarta said US consumers were “stretched” and “strategising a lot to make their budgets get to the end of the month”....
...Regarded as one of China’s biggest challengers to Tesla, Nio has not turned a profit almost a decade after its founding, and is lagging behind local peers such as Li Auto and BYD in sales growth....
...Pensions Poorly performing workplace pension schemes are to be banned from taking on new business under plans confirmed in the Budget....
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