55 h. ago UK sales of new Tesla cars slump by more than a third amid Musk backlash

Electric carmaker sold 36% fewer cars year on year in May as it loses ground to China’s BYD and other rivalsBusiness live – latest updatesSales of new Tesla cars slumped by more than a third in the UK last month as the electric carmaker lost ground to China’s BYD and other rivals, amid a political backlash against Tesla’s billionaire boss, Elon Musk.Tesla sold 2,016 vehicles in the UK in May, down from 3,125 in May 2024 – a 36% drop, according to the monthly snapshot from the Society of Motor Manufacturers and Traders (SMMT). Continue reading...

Politics

56 h. ago Tesla drivers are ditching their cars and buying Polestars in record numbers

Polestar boss says his dealers are converting Tesla owners ‘at a fairly high rate’

Transport

59 h. ago Eurozone interest rate cut expected; Tesla’s UK sales fall by a third – business live

Rolling coverage of the latest economic and financial newsStock exchange dealt another blow as £12bn fintech ditches main London listingUK trade secretary Jonathan Reynolds has also called for reforms of the WTO, including changes to the much criticised dispute resolutions system which can also take years to settle disputes between trading nations.Reynolds told the European Policy Centre security conference in Brussels:“We do recognise that reforming and repositioning the WTO so that it can respond more effectively to the challenges of today is the only way to safeguard long term stability and growth tomorrow.“Our eyes are fixed on greater flexibility in decision making, greater openness in the east of plurilaterals and building a fully functioning dispute settlement system,”“the trees that survive the storms aren’t the tallest. They’re the ones whose roots are intertwined with their lives.“Just in the past two days, during the OECD trade ministerial [summit] the message was clear a...

Economics

59 h. ago Tesla sales slump sees China's BYD overtake Elon Musk's electric car firm in Britain

Tesla registrations in the UK dropped 36% to 2,016 in May, compared to 3,152 a year ago, according to new figures

Economics

60 h. ago Eurozone interest rate cut expected; Tesla’s UK sales drop by a third – business live

Rolling coverage of the latest economic and financial newsThe UK car market has returned to growth, new data shows, but sales of Teslas have fallen by a third.Overall car registrations rose by 1.6% in May, to 150,070 units, according to the Society of Motor Manufacturers and Traders (SMMT). That’s the strongest May for new car sales since 2021, but 18% below pre-Covid levels. Continue reading...

Economics

8 d. ago The chaos Elon Musk and Doge are leaving behind in Washington

Though the billionaire vowed modernization and efficiency, what’s left is a trail of uncertainty and reduced functionalityElon Musk formally exited his role in the Trump administration on Wednesday night, ending a contentious and generally unpopular run as a senior adviser to the president and de facto head of the so-called “department of government efficiency” (Doge). Though he promised efficiency and modernization, Musk leaves behind a trail of uncertainty and reduced functionality.The timing of Musk’s departure lines up with the end of his 130-day term limit as a “special government employee” but also plays a part in an effort by the billionaire to signal a wider shift away from Washington as he faces backlash from the public and shareholders. Musk has recently made a show of refocusing his efforts on his tech companies in interviews, saying that he has spent too much time focused on politics and plans to reduce his political spending in the future. Continue reading...

Events

1 week ago Tesla sales plummet in Europe as Elon Musk backlash continues

Sales across Europe plunged by half last month even as growth in the electric car market increased

Politics

1 week ago IMF lifts UK growth forecast for 2025; markets welcome US delay to EU 50% tariffs – as it happened

Rolling coverage of the latest economic and financial news, as IMF releases latest healthcheck on UK economyRachel Reeves should ease fiscal rules to prevent emergency spending cuts, IMF saysEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record ...

Economics

1 week ago IMF lifts UK growth forecast for 2025; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial news, as IMF releases latest healthcheck on UK economyRachel Reeves should ease fiscal rules to prevent emergency spending cuts, IMF saysEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record ...

Economics

1 week ago UK retail confidence plummets as sales fall; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial newsEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record high reached in February. More positive vibes are pulsing about the outlook for the global economy, with hopes that more scores can b...

Economics

1 week ago Tesla sales halve in Europe; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial newsEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsStocks have jumped in London as trading resumes after the Bank Holiday weekend.City investors are relieved that Donald Trump has delayed his threatened hike on EU tariffs to 50% until July, cooling trade war fears. Continue reading...

Economics

2 w. ago Elon Musk’s companies see reputations crumble as backlash from his work with DOGE hits his ventures

Hit to Tesla and SpaceX reputations comes as Musk grows less visible in White House role

Events