Flurry of investments poised to bring EV battery swap tech to Europe
Pull into a petrol station with an electric Fiat 500e in Madrid, Spain, and you could soon be filling up almost as quickly as you would in the old combustion-engine version.
This magic is down to a conversion of the EV carried out for the FreetoMove car share business of Stellantis, Fiat's owner . The conversion itself is the work of start-up Ample, which has reinvented the idea of battery swapping to make it more accessible, and it is now being launched in Spain.
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The Independent
24 minutes ago
- The Independent
Trump promised to back Detroit automakers - his deal with Japan has them shaking in their boots
General Motors, Ford and Stellantis - the big three U.S. automakers - pushed back against the Trump administration after President Donald Trump announced a trade deal with Japan that would lower tariffs on vehicles made overseas and hurt the American car companies. Earlier this week, the president said he had signed the 'largest' trade deal in history with Japan, which would include a 15 percent tariff on imported cars – significantly lower than the 25 percent tariff on other imported vehicles. Trump announced the 25 percent tariff on cars made overseas earlier this year, and many of Detroit's companies manufacture cars in Mexico and Canada, which would make them subject to the 25 percent tariff. Higher tariffs likely mean higher costs for consumers, which could lead people to turn to the cheaper Japan-made models. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' Matt Blunt, the head of the American Automotive Policy Council, which represents the big three Detroit auotmakers, said in a statement. Blunt said American Automakers were still reviewing the terms of the agreement. During the campaign, Trump visited Detroit and touted the American car industry, promising to 'revolutionize' it. However, shortly after taking the White House, he quickly imposed tariffs on all cars made overseas. General Motors warned just this week that it expects a $4 to $5 billion impact from Trump's tariffs. Auto Drive America, a group that represents U.S. operations of foreign vehicle makers, praised the Japan deal while also calling for Trump to reach similar agreements with the European Union, South Korea, Canada and Mexico. 'We share President Trump's vision to make the U.S. the worldwide center of automotive production, and our member companies need stability in order to create an environment where we can maintain our competitive edge both in the U.S. and on the global stage,' Auto Drive America said. While the deal with Japan will impose lower tariffs, Trump said it will also open market access to the U.S. U.S. auto manufacturers have long struggled to infiltrate the Japanese market, in part because smaller cars that drive on the left side of the road are in much more demand – the type that the U.S. does not typically make. Kush Desai, a spokesperson for the White House, said, 'No president has taken a greater interest in restoring the American auto industry's dominance than President Trump, and his Administration is working closely with the auto industry to achieve this goal.' 'President Trump's trade agenda has already secured historic market access to Japan and Indonesia for Made in America cars with more America First trade deals to come,' Desai added. 'The Administration's domestic policy agenda – from rapid deregulation to the pro-growth tax cuts of The One Big Beautiful Bill – will further boost our auto industry's competitiveness on the world stage and Make American Automakers Great Again.' Hoping to stimulate U.S. manufacturing, the president imposed lofty automotive tariffs earlier this year. Automakers initially raised concerns with the 25 percent tariff in addition to other levies such as those on steel and aluminum. After, Trump offered U.S. automakers some relief through a complicated discount program. Two of the big three Detroit automakers appear to have suffered setbacks. General Motors said Tuesday its second-quarter earnings plummeted 35 percent, compared to the same quarter last year. It also reported a $1 billion loss in second-quarter profits. Stellantis, which makes Chryslers, Jeeps, and more, said it expects to see nearly $350 million in losses in the first two quarters of the year, in part due to tariffs. Around 60 percent of car parts are imported, even if the car is finally assembled in the U.S. Every single 2025 model car sold in the U.S. had at least 15 percent of its parts from a country outside of North America. Trump has threatened to hike tariffs on the U.S.'s largest trading partners, Mexico and Canada, to 30 and 35 percent, respectively.
BBC News
25 minutes ago
- BBC News
Horner exit doesn't impact my future
Max Verstappen says Christian Horner's removal as Red Bull team principal has no impact on the decision about his own was sacked three days after the British Grand Prix, and has been replaced by Frenchman Laurent Mekies, formerly boss of second team Racing speaking publicly about the changes for the first time, said: "I don't think it will matter at all for my decision in the future."The only thing that matters is that we work on the car and make it as fast as we can make it, really."The four-time champion also appeared to hint he will stay at Red Bull beyond this season. Verstappen is contracted to Red Bull until 2028, but has mechanisms in his contract that could allow him to leave in particular circumstances - the details of which are not public - and is being courted by Mercedes."The last one and a half years have not been what we want to be," admitted the 27-year-old. "Now we try to be more competitive this year a little bit, but for sure also with the new regulations." F1 is introducing new chassis and engine rules for 2026, and it was the general belief in the sport that Mercedes will be best prepared for the revised power-units that could have motivated the Dutchman to addition, Red Bull have slipped from competitiveness since the middle of last season - Verstappen lifted his fourth consecutive world title in 2024, but won only twice in the final 13 year, he is third in the championship at the halfway point of the season, 69 points behind the leader, McLaren's Oscar Piastri, having won just twice in 12 grands prix. Red Bull are fourth in the constructors' championship behind McLaren, Ferrari and whether there was a possibility he would not be driving for Red Bull next year, Verstappen said: "There's also a possibility I don't wake up tomorrow. So then there is no driving at all. So, life is unpredictable."But in general, I'm very happy where I'm at - and I hope. That was still the target that was set out when we signed the new deal, you know, that I would drive until the end of my career."Commenting on Horner's departure, he added: "Management decided they wanted to steer the ship in a different direction, probably. And then everyone else, of course, has to anyway agree to that and look forward."And I am looking forward. Of course, I had already quite a few meetings with Laurent as well."You know, the last two weeks have been quite intense for him to jump in. But, yeah, I'm equally also excited for the team now moving forward because that's what we have to do. You know, looking back, it doesn't make sense. It's not going to make you faster."Asked whether he was surprised by Horner's sacking as team principal after 20 years, Verstappen said: "Surprised. I mean, at the end of the day, in this world, things like that, they can happen."And when they told me, it's not like they just said, 'this is what we just decided', and then they hung up the phone. You know, you have a conversation about it."I don't need to go into detail what they said but it was, 'OK, if you guys think that this is the way forward, I'm the driver, you can decide, and this is how we're going to do it'."In the wake of reports the Red Bull factory in Milton Keynes had been unsettled by Horner's exit, Verstappen said: "It's been good. Of course, when there's a change like that, on the first day, people are a bit like, 'OK, what's happening?'"But, luckily also, I think basically the day after the announcement, I was at the factory doing my simulator stuff."You just go back to work. We have to work on performance, setting up the car here, making sure that everything is correlated in the best way possible."Verstappen was also asked about the tension that had existed between Horner and his father Jos Verstappen in the past 18 months, which was exacerbated by the accusations of sexual harassment and coercive, controlling behaviour made against Horner by a female internal Red Bull investigations dismissed the allegations and the 51-year-old has always denied them, although the ultimate resolution to them is yet to added: "People can have a difference of opinion now and then, and I actually expect that to happen because if everyone always agrees there is a problem. You need to have a difference of opinion. And, yeah, that's now something that we work with in a different direction."
Reuters
25 minutes ago
- Reuters
ECB policymakers set high bar for Sept rate cut, sources say
FRANKFURT, July 24 (Reuters) - European Central Bank policymakers are setting a high bar for an interest rate cut in September and they would need to see a significant deterioration in growth and inflation before backing further easing, two sources told Reuters. The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington try to negotiate a trade deal that could ease persistent uncertainty over tariffs. But sources at the meeting said that policymakers would not be spurred into action by the mere announcement of U.S. duties on European Union imports. Instead, they would need to see an actual weakening in the inflation and growth data as well as lower projections from ECB staff in September if they are to back a rate cut. An ECB spokesperson declined to comment. While the discussion on Thursday was harmonious, a few policymakers wanted to send out a warning about inflation coming in lower than expected. Instead, the ECB said that risks to economic growth were "tilted to the downside" while "the outlook for inflation (was) more uncertain than usual". ECB President Christine Lagarde hinted at this division, saying that, while the decision to keep rates on hold was unanimous, the risk assessment was "broadly shared". The sources said that policymakers mostly agreed on how the economy would behave in the ECB's baseline scenario, in which the U.S. administration imposes a 10% tariff rate on European Union imports. But they differed about the adverse scenario, in which the tariff rate is higher. Policy hawks, who favour higher interest rates, saw risks that inflation would get a boost from supply disruptions related to tariffs and possible retaliation. Doves saw downside risks from slower economic activity prevailing. Lagarde, who said her job was to present the view of the Governing Council rather than her own, listed both types of risks in her news conference.
