logo
Tesla's U.K. sales jump in June from a year earlier, data shows

Tesla's U.K. sales jump in June from a year earlier, data shows

CTV News2 days ago
Tesla's new car sales in Britain rose year-on-year in June amid a broader recovery in the electric-vehicle market, data showed on Friday, as the U.S. auto maker started deliveries of its updated Model Y last month.
Overall, Britain's new car registrations grew 6.7 per cent in June from a year earlier to 191,316 units, the Society of Motor Manufacturers and Traders (SMMT) said in a report, boosted by demand for battery electric vehicles.
Though sales remained below pre-COVID levels, it was the best June since 2019. Battery electric car demand rose 39 per cent to 47,354 units, with every one in four buyers going electric, the SMMT said.
'That EV growth, however, is still being driven by substantial industry support with manufacturers using every channel and unsustainable discounting to drive activity, yet it remains below mandated levels,' SMMT Chief Executive Mike Hawes said in the report.
Tesla sold 7,719 units in June, up 14 per cent from a year earlier, according to the SMMT. Data from research group New AutoMotive earlier in the day showed a 12 per cent increase in June to 7,891 units.
The SMMT and New AutoMotive use different sources of data and methods of calculation, explaining the differences in the figures published.
Despite the growth in June, Tesla's UK sales are still down nearly two per cent so far this year, while those of Chinese rival BYD have increased nearly four-fold to 2,498 units, according to New AutoMotive.
U.S. automaker Ford's EV sales grew the fastest among its rivals in Britain in the first half of 2025, rising more than four-fold from a year earlier, New AutoMotive said.
'Further growth in sales, and the sector, will rely on increased and improved charging facilities to boost mainstream electric vehicle adoption,' Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte, said.
The U.S.-U.K. trade deal lowering some tariffs on imports from Britain, including for British car manufacturers that will now be able to export to the U.S. under a reduced 10 per cent tariff quota from an earlier 27.5 per cent, came into effect this week.
(Reporting by Raechel Thankam Job and Yadarisa Shabong in Bengaluru; Editing by Leroy Leo and Subhranshu Sahu)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Where Will Tesla Stock Be in 3 Years?
Where Will Tesla Stock Be in 3 Years?

Globe and Mail

time4 hours ago

  • Globe and Mail

Where Will Tesla Stock Be in 3 Years?

Key Points The "One, Big, Beautiful Bill" legislation could have a crushing impact on Tesla and the EV industry as a whole. Has Elon Musk become a political liability for the company? With shares down 21% year to date, Tesla (NASDAQ: TSLA) is reeling from a combination of weakening electric vehicle (EV) demand, political uncertainty, and a CEO who seems to have misplaced priorities. The next three years will be a make-or-break period for the company as it attempts to roll out its robotaxis across American cities, while dealing with the potential fallout of unfavorable Trump administration policies. Let's dig deeper to see how this story might play out for Tesla shareholders. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Is Elon Musk propping up Tesla's valuation? It's impossible to analyze Tesla without considering its controversial CEO, Elon Musk, who plays a significant role in its stock's perception, even if he isn't necessarily involved with all its day-to-day decision-making. Love him or hate him, Musk is an incredibly skilled executive. He has a track record of involvement in successful companies ranging from PayPal to Starlink, and typically aims to tackle massive world-changing topics like clean energy, space travel, and brain implants. The market seems to appreciate Musk's bold risk-taking leadership style, which helps explain why Tesla still enjoys an incredibly high valuation, despite its increasingly lackluster fundamentals. With a price-to-earnings (P/E) multiple of 172, the stock trades at a substantial premium over the S&P 500 average of 30 despite posting lackluster operating results. First-quarter revenue dropped 9% year over year to $19.3 million, while operating income collapsed by 66% to just $399 million. With these weak fundamentals, Tesla should probably be cheaper than it is, but the market still has faith in Musk. A political liability Over time, it is becoming clear that Tesla's "Musk premium" is eroding and may soon become a liability. The CEO's managerial skills have not translated to political acumen. In fact, his antics usually seem to minimize results while maximizing the potential for backlash. A great example of this is the flare-up over the "One, Big, Beautiful Bill" legislation, which passed the U.S. Senate on July 1 and is expected to become law later this month despite Musk's vocal opposition on social media. Now, Musk-affiliated companies must face a double whammy over the potential for political retaliation (this may come in the form of regulatory challenges) while also dealing with the contents of the bill itself. The bill could be a crushing burden on a U.S. EV industry that is already struggling with consumer fatigue, high interest rates, and tariffs on imported components. Although the final version is yet to be approved, the Senate has agreed to eliminate the $7,500 tax credit on electric vehicle purchases, while also ending support for residential solar and rolling back vehicle emissions regulations on Tesla's gas-powered rivals. These headwinds come at a time when Tesla's overseas operations are struggling because of political backlash and new, low-cost rivals from China, which often enjoy open support from their government. What comes next for Tesla? The next three years will be incredibly challenging for Tesla as the impacts of the act could potentially weaken the market for its products in the U.S. Musk's political antics could make things worse by alienating some consumers and drawing potential political retaliation from President Donald Trump and his allies as it attempts to pioneer regulatorily-sensitive business ventures like artificial intelligence and self-driving cars. Historically, it hasn't been a good idea to bet against Musk because he usually proves his naysayers wrong. That said, these current challenges look daunting, even for him. And they could easily put pressure on Tesla's sky-high valuation. Investors may want to stay away from the stock until more information becomes available. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $413,238!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,540!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $699,558!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of June 30, 2025 Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal and Tesla. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.

UK Brand Eterna Home Launches Premium Teak Dining Sets for Summer 2025
UK Brand Eterna Home Launches Premium Teak Dining Sets for Summer 2025

Globe and Mail

time5 hours ago

  • Globe and Mail

UK Brand Eterna Home Launches Premium Teak Dining Sets for Summer 2025

Droitwich, United Kingdom--(Newsfile Corp. - July 5, 2025) - Eterna Home, the British luxury furniture brand renowned for timeless craftsmanship, has announced the launch of its Summer 2025 Collection of premium teak dining sets, designed to elevate outdoor living across the UK. To view an enhanced version of this graphic, please visit: Combining contemporary design with the natural elegance of solid teak, the new range offers homeowners a stylish and durable way to enjoy alfresco dining and entertaining. From spacious family-sized arrangements to compact patio solutions, each piece showcases the enduring appeal of teak's warm tone and robust build. "More people are investing in outdoor spaces that feel like an extension of their homes," said Sumit Kumar, Marketing Consultant at Eterna Home. "Our new collection brings together comfort, beauty and longevity in a way that suits every garden or terrace." To view an enhanced version of this graphic, please visit: Sustainably and Legally Sourced Teak Eterna Home sources its teak exclusively from SVLK-certified plantations in Indonesia. The timber is fully compliant with the EU FLEGT licensing scheme, ensuring that every piece is legally harvested and meets rigorous environmental and social standards. To view an enhanced version of this graphic, please visit: Highlights of the Summer Collection: Teak garden furniture: Luxurious outdoor pieces crafted to withstand the British weather while maintaining their elegance year after year. Garden furniture: Versatile options that bring sophistication and comfort to patios, conservatories, and gardens of all sizes. Teak dining set: Beautifully designed dining sets available in various sizes and styles for summer gatherings. The collection is available now through Eterna Home's website and selected retail partners. To view an enhanced version of this graphic, please visit: About Eterna Home Eterna Home is a UK-based furniture brand specialising in high-quality indoor and outdoor collections that combine contemporary style with sustainably sourced materials. Each piece is crafted to last, blending practicality with refined design. Media Enquiries:

Elon Musk says new U.S. political party formed, named ‘America Party'
Elon Musk says new U.S. political party formed, named ‘America Party'

Globe and Mail

time6 hours ago

  • Globe and Mail

Elon Musk says new U.S. political party formed, named ‘America Party'

A day after asking his followers on X whether a new U.S. political party should be created, Elon Musk said on Saturday that the 'America Party is formed.' 'By a factor of 2 to 1, you want a new political party and you shall have it!' he said in a post on X. 'Today, the America Party is formed to give you back your freedom.' The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed. Musk spent hundreds of millions on Trump's re-election and led the Department of Government Efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill. Opinion: In battle of billionaire egos, Trump-Musk bromance was always doomed Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store