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Reuters
5 minutes ago
- Reuters
Ukraine's central bank keeps rates steady, sees economy slowing in 2025
KYIV, July 24 (Reuters) - Ukraine's central bank on Thursday left its key interest rate steady at 15.5% for the third consecutive meeting as inflation is expected to continue to ease, but it said that wartime risks will constrain economic growth. In a statement, it said Ukraine's economic growth would slow to 2.1% this year compared with 2.9% in 2024. The central bank previously predicted 2025 economic growth at 3.1% but cut its forecast due to more intense Russian attacks in recent months. Governor Andriy Pyshnyi said that inflation had started to decline as expected in June and would continue to slow significantly by the end of the year. "Holding the key policy rate steady at 15.5% is an important prerequisite for a sustainable slowdown of inflation toward its 5% target," Pyshnyi told a news briefing. The central bank expects inflation to reach 9.7% at the end of this year and to slow to 6.6% in 2026 and to 5% in 2027.
Daily Mail
5 minutes ago
- Daily Mail
The car makers discounting EV models ahead of government grants
It's barely been a week since the government announced its new Electric Car Grant but already confusion is rife and skepticism at an all time high amongst both car makers and buyers. With it still unclear which brands and models will pass stringent sustainability criteria built into the official grant scheme, it's been reported that Chinese brands are likely to be excluded on manufacturing-related emissions grounds. Preempting their exclusion, some East Asian makers have decided to take matters into their own hands and offer grant-style savings of their own - some matching the Government's maximum subsidy of £3,750. But it's not just Chinese brands who have their own grants. European manufacturers are in on the act too in a bid to 'proactively' offer car buyers 'financial support' and to 'help them make the switch to electric'. Brands such as Fiat have always been ahead of the game, offering customers an EV grant since the Conservative Government removed the UK's Plug-In Car Grant back in 2022. So, while we wait to know for sure which new EVs will be eligible for Labour's subsidies of between £1,500 and £3,750, we've rounded up the car makers that have guaranteed to slash money off their models. Here are EV brands to go to if you want to secure a decent saving on your new electric car. MG - its own Electric Car Grant Offer ends: 30 September 2025 but likely to roll over. In terms of UK sales, MG is the most prominent Chinese brand to announce its own Electric Car Grant in recent days. As of 21 July, MG offers buyers £1,500 off select EV models 'in clear support of the Government's initiative'. The grant will be offered to private buyers of the new MG4 EV and the MGS5 EV. MG says this is 'over and above any incentives currently offered by MG's 255 UK dealer partners'. At the time of writing this includes a £1,000 test drive offer, so buyers can get up to £2,500 off either new models. The MG4 EV starts at £26,995 and goes up to £36,496. The MGS5 EV starts at £28,495 and goes up to £33,495. In both cases, this is before MG's grant is applied. While the combined test drive and EV grant offer run until 30 September, the EV grant is almost certainly set to continue on, MG told us. Alfa Romeo - Italian EV Grant Offer ends: 30 September 2025. As of the 22 July, Italian car brand Alfa Romeo has introduced the 'Alfa Romeo EV Grant' to 'make the exciting world of electric driving even more accessible'. The £1,500 grant will be available against the on-the-road (OTR) price and is accessible on top of existing retail offers including 0 per cent APR on Personal Contract Purchase (PCP) and a complimentary EV home charger and standard residential installation. The grant will be applicable across all Junior Elettrica models; the Elettrica, Elettrica Speciale, Elettrica Intensa, and Elettrica 280 Veloce. The Elettrica starts at £33,905 before the EV Grant is applied and goes up to the 280 Veloce's £42,305 price tag (again before the grant is applied). Leapmotor - the Leap-Grant Offer ends: 30 September 2025. Also under the Stellantis umbrella, Leapmotor UK was the first Chinese EV maker to offer its own electric car grant , and the first car manufacturer in general to do so after the Government announced its EV Grant. The Leap-Grant ranges from £1,500 to £3,750 depending on the model. At the top end, the Leapmotor C10 family SUV will be available with a £3,750 grant applied and will cost £32,750 now. The small city Leapmotor T03 now has a £1,500 grant applied and will cost £14,495. By launching its own self-funded EV grant, effective from 18 July, Leapmotor says it is 'taking a proactive leap forward to help electric car buyers'. Great Wall Motors (GWM) - Green Car Grant Offer ends: 30 September 2025. Great Wall Motors (GWM) says it is 'taking decisive action to help drivers switch to electric' by offering a £3,750 'Green Grant'. As GWM only has one electric car on offer it's easy for customers to know what will be eligible for the grant – the Ora 03. All Ora 03 (previously known as the 'Funky Cat') models are applicable – the Pure, Pro and GT. With the grant applied, the cheapest Ora 03 will now be £21,245 after savings. The grant is also able to be used towards a PCP deposit. Fiat - the manufacturer-supplied car grant from 2023 Offer ends: 30 September 2025. Fiat introduced its own electric vehicle grant, the 'Fiat E-Grant' in June 2023. The initiative was launched after the previous government regime discontinued its Plug-in Car Grant , and Fiat was the first manufacturer to do this. At first, Fiat provided a £3,000 incentive for buyers of the Fait 500e and 500e Convertible. But as of January this year, the Italian marque expanded the offering to all customers of the 600e and Abarth 500e models too. The grant is now built into those two models' OTRs and applied to both retail and fleet customers. As a result, the 600e and Abarth 500e are both available from £29,975.
The Sun
5 minutes ago
- The Sun
Luxury car brand's CEO warns weak EV demand ‘hitting us hard' with thousands set to lose their jobs
LUXURY car maker Porsche is feeling the squeeze - with their CEO warning staff of job cuts in the near future. The German giant is currently trying to navigate a significant crisis that affects its business model, workforce and financial performance. 4 4 According to Fortune, the firm is planning to cut over 3,900 jobs in Germany by 2029 and is in the process of negotiating further reductions with its labour union - in response to an ever-changing market. This comes as the car maker - famous for the 911, as well as the Cayenne and Macan - is preparing themselves for a drop in annual car sales with their current forecast reading 250,000 units to be sold, compared to 311,000 sold last year. One key issue is their demand in China, a key market for Porsche, which has seen sales plummet by 28% in the first half of the year. This is largely down to a price war in the EV sector, with Porsche - which has two all-electric cars in its range, the Taycan and the Macan Electric - previously anticipating that 80% of its sales would come from EVs by 2030. 'Business conditions have deteriorated massively within a short period of time" Oliver Blume, Porsche This target is now considered unrealistic, largely due to slower adoption rates. EVs, while necessary to meet CO2 regulations, generate lower profit margins compared to combustion engine cars, something the firm's decision-makers are identifying as a major concern. Chief executive Oliver Blume, said: 'Our business model that sustained us over many decades no longer is functioning today in its current form. 'Business conditions have deteriorated massively within a short period of time.' On EVs, he added: 'On the one hand we need EVs to fulfil regional CO2 regulations, but on the other the profit margins are far below those of our combustion engine cars.' Another issue is the current climate in the US, with Porsche facing challenges from a weaker dollar and President Donald Trump's tariffs - which are impacting its profitability. Inside Dua Lipa's one-off 184mph Porsche 911 GT3 RS set to raise £100,000s for charity Furthermore, Porsche's operating margin is forecast to drop significantly - from 14.1% to between 6.5% and 8.5% - which means in the worst-case scenario, their margins could fall to as low as 7%. They have also seen a decline in their share value, with prices falling by 29% this year. Worse still, investors who bought stocks during its 2022 public offering - when Porsche was seen as the world's third most valuable carmaker after Tesla and Toyota - have since seen losses of nearly 50%. Amid the turmoil, the marque is restructuring its leadership team, appointing four new executives to handle critical areas such as finances, marketing, personnel and procurement. TOTAL RECALL Another recent issue for Porsche is related to the Taycan. In May, the company mysteriously told its retailers to stop selling a specific batch of the electric sports car, following a request from the Driver and Vehicle Standards Agency (DVSA) which manages motor recalls in the UK. The problem reportedly relates to a previous recall issued in November by the DVSA which said it could pose a fire risk. According to the DSVA, the reason for that recall was: "A short circuit within the battery modules during the vehicle's service life cannot be ruled out under certain circumstances which could lead to thermal events and later to a fire in the vehicle." New software that will detect the problem and display a warning to the vehicle owner if it occurs has since been made available. Porsche GB said in a statement: "Enhanced battery monitoring software is anticipated to become available for first generation Taycan models towards the end of June. "With its imminent arrival, we've advised our retail partners not to sell a small, specific batch of first generation Taycan models until the software update is live." One Porsche dealer said: "Unfortunately Porsche and the DVSA haven't put a definitive timeframe on approved Taycans so at the minute we're now having to remove all Taycans from sale for the foreseeable future. "Porsche head office have sent out a bulletin to say we need to remove them from sale and not deliver any until further notice." Both Porsche GB and the DVSA have previously issued 12 safety recalls on various Taycan models. This includes recalls to replace brake hoses, address problem with welding and suspension components and replacing cell blocks in the high voltage battery. 4 4
