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TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Detroit Big Three carmakers raise concerns about Japan trade deal
A group representing General Motors, Ford and Chrysler parent Stellantis on Tuesday raised concerns about a trade deal that could cut tariffs on car imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Matt Blunt, who heads the American Automotive Policy Council (AAPC) that represents the Detroit Three carmakers, said they were reviewing the agreement but "any deal that charges a lower tariff for Japanese imports with virtually no US content than the tariff imposed on North American built vehicles with high US content is a bad deal for US industry and auto workers." Trump has threatened to hike tariffs on Mexico to 30% and Canada to 35% on August 1. White House spokesperson Kush Desai defended the deal, calling it "a historic win for American carmakers by putting an end to Japan's unfair auto trade barriers for American-made cars". GM said on Tuesday its second quarter earnings took a $1.1bn (R19,323,332,050) hit from tariffs and expects the impact to worsen in the third quarter. Stellantis said on Monday it expects more impact from US tariffs on vehicles and car part imports in the second half of 2025, reporting US President Donald Trump's tariffs had cost it €300m (R6,183,783,000) so far as the company reduced vehicle shipments and cut some production to adjust manufacturing levels. In May, AAPC criticised Trump's announced trade deal with Britain, saying it would harm the US auto sector. British carmakers will be given a quota of 100,000 cars a year that can be sent to the US at a 10% tariff rate, almost the total Britain exported last year. "This hurts American automakers, suppliers and auto workers," AAPC said. Trump in April softened the blow of his car tariffs by easing the impact of duties on parts and materials, but left in place 25% tariffs on imported vehicles.
TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Trump tariffs take a $1bn bite out of GM earnings; shares fall
General Motors' second quarter earnings took a $1.1bn (R19,305,825,000) hit from tariffs, but the carmaker beat analyst expectations for the period, supported by strong sales of its core petrol trucks and SUVs. The largest US carmaker by sales said it expects the tariff impact to worsen in the third quarter and stuck to a previous estimate that trade headwinds threaten to hit the bottom line by $4bn (R70,198,998,400) to $5bn (R87,748,748,000). GM said it could take steps to mitigate at least 30% of the impact. Shares fell about 6% in early trading. The carmaker's revenue in the quarter ended June 30 fell nearly 2% to about $47bn (R824,838,231,200) from a year ago. Its quarterly adjusted earnings per share fell to $2.53 (R44.40) compared with $3.06 (R53,71) a year earlier. Analysts on average expected adjusted profit of $2.44 (R42,82) per share, according to data compiled by LSEG. GM's adjusted earnings before interest and taxes was among corporations that revised annual guidance due to the impact from US President Donald Trump's tariffs, lowering it to an annual adjusted core profit of between $10bn (R175,501,993,000) and $12.5bn (R219,377,491,250). The company on Tuesday stood by the forecast. Beyond tariffs, GM's underlying business in the quarter was solid. Sales in the US market – its main profit centre – rose 7%, while the company continued to command strong pricing on its pickup trucks and SUVs. GM swung back to a small profit in China, after losing money there a year before. Analysts said GM may need to cut investment in future projects or find other ways to trim spending to offset the effect of tariffs. Jeep-maker Stellantis on Monday warned tariffs would significantly affect results in the second half of 2025, and said tariffs cost it about €300m (R6,177,180,000) in the first half of the year. Shares of rival Ford Motor and US-traded shares of Stellantis fell about 1% on Tuesday morning. The carmaker took steps in recent months to bolster its combustion-engine operations through increased investment in its US factory base, calling into question its goal of ending the production of petrol-powered cars and trucks by 2035. GM announced in June it would invest $4bn at three US facilities in Michigan, Kansas and Tennessee, including a plan to move production of the Cadillac Escalade and increase output of its two big pickup trucks. It added production of its previously Mexico-produced Chevy Blazer to the Tennessee plant. The carmaker imports about half the vehicles it sells in the US, mainly from Mexico and South Korea. Crosstown rival Ford produces about 80% of its US-sold vehicles domestically. Car companies are increasingly shifting their focus to bolstering the core lineup of petrol trucks and SUVs as the growth rate of EV sales has slowed. Demand for battery-powered models has slowed after rapid growth earlier this decade. The trend is intensified by the pending disappearance of government support for the battery-powered models. Sweeping tax and budget legislation approved by the US Congress will eliminate $7,500 (R131,658) tax credits for buying or leasing new electric vehicles and a $4,000 (R70,217) used-EV credit at the end of September.
The South African
15-07-2025
- Business
- The South African
Unemployed Lotto Plus 2 jackpot winner turns R30 wager into R19.4 MILLION
ITHUBA, operators of the National Lottery in South Africa, have announced that the R19 435 068.10 Lotto Plus 2 jackpot winner from draw number 2557 on Wednesday, 9 July 2025 has come forward to claim his winnings. The winner bought their ticket on their banking app with a R30 wager, using the Quick Pick selection method. The winning numbers were 23, 27, 32, 44, 45, 48 and the bonus ball was 9. The winner, currently unemployed, attributed his luck to his persistence and belief that he would win one day. He said: 'I have always believed I would win one day, and now it has finally happened!' Despite his confidence, the multi-million jackpot win came as a huge surprise. 'I found out I had won through my bank and checked the results on the National Lottery app, and I was absolutely shocked!' he added. The winner says he was thrilled to share the news with his wife and is eager to transform his life and the lives of those around him. He passionately expressed his desire to make a significant impact on his family's well-being, grateful that he can now provide for their every need. 'I also plan on helping a former colleague who holds a special place in my heart,' he added. Furthermore, he intends to donate a portion of his winnings to charitable organisations. He also plans to invest some of his winnings, with the goal of creating a sustainable source of income that will allow him to enjoy life's simple pleasures, like the leisure walks he loves taking by the beach. 'It's inspiring to see a winner who is committed to transforming not only his own life but also the lives of those around him; his family, friends, and community. 'When managed wisely a multi-million jackpot win can rewrite the future for many people,' said Charmaine Mabuza, ITHUBA CEO. To help winner's enjoy lasting benefits from their winnings, ITHUBA offers access to certified financial experts who provide valuable financial insights for winners of R50 000 and above. All winners have 365 days from the draw date to claim their winnings, and all National Lottery winnings are tax-free. Participants can check their tickets at retail stores or online through the National Lottery website or social media pages as there are more winners in other divisions. Players must be 18 years or older. Play responsibly. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
14-07-2025
- Business
- IOL News
Unemployed man bags R19million Lotto Plus jackpot with R30 quick pick
An unemployed man has bagged over R19million in the Lotto Plus 2 jackpot. He won with a R30 ticket. An unemployed man has claimed the R19 million Lotto Plus 2 jackpot. The National Lottery Ithuba said the person won R19,435,068.10 from the July 9, 2025, draw. The winning ticket was purchased on a banking app with a R30 wager, using the Quick Pick selection method. The winner, currently unemployed, attributes his luck to his persistence and belief that he would win one day. "I have always believed I would win one day, and now it has finally happened." Despite his confidence, his eventual win came as a huge surprise. 'I found out I had won through my bank and checked the results on the National Lottery app, and I was shocked." The winner says he was thrilled to share the news with his wife and is eager to transform his life and the lives of those around him.
TimesLIVE
14-07-2025
- Business
- TimesLIVE
Unemployed man wins R19.4m lotto jackpot, vows to uplift family, friend and community
An unemployed lotto player who won more than R19.4m in the lotto plus 2 jackpot plans to change his family's lives and help a friend. Upon realising his win, he was thrilled to share the news with his wife and is eager to transform his life and the lives of those around him. 'I also plan to help a former colleague who holds a special place in my heart,' he said. Ithuba, the operator of the National Lottery, said the man claimed his winnings of R19,435,068.10 from last week's Wednesday draw. He bought his ticket on a banking app with a R30 wager, using the quick pick selection method. The unemployed man attributed his luck to his persistence and belief that he would win one day. 'I have always believed I would win one day and now it has happened. 'I found out I had won through my bank and checked the results on the National Lottery app and I was shocked.' He wanted to make an impact on his family's wellbeing, grateful that he can now provide for their every need. He also plans to donate a portion of his winnings to charitable organisations and invest some of his winnings to create a sustainable source of income that will allow him to enjoy life's pleasures such as leisurely walks by the beach. Ithuba CEO Charmaine Mabuza congratulated the winner. 'It's inspiring to see a winner who is committed to transforming not only his own life but also the lives of those around him; his family, friends and the community. When managed wisely, a multimillion jackpot win can rewrite the future for many people.'
