Effusively effusive - 3 September 2024
RAC RECOMMENDS DITCHING FUEL DUTY CUTThe RAC, who have long been highlighting how fuel retailers are not passing on the fuel duty cut to consumers, have recommended to the Government that they remove this in the upcoming Budget. Their argument is that drivers are not seeing the benefit and companies are only lining their pockets. To read more on this, click the link here to a BBC News article. HACKNEY PROPOSAL FOR MOTORCYCLE PARKING CHALLENGED A legal challenge has been filled against Hackney Council after their proposal to impose a parking fee at the same rate as a car, for residents. The council expects the move to reduce motorcycle commuting by 70%, in the face of evidence that it is better to shift from a car to a motorcycle. To help this challenge succeed a crowdfunding campaign is in operation. Click this link to a Motorcycle Action Group page for more. HYUNDAI UPDATES MODEL PLANSHyundai is the latest company to announce a revision to their model and powertrain plans, in the face of market conditions. They will expand their hybrid offerings, including adding a range-extender. These moves, it hopes, will counter the fears that markets have about making the switch to fully electric vehicles. If you want to read more, click this AMOnline article link here. LOTUS SLASHES SALES FORECASTLotus, blaming tariffs on Chinese built EVs, has slashed its sales forecast from 55,000 vehicles to just 12,000. With next year being down from 76,000 to 30,000. In the first half of 2024 Lotus sold 4873 cars globally. Whilst this is a record, it is no where near where it needed to be if 55,000 were to be sold. Click this Autocar article link here, to read more. NEW CEO FOR POLESTARThomas Ingenlath has resigned as CEO of Polestar, he will be replaced by ex-Opel-Vauxhall boss Michael Lohscheller. Lohscheller, recently, was the CEO of Vinfast and president of Nikola Motors. You can read more about this, by clicking this Autocar article link here. HMRC CUTS EV MILEAGE RATESHMRC has announced that they are cutting the Advisory Fuel Rates (AFRs) for EVs, reducing it to 7ppm, from 8ppm. There are, as a result, calls to change how this is done because it does not actually cover the costs of business users, especially if they do not have a home charger. Click this FleetNews article link for more. LEX AUTOLEASE PROFITS PLUNGE £400MLex Autolease, the business leasing company, has announced a drop in pre-tax profits of £400 million, in the face of increased revenues. A large portion of this is attributed to the fall in EV residuals at rates far more than anticipated. As we have said on the show, there are consequences which will impact both new and second hand markets. Click...
