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Tesla boosted ahead of Model 3 electric car launch
Shares in electric car maker Tesla have risen after founder Elon Musk said its new Model 3 car would be ready by Friday, two weeks ahead of schedule. Mr Musk said the five-seater car – its lowest-cost vehicle to date – had passed all its regulatory tests.
“Expecting to complete SN1 [serial number 1] on Friday,” he tweeted, referring to the first car off the production line. Tesla’s shares rose about 2% on Monday as investors welcomed the news.
Minimum wage for the self-employed, suggests think tank
Some of the self-employed should be entitled to the national minimum wage, a think tank has urged. The Resolution Foundation says that about half of the 4.8 million people classified as self-employed are low-paid and earn less than £310 a week. As they have no chance to set their own wages they should be classified instead as workers, with wage protection. The idea has been submitted by the think tank to the Taylor Review on modern employment practices.
Investors increasingly wary of car loan bonds
Investors are closely scrutinising the latest sale of bonds backed by car loans in the UK, after the Bank of England flagged concerns over rising levels of consumer credit. Ford Credit Europe began the week marketing a sterling-denominated securitisation deal, which consists of some £542m of financing contracts. The securitisation deal, whereby auto loans are transformed into tradable bonds, comes amid heightened concerns over consumer borrowing in the UK, with particular focus on car finance. Last week, the Bank of England increased its counter-cyclical buffer — a move which is designed to constrain bank lending.
Bank of England staff to strike over pay
The Bank of England is facing its first strike in more than half a century after security and maintenance staff voted to walk out in protest over their pay. The dispute at the central bank highlights the growing pressure on the UK government to pay staff more as inflation eats into living standards. Public sector pay growth is capped at 1 per cent each year until 2020, but inflation has surged to 2.9 per cent this year as a result of sterling’s depreciation since the Brexit vote.
Porsche develops autonomous racing car software
Porsche is developing autonomous car technology to enable a driver to experience hands-free how a professional motor racing champion would tackle a racetrack. The German sports car maker is aiming to use software that will capture data from professional drivers as they rip around a racecourse. It will then upload the data so a self-driving Porsche can replicate the entire driving experience on the track. This means a driver will experience the speed and driving of a professional. Then, the driver can take the wheel and measure their own skill against an ideal lap and obtain real-time feedback on how to improve.
Victims to miss out on fair compensation after crackdown on whiplash claims
Up to 600,000 people a year who have suffered road accidents could miss out on fair compensation as a result of a government crackdown on whiplash claims, lawyers say. The government plans to increase the minimum court claim for compensation from £1,000 to £5,000. Access to Justice, which represents personal injury lawyers, says that the new level will exclude a large number of people. The group commissioned research from Capital Economics, which found that about 80 per cent of successful claims, or about 600,000 cases a year, were for less than £5,000. The average compensation was £3,000.
Industry is near Brexit tipping point, manufacturers warn
Manufacturers are approaching a Brexit “tipping point”, when they will have to prepare for the worst in the absence of greater clarity from the government, the industry’s trade body has warned. Terry Scuoler, chief executive of the EEF manufacturers’ group, is expected to say in a speech in Strasbourg today that the government must radically improve and clarify its plan for leaving the European Union.
Move over drivers, the cyclists are taking over the office car park
In the centre of Glasgow something rare is happening. A large office development is being planned without in-built parking – at least, not parking for petrol or diesel cars. The 96,250 sq ft New Exchange development, a two-minute walk from Glasgow Central station, will have just a handful of street-level electric car charging points. Instead of underground car parking, it will feature more than 4,000 sq ft of high-quality basement cycling facilities, including 108 cycle spaces, 108 lockers and 12 showers, for its 700-odd employee capacity.
Young motorists could be penalised by insurers for driving too fast even if they’re 15mph BELOW the speed limit
£50m of ‘reckless’ car loans are written off: MPs demand industry comes clean on number of defaults amid increasing fears of crash
Fears were mounting last night that reckless car loans are risking another financial crisis. Investors in The Car Finance Company – Britain’s leading sub-prime car lender – said they had written off £50million after the number of customers falling behind on payments more than doubled in a year. Politicians are now demanding that the entire motor industry ‘urgently’ discloses how many drivers are defaulting so the risk to the economy can be assessed. The developments came after the Daily Mail yesterday revealed how car salesmen were tempting young drivers into huge debts by offering them new vehicles without them having to pay any money up front.
Driverless cars to be on West Midlands streets next year
Driverless cars are to be piloted on the streets of Wolverhampton next year, transport chiefs have announced.
In its plan for 2017-18, Transport for West Midlands has revealed work is being carried out on business cases for the new ‘POD’ technology. A pilot scheme for ‘autonomous pod vehicles’ – developed by Kingswinford firm Westfield Sportscars – will be trialled in Wolverhampton, as well as Birmingham and Coventry. These are similar to pods that are already in use at Heathrow’s Terminal 5, can carry up to six passengers at a time and will be used for short-hop journeys of up to a mile.