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Tesla reports record loss but says outlook is positive
Electric car maker Tesla has notched up its biggest ever quarterly loss and said it “learned many lessons” from its crucial Model 3 production plans. The firm’s future hangs on the Model 3 sedan, but it has so far struggled with production bottlenecks. Tesla reported a loss of $675.4m (£487m) in three months to 31 December, compared with $121.3m a year earlier. But it said revenues rose to $3.29bn, up from $2.28bn, and that it was addressing Model 3 production issues.
Official forecasts suggest economies throughout UK will be hit
Parts of the UK that backed a Leave vote would face the heaviest hit as a result of Brexit, according to estimates by government officials. The forecasts, seen by MPs, model the 15-year impact of the UK staying in the single market, doing a trade deal with the EU or leaving without a deal. They suggest that in England, the North East and West Midlands would see the biggest slowdown in growth. The government said the document did not represent its policy. It added that the forecasts did not “consider the outcome we are seeking in the negotiations”. And one Eurosceptic Tory MP said the figures were “complete nonsense”.
Council tax hikes planned ‘across England’
Nearly all local authorities in England are set to raise council tax and service charges amid concerns for their financial stability, a survey suggests. Council tax is set to rise in 95% of authorities while 93% will hike service fees, according to the 2018 State of Local Government Finance research. The planned increases come as 80% of councils fear for their balance sheets. Last week, Northamptonshire County Council banned all new spending and said its financial future was “grave”.
New drivers face night ban in probation scheme for licences
Young motorists could be banned from the road at night if plans for probationary driving licences are approved. Theresa May said yesterday that the Department for Transport would review the case for a “graduated” licensing system that imposes restrictions on drivers depending on experience. The prime minister’s intervention came amid concerns that young motorists are involved in a disproportionately high number of accidents. Figures show that young drivers — those aged 17 to 24 — make up about 7 per cent of licence holders but are involved in more than a quarter of crashes leading to deaths or serious injuries. Under the graduated licence system, drivers are required to abide by a series of restrictions during a probationary period — usually one or two years.
Drivers could be charged based on how long they spend on the road
It was revealed earlier this week that British motorists are spending over a day of their lives every year stuck in congestion and gridlock. In fact, on average British motorists are spending 31 hours per year trapped in traffic jams. What’s worse is these endless jams and traffic queues are costing British drivers £1,168, on average, annually in wasted time and fuel. Economic expert Professor Roger Vickerman from the University of Kent has proposed a solution that aims to tackle this problem head on. The professor suggested that a new system should be introduced to charge motorists based on how much time they are spending on the road. Under the proposed system, charges handed to drivers would be variable based on what time of the day they are using the road network. For example those driving in rush hour would face higher rates than off-peak road times. He said: “Once again road congestion has hit the headlines with a report that UK drivers spend an average of 31 hours a year in traffic jams. “What is needed is a nationwide system of charging for roads by use – road pricing.
Drivers typically take their eyes off the road for more than two miles in a one-hour journey, study finds
Drivers typically take their eyes of the road for over two miles in a one hour journey, according to research. Car giant Peugeot fitted special glasses on a group of drivers to monitor their eye movements. The drivers completed twenty five identical six mile journeys in a selection of four wheeled drive SUVs – or sports utility vehicles. The results showed that on average they took their eyes off the road seven per cent of the time. During a one hour drive at thirty miles per hour, this equates to travelling 3.35 kilometres – or more than two miles – without looking where they are going.