UK Signs Trade Deal with India; Whisky Tariffs Down

India will reduce tariffs on whisky and gin from 150% to 75% with 40% by year 10, according to the UK government. There will be tariffs on UK car exports to India but tariffs on those cars will drop from 100% to 10%.  Many tariffs on Indian goods to the UK will be wiped out. UK companies can also bid to deliver Indian public sector services for the first time.

Stellantis CEO Carlos Tavares Resigns

Tavares led Stellantis since its founding in 2021 following the merger of Fiat Chrysler and Peugeot SA. Competition from Chinese vehicle manufacturers has been cited as one reason for a profit warning in September 2024.

Car Manufacturers In Deals with Electronics Firms

As tech firms invest in semiconductor production to meet demand, automotive manufacturers are tying up with tech firms to secure supply.  An example is BMW who signed a supply deal with Inova Semiconductors and Global Foundries in December 2021. Other companies have been ramping down production, with Ford closing factories in 2021. Jaguar Land Rover (JLR) sales dropped 1.2% in 2021 attributed to the semiconductor shortage (order books remain healthy). Nissan CEO Makoto Uchida said while production was on track, "day by day we're in close discussion with suppliers". Tesla has managed supply well, though has reportedly omitted electronic control units in steering racks for some models, according to CNBC. Porsche has been unusual in predicting record sales despite shortages.

Cheapest Tesla Yet - Elon Musk Rolls out the Model 3

The Model 3, Tesla's cheapest car yet, starts off at $35K, still higher than the Nissan Leaf, at just over $30K. The electric battery will run for 354 km before needing a recharge.