{"id":45288,"date":"2025-08-05T09:34:14","date_gmt":"2025-08-05T09:34:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/45288\/"},"modified":"2025-08-05T09:34:14","modified_gmt":"2025-08-05T09:34:14","slug":"teslas-uk-sales-drop-by-nearly-60-in-july","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/45288\/","title":{"rendered":"Tesla\u2019s UK sales drop by nearly 60% in July"},"content":{"rendered":"

Activity in the dominant services sector slowed in July with new orders falling at the fastest rate since the aftermath of the mini-budget in November 2022 and staffing levels cut at the sharpest rate in six months, the latest purchasing managers\u2019 index (PMI) survey showed.<\/p>\n

July\u2019s S&P Global PMI survey for the services sector, which makes up more than 80 per cent of the economy, slid to 51.8 from June\u2019s 52.8.<\/p>\n

New business fell sharply, with the sub sector falling to 47.7 from 51.3, below the 50 level that divides growth from contraction. The employment component fell to 45.6 from 47, its lowest level since February, which S&P said reflected \u201chiring freezes and redundancies in response to subdued demand and robust input cost inflation\u201d after a rise in labour costs for businesses.<\/p>\n

Tim Moore, S&P Global Market Intelligence\u2019s economics director, said: \u201cRisk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop.\u201d<\/p>\n

Tesla\u2019s sales woes deepen<\/p>\n

Tesla\u2019s new car sales in Britain dropped by nearly 60 per cent year-on-year to 987 units in July, down from 2,462 in the same month last year, figures from the Society of Motor Manufacturers and Traders (SMMT), the industry body, showed today.<\/p>\n

Data last week showed that registrations of new Tesla cars in several key European markets fell in July, despite a revamp to its Model Y, as the electric carmaker struggles with a backlash against its chief executive Elon Musk\u2019s political views, regulatory challenges and fierce competition.<\/p>\n

Overall, new car registrations in Britain fell by about 5 per cent year-on-year in July to 140,154 units, the SMMT said, with growth in battery electric vehicle sales moderating to 9.1 per cent in the month. Battery electric vehicles are now projected to account for 23.8 per cent of new registrations in 2025, slightly up from SMMT\u2019s previous forecast of 23.5 per cent.<\/p>\n

Mike Hawes, the SMMT chief executive, said: \u201cJuly\u2019s dip shows yet again the new car market\u2019s sensitivity to external factors, and the pressing need for consumer certainty.\u201d<\/p>\n

Ryanair carries record 20.7m passengers in July\"Ryanair<\/p>\n

Michael O\u2019Leary, Ryanair\u2019s chief executive<\/p>\n

EVELYN HOCKSTEIN\/REUTERS<\/p>\n

Europe\u2019s biggest airline has reported a 3 per cent year-on-year rise in passenger numbers in July to a new monthly record of 20.7 million, despite cancellations due to strikes in France.<\/p>\n

Ryanair said it operated more than 113,000 flights during the month but that 680 flights were cancelled, mostly due to French air traffic control strikes which disrupted the travel plans of tens of thousands of passengers.<\/p>\n

Michael O\u2019Leary, the chief executive of Ryanair, has said the regularity of French strikes means such industrial action has become \u201crecreational\u201d and urged Brussels to intervene. He claimed the air traffic controllers were, for the umpteenth summer, using the start of the holiday season to leverage their bargaining power.<\/p>\n

The load factor, a measure of how full the budget carrier\u2019s planes are, was 96 per cent, the same as in July last year.<\/p>\n

Corporate results lift FTSE 100<\/p>\n

London\u2019s leading share index rose for the second day this week, lifted by strong corporate results and a rebound on Wall Street and in Asian stock markets.<\/p>\n

The FTSE 100 has risen 26 points, or 0.28 per cent, to 9,154.29 after starting the week on a positive note with its fifth-highest close.<\/p>\n

\"Smith<\/p>\n

Smith & Nephew reported better-than-expected first-half results<\/p>\n

SMITH &AMP; NEPHEW<\/p>\n

Smith & Nephew, the medical equipment maker, rose 11 per cent after reporting better-than-expected first-half results and unveiling a $500 million share buyback.<\/p>\n

Diageo rose 6.9 per cent after increasing its cost-saving target and BP was 1.2 per cent higher after beating expectations for second-quarter profits.<\/p>\n

Fresnillo, the precious metal miner, gained 8.5 per cent after it reported a 30 per cent rise in first-half revenues to $1.94 billion, mainly due to higher gold and silver prices. The increase was driven by greater volumes of gold sold, though partially offset by a lower volume of silver sold. Gold is trading at $3,373 an ounce today, close to a more than one-week high achieved in the last session.<\/p>\n

Domino\u2019s Pizza hit as consumers cut back<\/p>\n

Domino\u2019s Pizza, the master franchise holder for the UK and Ireland, has lowered its full-year profit outlook due to higher employment costs and weak demand as customers cut back on spending amid rising prices.<\/p>\n

In its first-half results, the company said it now expected full-year underlying profits (Ebitda) to be in the range of \u00a3130 million to \u00a3140 million. This compared to analysts\u2019 expectations of \u00a3140.8 million to \u00a3149.2 million. First-half statutory pre-tax profits dropped 32 per cent to \u00a340.5 million.<\/p>\n

In other corporate news:<\/p>\n

Smith & Nephew: The medical equipment maker reported a 5 per cent rise in revenue on an underlying basis and an 11 per cent increase in its trading profit over the first six months of the year, which was stronger than what analysts had forecast. The encouraging figures are a boost to the FTSE 100 group as it comes under increasing scrutiny from Cevian Capital, the activist investor that raised its stake<\/a> in the company to 8.5 per cent last month. It also unveiled a $500 million share buyback.<\/p>\n

Travis Perkins: The building materials supplier reported a 2.1 per cent decline in revenue and a 24 per cent drop in its adjusted operating profit over the first half of the year, blaming \u201coperational challenges\u201d. However, it said that it expected to deliver full-year results that were in line with market expectations.<\/p>\n

Diageo doubles down on cost cutting\"Bottles<\/p>\n

Bottles of Johnnie Walker whiskey, one of the drinks brands owned by Diageo<\/p>\n

MIKE WILKINSON\/GETTY IMAGES<\/p>\n

The global drinks company, which owns the Guinness and Johnnie Walker brands, said it will go further in cutting costs as it seeks to revive investor confidence, in its first performance update since the ousting of Debra Crew, its former chief executive, last month.<\/p>\n

Diageo has raised its savings target to $625 million, from $500 million, over the next three years, as it reported organic sales growth of 1.7 per cent for the 12 months to the end of June. Sales volumes rose 0.9 per cent, while price inflation and product mix contributed 0.8 per cent. City analysts had forecast underlying growth of 1.4 per cent.<\/p>\n

Nik Jhangiani, the former finance chief who has stepped into the top job on an interim basis, said: \u201cWhile macroeconomic uncertainty and the resulting pressure on consumers continues to weigh on the spirits sector \u2026 We are focused on what we can manage and control and executing at pace.\u201d<\/p>\n

The FTSE 100 group has been grappling with slowing growth in key markets, shifting drinking patterns and a lack of strategic clarity, which led to the departure of Crew, who was appointed chief executive in 2023.<\/p>\n

BP to launch strategic review under new chairman\"The<\/p>\n

The Eastern Trough Area Project, a BP-operated oil and gas hub in the UK North Sea<\/p>\n

ANDY BUCHANAN\/POOL\/GETTY IMAGES<\/p>\n

BP is to conduct a sweeping review of its portfolio and costs under its incoming chairman, Albert Manifold, as Murray Auchincloss, its chief executive, pledged that it \u201ccan and will do better for its investors\u201d.<\/p>\n

The FTSE 100 oil company announced the plans as it reported that underlying profits fell by 15 per cent to $2.4 billion in the second quarter amid lower commodity prices. The result was, however, significantly better than the $1.8 billion analysts had forecast.<\/p>\n

Auchincloss announced in February that he would \u201cfundamentally reset\u201d BP\u2019s strategy but is under pressure from Elliott, the investment management firm, to make more radical changes.<\/p>\n

He said: \u201cIn advance of chair-elect Albert Manifold joining the board on 1 September, he and I have been in discussions and have agreed that we will conduct a thorough review of our portfolio of businesses to ensure we are maximising shareholder value moving forward \u2014 allocating capital effectively. We are also initiating a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry.\u201d<\/p>\n

Spectris backs sweetened KKR offer\"Spectris<\/p>\n

Spectris provides instruments, test equipment and software for industrial applications<\/p>\n

The bidding war for the FTSE 250 company Spectris has intensified after its board switched its recommendation from Advent International to a sweetened \u00a34.2 billion offer from rival US private equity firm KKR.<\/p>\n

KKR\u2019s increased cash offer for the instrumentation and testing group values each Spectris share at \u00a341.75, comprising \u00a341.47 in cash and an interim dividend of 28p per share. It trumps Advent\u2019s revised \u00a341-a-share cash offer on Friday, which also included the interim dividend.<\/p>\n

Spectris is being advised by Goldman Sachs, Rothschild and Bank of America Securities. The company employs 7,600 people and provides instruments, test equipment and software for industrial applications.<\/p>\n

The group is one of several UK technology specialists attracting takeover interest from American private equity firms this year, with Oxford Ionics, a quantum computing start-up, and Alphawave IP Group, the manufacturer of high-speed connectivity and computer silicon, also receiving bids.<\/p>\n

Trump threatens India over Russian oil\"President<\/p>\n

President Trump wants India to stop buying Russian oil as Washington seeks ways to push President Putin to make a peace deal with Ukraine<\/p>\n

AP<\/p>\n

Oil prices remained lower after output increases by Opec+ aimed at regaining market share and threats by President Trump to raise tariffs on India over its Russian petroleum purchases.<\/p>\n

The benchmark Brent crude futures contract is down 0.28 per cent to $68.57 a barrel this morning, its lowest level in a week.<\/p>\n

India is the biggest buyer of seaborne Russian crude. Trump wants the country to stop buying Russian oil as Washington seeks ways to push Moscow for a peace deal with Ukraine. He is threatening to impose 100 per cent secondary tariffs on buyers of Russian crude.<\/p>\n

Trump wrote on Truth Social: \u201cIndia is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don\u2019t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.\u201d<\/p>\n

Stock markets climb a wall of fear\"The<\/p>\n

The Dow, S&P 500 and Nasdaq bounced back Monday from Friday\u2019s sell-off<\/p>\n

SHUTTERSTOCK EDITORIAL<\/p>\n

Some Wall Street banks are warning clients to prepare for a market pullback, even as Wall Street indices rebounded from last week\u2019s sell-off.<\/p>\n

Morgan Stanley, Deutsche Bank and Evercore all cautioned that the S&P 500 index is due for a near-term drop due to the fallout from President Trump\u2019s trade war, including slowing consumer spending, weaker economic growth, higher unemployment and potentially rising inflation.<\/p>\n

Mike Wilson, the Morgan Stanley strategist, forecasts a correction of up to 10 per cent this quarter, while Evercore\u2019s Julian Emanuel is expecting as much as 15 per cent.<\/p>\n

For now stock markets seem unfazed. Shares in Asia rose for a second day. Japan\u2019s Nikkei gained 0.6 per cent, supported by data showing a jump in the nation\u2019s service sector activity in July. Meanwhile, mainland China\u2019s SSE Composite gained 0.5 per cent after services activity expanded at its fastest pace in 14 months in July.<\/p>\n

The FTSE 100 is forecast to open 30 points higher when trading begins.<\/p>\n","protected":false},"excerpt":{"rendered":"Activity in the dominant services sector slowed in July with new orders falling at the fastest rate since…\n","protected":false},"author":2,"featured_media":45289,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[25693,84,4809,14008,59,1776,6906,3670,25692,3965,25691,56,54,55],"class_list":["post-45288","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-25693","tag-business","tag-by","tag-drop","tag-gb","tag-in","tag-july","tag-live","tag-nearly","tag-sales","tag-teslas","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/45288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=45288"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/45288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/45289"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=45288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=45288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=45288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}