Car giants warned to meet EV targets – or go bust like stores who failed to adapt to online shopping
CAR giants have been warned to meet EV targets — or go bust like stores who failed to adapt to online shopping.
Octopus Energy boss Greg Jackson told The Sun auto makers must be jolted into action after kicking against Net Zero tariffs.
In June Vauxhall maker Stellantis threatened to shut down UK plants after the Government insisted that 22 per cent of their cars will have to be electric — or financial penalties will be be imposed.
The figure will rise to 80 per cent by 2030 when the sale of new petrol and diesel vehicles will be banned. Industry figures already indicate makers will miss their targets this year.
And Mr Jackson told The Sun during a tour of his firm’s new tech centre in Manchester: “Too many retailers didn’t invest in the internet, went bust and are no longer here. We don’t want that to happen to Britain’s car industry.”
Car manufacturers including Ford and Mercedes test their new vehicles using the site’s smart charging systems.
The firm has launched a new EV charger which allows drivers to sell excess power back to the grid as well as charge up their cars at the cheapest time overnight.
Mr Jackson claimed owning an electric car is seven times cheaper than petrol — with drivers saving £2,000 a year.
He said: “People drive for miles to save 20p a litre on petrol. This is saving £1.20 a litre. It’s quite special.”
The business had 350,000 elecric cars using its cheap tariffs in the past year.
But EV sales to private drivers have continued to slump amid a range of concerns including so-called “charge anxiety” — fearing a car will run out of power mid-journey.
The industry has lobbied the Government for new incentives for electric car drivers and VAT reductions on charging points.
But Mr Jackson insisted EVs are becoming cheaper, helped by the falling cost of batteries and increased competition from China’s BYD.
He argues that two-thirds of UK houses have off-street parking — so could have household charge points rather than pay for dearer public ones.
Pressed on the risk of job losses if car plants close, he replied: “This industry’s about green job creation.”
New fall in sales for Asda
ASDA’s sales slump is worsening as fresh industry figures show shoppers are deserting the supermarket for rivals.
The grocer, which is still hunting for a permanent chief executive to take over from co-owner Mohsin Issa, has suffered a 6.4 per cent drop in sales over the past 12 weeks.
Its market share has dropped to its lowest level in at least 13 years and it is now only marginally bigger than Aldi.
Meanwhile Waitrose yesterday unveiled plans to open 100 convenience stores, its first new shops in six years.
The upmarket grocer is focusing on meat and fish counters and sushi concessions. Its newest store in North London even has a dedicated Parmesan cheese section.
Loan cut home joy
A MORTGAGE price war is kicking off.
Nationwide yesterday reduced its fixed rate five-year home loans by 0.26 per cent to 3.78 per cent. The rate is only available to borrowers who have at least a 40 per cent deposit.
HSBC cut its five-year fixed rate to 3.81 per cent.
It follows the Bank of England’s first interest rate cut in four years.
UK ‘lacks ambition’
THE boss of Octopus Energy has questioned whether British investors are “ambitious” enough to back a potential stock market listing of the firm
Since its 2015 inception the company has become the UK’s biggest energy supplier and is valued at £7billion.
The London Stock Exchange has suffered a drought of listings as firms such as chipmaker ARM favour valuations in New York.
Boss Greg Jackson said: “There is a shortage of ambitious investors in the UK’s public market than, for example the US.”