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The UK electric vehicle (EV) market is experiencing significant changes, with a notable 57% increase in used EV sales from July to September 2024. Despite a general decline in new car registrations, the demand for used EVs and hybrids is rising, driven by price reductions and increased availability.
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Toyota, Nissan, and Honda report significant profit declines due to fierce competition in China and a slow transition to electric vehicles. Toyota's profits dropped to $3.7 billion, while Nissan announced job cuts and a 70% reduction in profit outlook. The automakers face challenges from local rivals like BYD, which are rapidly gaining market share.
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Ford is reducing work hours for its Cologne plant workers due to lower demand for electric vehicles, while Stellantis will cut shifts at its Toledo plant amid declining Jeep Gladiator sales. Both companies are adjusting to market pressures and high inventory levels.