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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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Several automakers have unveiled new electric SUVs, including the Polestar 3 Long Range Single Motor, Kia Sorento PHEV, and Cadillac Vistiq. These models aim to enhance range, efficiency, and performance, catering to the growing demand for electric vehicles as the market diversifies.