6:30 am, March 12, 2025
Nissan chief steps down after Japanese car giant reports dismal results
The chief executive of Japanese car giant Nissan, Makoto Uchida, is stepping down after the company reported dismal financial results.
Nissan Motor Corp said in a statement on Tuesday that Ivan Espinosa, who is currently the company’s chief planning officer, will take Uchida’s place, effective from April 1.
Uchida, who remains as a director, expressed confidence in Espinosa as ‘a real car guy’, and stressed he is handing over the baton of leadership to better unify company ranks.
Nationwide hands £50 ‘thank you’ to 12m customers after Virgin Money buyout
Nationwide is to pay £50 to more than 12 million customers, which it described as a ‘thank you’ following the purchase of Virgin Money last year.
The company said the buyout made it ‘an even stronger force in UK banking’. It said: ‘This was made possible by the financial strength Nationwide members helped us build.’
The business will spend more than £600m on the move, which it called the ‘big Nationwide thank you’.
Morgan’s Supersport arrives as brand’s new flagship
Morgan’s new Supersport has been revealed as the Malvern firm’s latest range-topper.
Priced at £85,000 and available to order now, the new Supersport effectively acts as a replacement for the previous Plus Six flagship. It also uses the same BMW-soured 335bhp 3.0-litre, six-cylinder engine as the Plus Six.
Underpinned by a new CXV aluminium platform, the Supersport gets Morgan’s classic exterior design but utilises a lot of the latest technology. It also features an interchangeable lightweight carbon composite hard top and a folding mohair soft top, allowing owners to switch between configurations depending on the conditions.
The markets
Global stock markets have felt another day of turmoil with London’s FTSE 100 losing more than 100 points on Tuesday, as Donald Trump announced plans to double planned tariffs on Canadian steel and aluminium. It fell 104.23 points, or 1.21%, to close at 8,495.99, hitting the lowest level since mid-January.
It was also a weak picture for equity markets in Europe. Germany’s Dax declined 1.29%, and France’s Cac 40 closed 1.31% lower. New York’s S&P 500 had fallen 1.1%, while Dow Jones dived 1.5% by the time European markets closed.
The pound was strengthening against the US dollar on Tuesday, gaining 0.45%, at 1.2935, to hit a four-month high. On the other hand, it was down 0.4% against the euro, at 1.184.
Starmer hails Ukraine ceasefire ‘breakthrough’ as defence chiefs meet for talks
Sir Keir Starmer hailed Ukraine’s backing for American ceasefire proposals as a ‘remarkable breakthrough’ as the defence secretary heads to Paris for talks to cement European peacekeeping efforts.
The prime minister joined America in urging Vladimir Putin to now agree to the 30-day ceasefire proposal put forward by Donald Trump’s US administration, as he insisted the ‘ball is now in the Russian court’.
America also announced it would immediately lift its suspension of military aid to Ukraine and its intelligence sharing with Kyiv, following talks between the two nations held in Saudi Arabia.
Trump selects a new Tesla on White House drive to show support for Elon Musk
US president Donald Trump shopped for a new Tesla on the White House drive on Tuesday, selecting a shiny red sedan to show his support for Elon Musk’s electric vehicle company as it faces negativity because of his work to advance the president’s political agenda and downsize the federal government.
Trump told reporters that he would write a cheque for the car, which retails for roughly 80,000 dollars (£61,792), and leave it at the White House so his staff can drive it.
The president also said he hopes his purchase will boost Tesla, which is struggling with sagging sales and declining stock prices.
Tuesday on Car Dealer
FCA doubles down on redress scheme if customers have lost out in motor finance scandal
The FCA has repeated that it is considering a redress scheme for motor finance customers overcharged due to discretionary commission arrangements. Its decision will follow a Supreme Court ruling. If firms failed compliance, they must compensate affected consumers.
Zoopla rehires former Cazoo boss who left before online car dealer’s crushing collapse
Former Cazoo boss Paul Whitehead has rejoined Zoopla as its new leader after leaving as chief strategy officer in 2018. He departed Cazoo in April 2024 before its collapse. Whitehead aims to strengthen Zoopla’s competitive edge and drive growth in the property portal market.
‘You’ve got to be very careful’: What to consider when selling a used EV at your dealership
Dealers must be cautious when stocking used EVs, as some models are proving difficult to sell, warns Cox Automotive’s Phil Nothard. Thorough research and pricing are crucial, as EV values fluctuate quickly. While opportunities exist, dealers must monitor the market closely to succeed.
Weather
Cloudy conditions will spread today, but sunny spells will remain in the northwest, reports BBC Weather. Scattered showers, wintry on hills, are expected. Colder than of late, with highs of nine degrees.
Tonight, the North Sea coast will stay cloudy with showers, bringing snow to hills, while the west will be drier and clearer.
