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New data from RAC Charge Watch highlights that the cost of charging an electric vehicle (EV) using public rapid and ultra-rapid chargers remains persistently high, despite a significant drop in wholesale electricity prices. Drivers relying on public chargers pay a substantial premium compared to those who charge at home, raising concerns about affordability and equity in the EV transition. 

The average pay-as-you-go price for rapid chargers (50–149 kW) stands at 79.19p per kilowatt hour (kWh), nearly unchanged from the beginning of the year and up 4% year-on-year. Charging a family-sized EV from 10% to 80% at these speeds costs £41.18, adding around 170 miles of range. Ultra-rapid chargers (150 kW+) are similarly priced at 77.67p per kWh, costing £40.39 for the same charge.  

Drivers charging at home benefit from significantly lower costs. Off-peak home charging rates can be as low as 7p per kWh, a fraction of the 49p or more per kWh charged at public on-street points and the nearly 80p per kWh for rapid and ultra-rapid chargers. For example, fully charging an EV at home now costs as little as £15.88 on a standard domestic tariff, compared to public charging costs that can exceed £40. 

The Financial Conduct Authority (FCA) is consulting on proposals to extend the deadline for firms to respond to motor finance complaints involving non-discretionary commission arrangements. 

This follows the Court of Appeal’s 25 October ruling in Hopcraft v Close Brothers Ltd, Johnson v FirstRand Bank Ltd, and Wrench v FirstRand Bank Ltd, which found it unlawful for car dealers to receive undisclosed commissions from lenders. The Court ruled that borrowers must be informed of all material facts, including the commission amount and calculation method, before entering agreements. 

The FCA had already extended response deadlines for complaints linked to discretionary commission arrangements (DCAs), which it banned in 2021. The new consultation addresses fixed commission agreements, also implicated in the ruling. The decision is expected to prompt a surge in complaints, leading the FCA to propose two options for extending complaint-handling deadlines: a) Until 31 May 2025, allowing time to determine if the Supreme Court will hear the appeal; or b) Until 4 December 2025, aligning with existing DCA-related rules. 

International Motors (IML), a distributor for automotive manufacturers, has signed a distributor agreement with Chinese electric vehicle manufacturer XPeng, marking the car company’s expansion into the UK market. 

This move is part of XPENG’s strategy to expand its presence in European markets and provide AI-driven, sustainable mobility solutions globally. International Motors is engaged in providing services as a distributor for automotive manufacturers in the UK, Irish, and Northern Europe. 

As a distributor, the company has developed a wide-ranging operation encompassing vehicle importation and after-sales services. XPENG’s zero-emission SUV, XPENG G6, will be the first model planned to be launched in the UK. The company has been entering European markets, with vehicle deliveries starting in Norway in late 2020. XPENG has since expanded to several other countries, including Denmark, the Netherlands, Portugal and Spain.  

The company has set a target to operate in more than 60 global markets by the end of 2025, aiming for international sales to account for half of its total revenue. 

The used car market has recorded a 4.3% growth between July and September 2024, unveiled data released by the UK’s Society of Motor Manufacturers and Traders (SMMT). 

This marks the seventh consecutive quarter of year-on-year expansion. 

In Q3 2024, about 1,965,811 vehicles were sold, with a significant increase in used electric vehicle sales, compared to 1,884,160 in the same period a year ago. About 53,423 used battery-electric vehicles (BEVs) were sold, a 57% surge from the previous year, capturing a 2.7% market share, up from 1.8%. The sales of plug-in hybrids and hybrids also grew 29.0% and 35.8%, respectively. 

Despite the rise in alternative fuel vehicles, petrol and diesel cars still dominated the market, with petrol sales growing by 5.7% and diesel sales declining by 3.9%. 

Superminis continued to be the most popular choice among used car buyers, with a 5% increase in sales while lower medium and dual-purpose vehicles also saw growth. 

Australian lender ANZ Group Holdings has agreed to pay a combined total of A$99m (£50.54m) to settle two class action lawsuits filed against it in 2020, according to Reuters. 

The first lawsuit involved car loans arranged under ANZ’s credit licence from 2011 to March 2016. The class action alleged that ANZ paid “flex commissions” to accredited car dealers, which allowed dealers to set interest rates and terms on car loans independently. Under these arrangements, higher interest rates and longer loan terms generated larger commissions for dealers. 

This practice was banned by Australia’s securities regulator, ASIC, in November 2018. ANZ has agreed to settle the car loan case with a payment of A$85 million. 

The second lawsuit was brought on behalf of members holding ANZ and former OnePath superannuation products, alleging breaches of trustee duties by charging excessive fees and paying unnecessary commissions to financial advisers. To settle this case, ANZ will pay A$14 million. The settlements remain subject to court approval.