Tesla becomes world's most valuable car maker | UK Market Update

  • July 02, 2020 08:08 PM BST
  • Team Kalkine
    Team Kalkine
    Team Kalkine
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    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Up to three million Hong Kong residents are to be offered the chance to settle in the UK and ultimately apply for citizenship. The PM Boris Johnson said Hong Kong's freedoms were being violated by a new security law and those affected would be offered a "route" out of the former UK colony. About 350,000 UK passport holders, and 2.6 million others eligible, will be able to come to the UK for five years. And after a further year, they will be able to apply for citizenship. Under the government's plans, all British Overseas Nationals and their dependents will be given right to remain in the UK, including the right to work and study, for five years.

More than 12,000 people in the UK are set to lose their jobs after a raft of firms announced cuts in the past 48 hours. The cuts are mainly being made by High Street retailers and in aviation - two of the sectors hardest hit by the coronavirus lockdown. John Lewis has said it will close stores but has not confirmed how many jobs will go. Topshop owner Arcadia and Harrods said they planned a total of 1,180 job cuts. Businesses have been hit hard since the UK went into lockdown on 23 March, and even though restrictions are gradually being eased, consumer demand remains depressed. The government's furlough scheme will also start to be pared back from August, and firms are cutting jobs to control their costs.

Tesla has become the world's most valuable carmaker, overtaking Japan's Toyota, after its stock hit a record high. Shares in the electric carmaker touched $1,134 on Wednesday morning before falling back, leaving it with a market value of $209.47bn (£165bn). That is roughly $4bn more than Toyota's current stock market value. However, Toyota sold around 30 times more cars last year and its revenues were more than 10 times higher. Shares in Tesla have surged since the start of 2020 as investors have begun to feel more confident about the future of electric vehicles. That is despite its founder Elon Musk having wiped $14bn off Tesla's value in May after tweeting that its share price was too high. Toyota, however, remains a far larger business in terms of sales.

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