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Used EVs keep getting more expensive amid Iran war, high gas prices

DETROIT — The Iran war and high U.S. gas prices are causing a surge in demand for used all-electric vehicles, which is making the pre-owned vehicles more expensive, according to Cox Automotive. The company on Wednesday reported that its Manheim Used Vehicle Value Index for EVs — which tracks prices of used vehicles sold at its U.S. wholesale auctions — increased 12% last month compared with June 2025. That compares with a 1.7% increase for non-EVs over the same period. Wholesale EV prices have increased every month this year, leading to an 11.5% jump in average pricing to roughly $30,400, according to Manheim. Non-EVs, meanwhile, have seen a less than 1% increase this year in average pricing, to $19,125, Manheim said. The average used EV listing price as of May was $37,083, according to Cox's Kelley Blue Book. Retail prices for consumers traditionally follow changes in wholesale prices. "EVs continue to show strong performance, while prices for SUVs and Pickups falter compared to this time last year," Manheim said in a release. Cox reports used EV sales to consumers reached 42,923 units in May, up 5.5% month over month and 24.7% year over year, with used EV market share holding at 2.8%. Tesla models are estimated to have led with 15,353 units sold, followed by sales of Hyundai, Chevrolet, Ford and BMW all-electric vehicles. Jonathan Gregory, senior director of Cox Automotive, said gas prices are expected to continue to determine whether vehicle costs will rise amid an expected influx of off-lease EVs coming later this year. A growing number of used EVs are expected to the market through the end of the year after automakers bumped up their sales of all-electric vehicles with leasing offers three years ago. "The risk we're watching for the second half is that steep ramp in off-lease supply, EVs especially, which could pressure specific segments even as the headline holds firm. Gas is the swing factor: If pump prices keep falling, some of that EV demand could fade as availability increases," Gregory said. AAA reports the national average for gas prices is up roughly 21% from a year ago, to a national average of $3.80 a gallon. Those prices have come down from recent highs, but escalating combat in Iran caused oil prices to jump Wednesday. The increased demand and rise in the price of used EV are contrary to those for new all-electric vehicles. Many automakers reported that they saw sharp sales declines for new EVs during the second quarter. Aside from automakers pulling back billions of dollars for new EVs, the year-over-year comparison is difficult. EV demand began to spike last year during the second quarter ahead of expectations that the Trump administration would end up to $7,500 in incentives for consumers to purchase an EV.

Used EVs keep getting more expensive amid Iran war, high gas prices
Asia
The Hindu BusinessLine

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase

Independent asset servicing firm Dovetail is set to enter the custody business, a move that would complete its ambition of becoming a full-service platform for global investors accessing India. The company plans to apply for a custody licence within the next 30-45 days, betting on the growing opportunity in asset servicing as foreign and domestic investment flows into India continue to rise. The company already provides clearing, fund administration and platform solutions, and sees custody as the missing piece in its offering. With India’s market capitalisation projected to triple to $12 trillion over the next decade, Dovetail sees custodial services as a lucrative, volume‑driven opportunity. By offering a one‑stop shop—from fund setup and compliance to clearing and custody—the company aims to challenge entrenched banks and position itself as the go‑to gateway for global investors accessing India. To support this expansion, Dovetail has raised ₹100 crore from a venture capital fund, comprising ₹70 crore of fresh equity infusion and ₹30 crore through a promoter stake sale. The capital will be used to meet regulatory requirements for the custody business, strengthen the balance sheet and support expansion into new markets. “We will apply for the custody licence over the next 30-45 days. Regulatory capital requirements stand at ₹50 crore, with discussions to raise this to ₹75 crore. The fresh funds ensure we are well-prepared,” said co-founder Dev Sampat. Founded by former Kotak executives, Dovetail has built a business model independent of large banking groups. Its clearing business processes 15-16 lakh trades a day, with average notional derivative volumes of $64-65 billion. Beyond clearing, Dovetail administers mutual funds in GIFT City, manages around 40 funds out of Singapore, and has received approval for third-party fund management solutions. The company now plans to expand its administration business into new jurisdictions such as Mauritius and the UAE, while strengthening its presence in Singapore and Dubai’s DIFC. Mauritius, despite declining as a foreign portfolio investment hub, still accounts for 20 per cent of India’s FDI inflows, alongside Singapore’s 30 per cent. Capturing these flows with substance‑based operations and compliance expertise is central to Dovetail’s strategy. According to co-founder Mahesh Shekdar, the fundraise is not only about capital but also about strengthening the company’s credibility as it expands internationally. “We are profitable with a strong net worth, but institutional money brings validation and confidence as we enter more jurisdictions,” he said.

Dovetail eyes custody business; raise ₹100 crore to fund next growth phase
Asia
The Hindu BusinessLine

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead

Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4%. | Photo Credit: ANI India’s commercial vehicle (CV) industry reported healthy growth in June 2026, with retail sales rising 17 per cent year-on-year to 90,972 units from 77,836 units in June, 2025. Rural markets emerged as the key growth engine with a 22 per cent year-on-year growth, significantly outpacing the 13 per cent growth in urban areas as goods-movement activity strengthened across smaller towns and hinterland regions, according to Federation of Automobile Dealers Associations (FADA) research data. Dealers cited steady freight activity, e-commerce-linked movement and normalising supplies, FADA said. According to FADA data, the growth was led by Tata Motors and Mahindra & Mahindra, both of which strengthened their positions in the market, while some established players such as Ashok Leyland and VE Commercial Vehicles lost market share despite higher volumes. Tata Motors retained its leadership with sales of 30,991 units in June 2026, up from 25,311 units a year earlier, registering growth of 22.4 per cent. Its market share improved by around 2 percentage points, reinforcing its dominance in the CV segment, according to FADA data. Mahindra & Mahindra emerged as the second-largest player, reporting sales of 25,015 units compared with 20,483 units in June 2025, a growth of 22.1 per cent. Within this, Mahindra & Mahindra Ltd accounted for 23,241 units, while Mahindra Last Mile Mobility Ltd contributed 1,774 units. Ashok Leyland recorded sales of 15,337 units, up from 14,152 units a year ago, posting growth of 8.4 per cent. However, its market share declined. Its subsidiary Switch Mobility Automotive nearly doubled its volume to 308 units in June 2026 as against 159 in June 2025. The industry performance reflects strong demand for medium and heavy commercial vehicles, light commercial vehicles and last-mile mobility solutions, while competitive pressures remain intense for smaller OEMs and niche players, industry trackers said. Poonam Upadhyay, Director, Crisil Ratings, said the healthy year-on-year growth points to broad-based strength in demand across key sectors of the economy. Robust growth in Light CVs and Medium CVs reflects sustained momentum in logistics, regional transportation and passenger mobility, supported by economic activity and infrastructure development. Heavy CV growth was relatively moderate at 8 per cent, reflecting the sector’s continued shift towards higher-capacity vehicles that enable greater freight movement per vehicle and enhance fleet productivity, she said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Rural demand drives commercial vehicle retail growth in June 2026; Tata Motors and M&M strengthen lead
Asia
The Hindu BusinessLine

GEMA refutes allegations of vehicle damage from ethanol-blended fuel

Dismissing claims that ethanol-blended fuel damages vehicle engines or drastically reduces mileage, Grain Ethanol Manufacturers Association (GEMA) President C K Jain has thrown down a gauntlet to critics, challenging them to prove their allegations. He also debunked the narrative that thousands of litres of water are wasted to produce a single litre of ethanol, labelling it a false claim. In reality, he noted that manufacturing one litre of ethanol requires just five litres of water. “Check for yourself if your vehicle or its engine has sustained any damage. If you believe it has been damaged [by ethanol-blended petrol], come to us. On the flip side, if there is no damage, you should still put out the right information. Even the authorized service centres of vehicle manufacturers have not reported any such incidents,” Jain told businessline. Having said that, Jain conceded that there was a three-five per cent drop in mileage, but other than that there were no major issues. “We know that majority of the vehicle owners are tax payers and losing 3-5 per cent in mileage is a concern for them, but that shouldn’t be a problem if you think of reducing pollution and save the country’s foreign exchange. So, it is a gain for them and not a loss,” he noted. Asked whether E20 petrol is costlier to produce than conventional petrol when international crude prices are around $70 a barrel, which even the government has acknowledged, Jain said prices would continue to rise if we depend on crude imports. “Our major import bill is crude. Do you think our future generation also keep depending on oil imports whether from West Asia or Russia? We have to think of alternatives and if they have oil wells, we have the land and farmers, so why not explore them. We should not compare what is costlier and what is not,” Jain explained. He said India has enough ethanol manufacturing capacity, which is already set up at 1,800 crore litres, while current consumption is around 1,200 crore litres only. Therefore, the capacity was more than the requirement. “Our aim should be maximum self reliance. So we have to try for 85 per cent of ethanol blending...100 per cent replacement (of crude oil) is not possible, but we can try for at least 25-30 per cent blending, which is possible,” he said. Disagreeing the reports of thousands of litres of water is wasted to generate one-litre of ethanol, Jain said, “When it (feedstock) comes to the factory, the conversion rate is five litre of water to a litre of ethanol, not in 1000s, and we are proceeding towards 3.5 litre of water to a litre of ethanol. Engineers are working on that. When you say 1000s, you are adding up from the time of irrigation to rain-fed, which is not correct,” Jain argued. He said 50 per cent of the irrigation of any crop is done through rain waters and rain water harvesting, so people should calculate through real terms. “Don’t you calculate your water intake daily from the number of glasses that you drink? What if you start calculating your body water intake from the water used in your sugar intake, your food preparation or even a bread that you eat? You cannot calculate like that,” Jain quipped.

GEMA refutes allegations of vehicle damage from ethanol-blended fuel
Asia-Pacific
The Straits Times

S’pore banks hit record highs, DBS tops $70 for the first time

Analysts expect strong wealth management momentum and attractive dividend yields to continue underpinning bank share prices. SINGAPORE – Shares of Singapore’s three banks climbed to record highs this week, buoyed by expectations that interest rates will stay higher for longer and growing investor optimism ahead of the banks’ second-quarter earnings reports in early August. DBS Bank punched through the $70 mark for the first time on July 9 and ended the week up 5.7 per cent at $70.45. OCBC Bank broke through $27 and closed 8.46 per cent higher at $27.43, while UOB surpassed $44 and finished the week up 10.12 per cent at $44.38. Analysts said they expect strong wealth management momentum and attractive dividend yields to continue underpinning bank share prices. Investor interest could also receive a further boost after the Singapore Exchange said on July 1 that it would cut the standard board-lot size from 100 units to 10 units for stocks priced between $10 and $100, including the three local banks. Meanwhile, shares of Singapore Airlines briefly retreated after renewed US-Iran tensions triggered swings in oil prices, but still finished the week up 1.31 per cent at $7.71. But the pullback in the national carrier as well as other oil-sensitive counters did little to dent improving sentiment in the broader market, with the Straits Times Index (STI) ending the week 4.29 per cent higher at 5,469.29. “This selective reaction stands in contrast to episodes in the previous months when geopolitical tensions weighed more broadly on the STI and regional peers,” said James Ooi, market strategist at Tiger Brokers. “Investors have likely grown fatigued and desensitised to the repeated cycles of escalation and de-escalation, and are now focusing more on local developments and underlying company fundamentals rather than recurring geopolitical headlines,” he added. Gold prices recently rebounded from lows near US$4,000 an ounce compared with their January peak above US$5,000, after a weaker-than-expected US jobs report for the month of June eased expectations of further Federal Reserve rate hikes. Lower interest rate expectations tend to support gold because the precious metal does not pay interest, making it relatively more attractive when yields on competing assets are expected to remain lower. Still, gold lost some ground through the week as inflation fears grew after US President Donald Trump said that the ceasefire between the US and Iran was over.

S’pore banks hit record highs, DBS tops $70 for the first time
Asia-Pacific
The Straits Times

Wall Street ends higher as investors turn to earnings season

NEW YORK - The S&P 500 rose to end just short of a record high on July 10, as a blockbuster Nasdaq debut of South Korea’s SK Hynix fuelled optimism about memory-chip makers, while investors looked ahead to quarterly earnings season kicking off next week. The artificial intelligence trade returned to the spotlight after SK Hynix ended 13 per cent above its offering price at US$170 in a high-profile US listing. The semiconductor company raised over US$26 billion (S$33.6 billion) on July 9 by selling American Depositary Receipts priced at US$149 each. US stocks added to gains after US President Donald Trump said that Iran had asked to continue talks and the US had agreed, but that the June ceasefire was “over.” Attacks between the US and Iran this week revived concerns that high energy prices could fuel more inflation and force the Federal Reserve to hike interest rates. Reports from big US banks will kick off the second-quarter earnings season next week. Analysts are expecting S&P 500 earnings to surge 24 per cent from a year earlier, with technology companies driving much of the growth, according to LSEG I/B/E/S. “This is a high-bar quarter with a narrow margin of error,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, Minnesota. “The banks will give us a good read on the underlying economic strength and what consumers and businesses are doing.” Thanks to increased corporate profit estimates, the S&P 500 is trading at about 20 times expected earnings, down from an earnings multiple of 21 in late May, even though the benchmark is trading near record highs. Chipmakers have been among the biggest beneficiaries of this year’s AI-driven rally, fuelled by expectations of heavy spending by hyperscalers. But concerns over stretched valuations and profit taking have recently injected volatility into the sector. The S&P 500 climbed 0.42 per cent to end the session at 7,575.39 points. It remains down 0.45% from its June 2 record-high close. The Nasdaq gained 0.29 per cent to 26,281.61 points, while the Dow Jones Industrial Average rose 0.29 per cent to 52,637.01 points.

Wall Street ends higher as investors turn to earnings season
Asia
The Hindu BusinessLine

Holding steady

Last week, we had said that the Nifty 50 and Sensex are looking bullish with an inverted head and shoulder pattern formation. This pattern has failed. The sharp fall on Wednesday, after the US announced that the ceasefire was over, played the spoil sport. Although the pattern has failed, the broader picture remains positive. The recovery towards the end of the week indicates the presence of buyers in the market at lower levels. The Sensex and Nifty which were down about 2 per cent mid-week have recovered and closed the week marginally lower by 0.25 per cent each. As such, the development on the US-Iran war front has not changed anything on our overall bullish outlook. The Foreign Portfolio Investors (FPIs) continue to buy Indian equities. The equity segment saw a net inflow of about $1.59 billion in July so far. There has been an inflow of about $3 billion in the last four weeks. Are the FPIs coming back? We need to wait and watch. If the FPIs increase their pace of purchase, then the Sensex and Nifty can scale new highs in the coming months. Short-term view: The support at 23,800 continues to hold well. That keeps the bias positive. Immediate resistance is at 24,350. A break above it can strengthen the momentum. Such a break can take the Nifty up to 24,800 in the short term. Failure to breach 24,350 can drag the Nifty down to 24,000-23,900. In that case, Nifty can remain in a range of 23,800-24,350 for some time. The short-term picture will turn negative only if the index declines below 23,800. If that happens, a fall to 23,500 and even lower can be seen. Medium-term view: The broader 22,000-26,500 range is intact. Within that, Nifty is moving up and is expected to rise towards 26,500, the upper end of the range. A break above 24,800 will clear the way for this rise. The long-term picture remains positive to get a bullish breakout above 26,500 eventually. Such a break can take the Nifty higher to 28,000 and even 30,000 in the long term. Short-term view: Except for the high volatility, the Nifty Bank index oscillated well within its 56,500-58,900 range. The near-term picture continues to remain unclear. We have to wait for a breakout on either side of 56,500-58,900 to get clarity on the next move. The bias is positive. So, we see higher chances for the index to breach 58,900 and rise to 60,500-61,500 in the short term. The outlook will turn negative only if the index declines below 56,500. In that case, 56,000 or even 55,000 can be seen on the downside. Medium-term view: The overall bullish picture is intact. Key resistance to watch will be 61,500. A break above it will clear the way for a rise to 65,000 in the medium term. From a long-term perspective, there is potential for the Nifty Bank index to target 68,000-69,000.

Holding steady
Asia
The Hindu BusinessLine

How Bangladesh’s first nuclear power plant could reshape its energy future

The Rooppur Nuclear Power Plant in Bangladesh, a $12.65-billion project, is expected to strengthen the country’s energy security, reduce dependence on imported fossil fuels and support long-term economic growth. (a file photo) On the banks of the Padma river in western Bangladesh, local tourists are posing for selfies in front of the four massive, ivory-colored cooling towers at the country’s first nuclear power plant. Once fully completed in 2028, the two Russian-designed reactors at the Rooppur facility will be able to supply as much as 15% of the country’s electricity. The project is an audacious bet that nuclear power can meet the needs of an industrializing economy without breaking the bank, and other developing nations across the world will be watching closely. Atomic power has undergone a renaissance over the last few years. While safety risks and heavy cost overruns saw the world sour on nuclear, especially after the Fukushima disaster in Japan in 2011, those concerns are now being surpassed by the need to decarbonize and meet a surge in power demand from artificial intelligence and the electrification of transport fleets. For developing nations like Bangladesh, atomic energy is less about data centers and more to do with weaning their economies off fossil fuels and reducing their vulnerability to external shocks like the Iran war. With oil and gas exports from the Persian Gulf upended by the conflict, long lines at filling stations became routine, homes in the countryside had to cope with hours of daily blackouts, and factory output suffered. “The recent geopolitical conflicts — Iran and Russia-Ukraine — have shown that a scarcity of resources hurts poorer countries more than rich ones,” said R. Srikanth, who heads the energy, environment and climate change program at the National Institute of Advanced Studies in Bengaluru in India. “That strengthens the case for nuclear in emerging economies.” The 2.4 gigawatt project has been more than a decade in the making, a period marked by a series of upheavals including the Covid-19 pandemic, the Russian invasion of Ukraine and the Iran war. Those events are an endorsement of Bangladesh’s strategy of reducing its heavy reliance on imported fossil fuels, but they’ve also pushed Rooppur beyond its original timeline of commissioning the first unit by 2023. The project has been inherited by Prime Minister Tarique Rahman, who came to power in elections in February, and chimes with his government’s efforts to revive growth after years of dictatorship came to an end in 2024. The first reactor is now expected to become fully operational by the start of 2027, with the second one to follow a year later, according to Md. Zahedul Hassan, managing director at Nuclear Power Plant Co. Bangladesh Ltd., the facility’s operator. Like other developing economies, though, Bangladesh has found that nuclear projects come with expanding costs. Under the main contract with Russian state-owned company Rosatom, the plant will cost around $12.65 billion, including the first few years’ fuel, according to the World Nuclear Association. But in local-currency terms, that cost has now increased by almost a quarter since the project was approved a decade ago, thanks to a sharp weakening of the Bangladeshi taka against the dollar. “The delay has had a massive financial implication for Bangladesh,” said Md. Shafiqul Islam, a professor of nuclear engineering at Dhaka University. “A timely completion would have not only avoided this massive cost escalation but would have also helped us trim our fossil fuel import bill.” Plant operator Hassan, while declining to give details on the estimated cost of generation, is adamant that it will be value for money for the country.

How Bangladesh’s first nuclear power plant could reshape its energy future
Europe
BBC Business

Reeves tells BBC: Burnham needs worked-through plan to govern from the start

Rachel Reeves has warned the incoming prime minister, Andy Burnham, that he needs to be properly prepared to govern when he arrives in Downing Street in a little more than a week. Speaking exclusively to the BBC in what is likely to be her last major interview as chancellor, Reeves told Laura Kuenssberg that "it is important that when Andy walks through that door he has a worked-through plan, because governing is hard in Britain, and lots of challenges and shocks will come his way". She said Burnham and his team coming into Downing Street must be "really clear about what they want to achieve", and that "he needs to stay laser-focused on those things that have always motivated him, have always driven him". Asked why Sir Keir Starmer's time in office was coming to an end, she said: "People are impatient for change - I'm impatient for change and I totally get that people want to see their lives changed faster." We sat down in one of the lavish 17th Century state rooms upstairs in No 11 Downing Street - exactly the same room where she gave her first full interview as chancellor in July 2024. She would never have suspected then that she and her next-door neighbour would be moving out just 24 months later. Reeves wouldn't explicitly say who should be the next chancellor, or even if she would like to stay. She has always told us that being chancellor is her "dream job". She and her team clearly do not expect to stay in No 11, but with the incoming No 10 team tight-lipped about its cast list, we just don't know. Reeves said that she had returned "stability and trust" to the economy over the past two years, and that "Andy will take over an economy that is much stronger than the one I inherited from the Conservatives just two years ago." In the interview, Reeves wanted to focus on what she described as the "big picture" - government borrowing costs that have gone down, inflation way down from its peak, increased investment in infrastructure like roads and railways, and the economy growing faster than the UK's nearest competitors. But by other measures, there are still big problems in the economy. Inflation is still above target and is expected to rise, growth has been slow, and just this week, the Bank of England warned that interest rates might have to go up again. The country's debts are due to be higher at the end of this parliament than they were when Labour moved in. And more than anything else, firms and families' spending power is still under pressure, with the latest ONS figures showing disposable income falling. One former senior minister told me Reeves had "spent a lot of time and energy painting a picture of her grim inheritance in the expectation things would brighten up quickly and she could claim credit".

Reeves tells BBC: Burnham needs worked-through plan to govern from the start