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Motoring Don't miss out on the headlines from Motoring. Followed categories will be added to My News. The Australian electric vehicle market has seen an influx of affordable models from newer Chinese automakers priced significantly lower than those from established brands. New research reveals that while they may be cheaper, they could cost owners more to insure and repair. Data from Compare the Market shows comprehensive insurance for EVs is on average 43 per cent more expensive than petrol-powered vehicles. Tesla Model 3 will set owners back thousands in insurance in comparison to the Audi A3 sedan. Picture: Camber Collective MORE : Next-gen electric ute confirmed Compare the Market economic director David Koch said the top five best-selling EVs in Australia were more expensive to insure than traditional alternatives. “Across the top five best-selling EVs and 12 car insurance providers, motorists could be spending between $98 to $1,788 more to comprehensively insure an EV every year – which may diminish some of the benefits of reduced running costs,” he said. The study compared the top five selling EVs with cars from Toyota, Audi, Mazda and Hyundai, using quotes from 12 insurers for a 34-year-old Brisbane man with a clean driving record. Research revealed the Tesla Model Y RWD costs $3,434.98 annually to insure, nearly 97 per cent more than the Toyota RAV4 Cruiser 2WD at $1,744.95. Sedan-wise, the Tesla Model 3 RWD will set you back an average $3,888.55 in comparison to the Audi A3 which costs an average of $2,101.04. MORE : Aussie EV push backfires While you may pay higher premiums for some Chinese EVs, quotes from NRMA reveal Chinese-made XPeng G6 and Zeekr X are priced $54,800 and $56,900 and are on par with petrol-powered SUVs, with an annual insurance costs of $2,017 and $2,043. Koch believes the discrepancy is due to the specialised technology used in EVs. “EVs are generally more expensive to insure because the battery pack creates more complexity for repairers, many EV-specific parts need to be imported from overseas, and there are fewer qualified smash repairers for electric cars,” he said. MORE : MG’s Cyberster electric sports car The report also found that hybrids are more expensive to insure than petrol-powered vehicles with comprehensive car insurance at average 5 per cent pricier. To encourage EV adoption, Koch has called on insurers to offer “green discounts”. “Just like banks and lenders have started offering green car loans, it would be great to see insurers adopt some green discounts for electric car premiums. “For now, the best way to ensure you’re getting a good deal is to compare. No matter if it’s your car insurance or electricity plan, there are options out there. Don’t park yourself into higher prices,” he said. Despite higher insurance costs, Koch said the research shows that EVs may be an affordable option long-term. For instance, EV owners in Brisbane could save up to $1,536 annually on running costs compared to petrol car owners, while Sydney drivers could save around $897. “There’s a misconception that EVs are more expensive to run,” he said. “While this may be true in some aspects, such as comprehensive car insurance costs, significant savings in fuel and loan repayments do more than offset these expenses.” Originally published as Chinese EVs more affordable but owners may face costly surprises More related stories Motoring News $93k EV ute back after dud first reveal EV utes are in hot demand in Australia but questions whether this brand can successfully relaunch itself after a dud launch is on everyone’s minds. Read more Motoring News Chilling car warning you need to hear Cars used to represent ultimate freedom. But a new study proves that today, the opposite is true – and that instead, you can be “controlled”. Read moreGELSENKIRCHEN, Germany, Dec 10 (Reuters) - Bayern Munich's Michael Olise netted a second-half double as they came back from conceding an early goal to win 5-1 against Shakhtar Donetsk in the Champions League on Tuesday to earn their first away victory in this season's competition. Bayern's third successive win moves them up to eighth into the automatic qualification places on 12 points, while Shakhtar are 27th with four points, three points off the playoffs. Bayern had suffered defeats in both of their previous away games in the competition and went behind after five minutes when Oleksandr Zubkov's through ball found Kevin, who cut inside Kim Min-jae before sending his shot into the far corner. The German side were on level terms just six minutes later. Olise lost possession in the area but the ball fell kindly to his teammate Konrad Laimer who took a touch to control it and then smashed his effort into the roof of the net. Shakhtar had the chance to go back in front but Georgiy Sudakov put his shot wide after an excellent pass from Kevin had teed him up almost from the penalty spot. Bayern went down the other end, Jamal Musiala took the ball into the box and laid a pass off to Thomas Mueller who made no mistake with a simple slotted finish on the stroke of halftime. Shakhtar put pressure on Bayern at the start of the second half but were unable to find a second goal before the visitors eased to victory. Bayern thought they had extended their lead when Musiala volleyed home from a corner but the goal was chalked off for a foul on the keeper. However, minutes later the referee pointed to the spot for a foul by Alaa Ghram on substitute Sacha Boey. Olise stepped up in the 70th minute and although keeper Dmytro Riznyk went the right way the ball was powered into the top corner to put Bayern well and truly in the driving seat. Musiala got the goal he deserved for an excellent performance three minutes from time, collecting a loose ball in the box and firing past Riznyk. There was still time for some Olise magic in added time as he skilfully weaved his way through the Shakhtar defence before coolly finding the bottom corner with his shot. Sign up here. Reporting by Trevor Stynes; editing by Clare Fallon and Ken Ferris Our Standards: The Thomson Reuters Trust Principles. , opens new tab
Women more likely to need walking aids but less likely to use them – study
NoneJapanese Prime Minister Shigeru Ishiba 's cabinet approved a stimulus package that's slightly bigger than last year's, as he followed up on a pledge to ramp up support for households and businesses struggling to cope with higher costs. The stimulus lays out fiscal spending of 21.9 trillion yen ($140 billion) on measures to support sustained wage gains and cash handouts for low-income households, subsidies for gas and electricity bills, and investment into the semiconductor and AI sector , according to the Cabinet Office on Friday. "The most important thing is to raise wages for all generations," Ishiba told reporters earlier in the day. "This needs to happen now and in the future." Delivering on a promise to provide a bigger spending package than last year was a key checkbox that Ishiba needed to tick as he looks to shore up his leadership of a minority government. Ishiba struck a deal this week with the Democratic Party for the People to shore up enough support for his stimulus plan. That deal provides Ishiba with a template for sustaining his Liberal Democratic party-led minority government ahead of other looming challenges, including an annual budget for the next fiscal year. 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"It could go horribly wrong at any point for the LDP if the coalition loses the DPP or other alternatives," said Rintaro Nishimura , a Japan associate at The Asia Group, an advisory firm. Of the measures laid out in the package, around 10.4 trillion yen of fiscal spending will be earmarked for economic growth, 4.6 trillion yen for price-relief measures, and ¥6.9 trillion for other economic, social and security measures including disaster management. The overall working size of the package will reach around 39 trillion yen, according to the cabinet office, a figure that relies on projected spending from the private sector. The actual cost of the measures is closer to ¥13.9 trillion, in line with a figure seen earlier by Bloomberg in a draft of the package. The agreement on the package puts Ishiba on a firmer footing after recent opinion polls showed underwhelming public support for his cabinet. A survey published by public broadcaster NHK this week showed public approval at 41%, relatively poor for a new administration. Ishiba launched his new cabinet lineup on Nov. 11. (You can now subscribe to our Economic Times WhatsApp channel )NEW YORK, Dec. 12, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Light & Wonder, Inc. (NASDAQ: LNW) resulting from allegations that Light & Wonder may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Light & Wonder securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=29678 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. WHAT IS THIS ABOUT: On September 24, 2024, the Las Vegas Review-Journal published an article entitled “Slot manufacturer scores major win against Las Vegas-based rival.” It stated that “Aristocrat Technologies Inc.’s request for a preliminary injunction in its trade-secret and copyright infringement lawsuit against Light & Wonder” had been granted, and that the “order prohibits [Light & Wonder] from the ‘continued or planned sale, leasing, or other commercialization of Dragon Train,’ which Aristocrat claims uses intellectual property developed for its Dragon Link and Lightning Link games.” On this news, the price of Light & Wonder common stock fell 19.49% on September 24, 2024. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm , on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/ . Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 case@rosenlegal.com www.rosenlegal.com
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