and is the gym part of your new year resolutions? i'll speak to the chief executive of the uk's biggest chain: puregym. live from london this is business today. i'm tadhg enright. shares in electric carmaker tesla fell 6% after it reported its first drop in annual deliveries in more than a decade. increased competition and slowing demand for electric vehicles have hit its results. it shipped just under 1.8 million vehicles across the year, slightly fewer than in 2023. tesla shares had been big post election winners, with boss elon musk cementing a role at the heart of mr trump's new team. with more from new york, here's the bbc�*s north america business correspondent michelle fleury. tesla delivered a record number

of cars in the final three months of last year. 495,570 vehicles to be precise. but that figure was short of the number it needed to beat its 2023 full year performance. for all of 2024, tesla delivered 1.79 million vehicles worldwide. down about 1% from last year. the first time the company has reported this kind of drop. part of the problem is increased competition. chinese rival byd said this week said that its electric car sales grew double digits last year to about 1.76 million globally. and it is notjust chinese ev makers snapping at its heels. legacy global carmakers like gm volkswagen and hyundai are also vying for market share. tesla has responded to slowing demand for evs by cutting vehicle prices in china and the united states. elon musk has also pivoted the country to focus on robotics and artificial intelligence. that is still a way off and for now tesla remains dependent on car sales to make money.

shares in tesla fell 6% on the news but it is worth noting that the stock ended 2024 up more than 60% with most of those gains coming after the us election. investors are betting that elon musk�*s closeness to donald trump will help his businesses. joining me now is dan ives — global head of technology research at wedbush securities. investors not liking what they're hearing about tesla's deliveries. elon musk is a newjob in the trump administration as well as space expert how much is this headache a downturn in sales for him? it headache a downturn in sales for him? . , ., , headache a downturn in sales for him? ., ., , ., for him? it was ultimately a aood for him? it was ultimately a good quarter— for him? it was ultimately a good quarter particularly . good quarter particularly coming out of china and i think this is a company that has

massive amounts in 2025. when you look at trump, that was a bit for the ages. and ai going forward, i think it is the most undervalued ai name in the market. ~ . ., , ., , . market. much of the share price surue market. much of the share price surae at market. much of the share price surge at the _ market. much of the share price surge at the end _ market. much of the share price surge at the end of— market. much of the share price surge at the end of last - market. much of the share price surge at the end of last year - surge at the end of last year came after donald trump won the election and investors obviously thinking he may look favourably upon elon musk�*s enterprises. perhaps more so than the fundamentals of taz like? ., , than the fundamentals of taz like? . , , ., , .,, like? ultimately the story has shifted because _ like? ultimately the story has shifted because trump - like? ultimately the story has| shifted because trump coming like? ultimately the story has i shifted because trump coming in as a body scenario because it changes autonomous and the regulatory landscape and that has been a huge overhang for total especially with some of the ai initiatives. this is something that will amass growth over the next year at two and autonomous, i think it

is a stock up higher in 2025 decide what we saw today. he has taken _ decide what we saw today. he has taken a big step into politics and a very controversial step. politics and a very controversialstep. not politics and a very controversial step. not keeping his opinion to himself. do you see any risk he could alienate some customers? there is definitely risk in terms of alienating customers, especially one super negative on trump. the benefits filed outweigh any of the noise because for mask he was aced out of the biden administration. fortrump, that administration. for trump, that is administration. fortrump, that is in eyes they will get stronger and stronger and he will have a front row seat in the white house, that is a great thing for tesla. they continued to be the biggest winners when it comes to trump getting into the white house a second time. tesla is about more than just cars, becoming a player in al. last year it had this big press launcher that day due his apparently autonomous robots but was

mocked because it emerged there were humans controlling the robot behind the scenes. why do you think tesla players in the ai space is want to watch? i think it is about autonomous. i think it is about autonomous. i think it is about autonomous. i think it will be one of the biggest news case in al. when you think about the leader globally. it is tesla �*s world and everybody else is paying rent and that is why they continued to be front and centre. robotics, ai, the haters will continue to hate on tesla. the us presidentjoe biden will reportedly block the takeover of us steel by japanese giant nippon steel. that's accordfing to courses speaking to both reuters and the washington post. 0ur asia business reporter, mariko 0i is watching this story for us from singapore.

what more can you tell us? there were reports president biden will likely decide on the deal soon and as you said, according to the washington post, he will likely block the deal and that is despite reports they have proposed to give the us government veto power over any potential cuts to us steel production capacity as well as a ten year guarantee it will not produce predation capacity and us steel mills. that was one of the major concerns of the union of us steel that they will eventually cut production in the united states and maybe start importing cheapest deal from japan for example who will in fact the employeejob japan for example who will in fact the employee job security. while the doogan has been still against a deal, not only us deals leadership but also some of its workers have started to favour the deal because the financial situation of us steel has been quite challenging and

nippon has continued to invest almost $3 billion in us steel mills over the next few years. responding to the report of mr biden �*s imminent decision, us steel said in a statement the company hopes mr biden will do the right thing and an hera to the right thing and an hera to the law by approving transaction that so clearly enhances us national and economic security but of course if those reports are correct, he will likely block the deal quite soon. he will likely block the deal quite soon-— he will likely block the deal quite soon. president biden will only be _ quite soon. president biden will only be in _ quite soon. president biden will only be in office - quite soon. president biden will only be in office and - will only be in office and another couple of weeks for the incoming president trump has also expressed discontent with this deal. what next? lie also expressed discontent with this deal. what next? us steel has previously _ this deal. what next? us steel has previously indicated - this deal. what next? us steel has previously indicated it - this deal. what next? us steel has previously indicated it mayj has previously indicated it may file lawsuits including against the biden administration if the president decides to block the possession faucet will also be interesting to see what method trump decides as well, who will return to be white house very

soon. during the election campaign he also voiced concerns about the steel but that was of course before all of those new proposals nippon steel made in order to protect or show they are committed to protecting those jobs of us steel workers. we will see what mr trump thinks of the deal because some investors and experts think mr trump could actually nullify mr biden �*s decision if he decides it is good for the us economy. even though the deal seems really close to dad, we will continue to see what happens next. thank ou ve to see what happens next. thank you very much- _ germany, europe's biggest economy, is set to release unemployment figures in the next few hours as the country. a big moment with a snap election next month at a time when the so—called industrial powerhouse is grappling with apparent

industrial decline. things look bleak on all fronts. the forthcoming inauguration of president—elect, donald trump, presents the prospect of us trade tariffs. carsten brzeski, global head of macro for ing research. the economic situation is not looking pretty in germany. what are you expecting to hear today? i expect to see a slight increase in unemployment. that is what happens. the labour market reacts to the lack economic developments. we have beenin economic developments. we have been in a different stagnation four years in been in a different stagnation fouryears in a been in a different stagnation four years in a row. the labour market will continue to weaken. it is no mass unemployment but it is a gradual worsening of the labour market. germany headin: the labour market. germany heading into _ the labour market. germany heading into a _ the labour market. germany heading into a decisive - the labour market. germany i heading into a decisive general election. the far right afd party expected to make significant gains. how are these challenging economic circumstances influencing voters? ., ,

voters? for the first time i think in 20 _ voters? for the first time i think in 20 years _ voters? for the first time i think in 20 years in - voters? for the first time i think in 20 years in the - think in 20 years in the selection will mainly be decided by economic platforms. voters clearly fear there is more stagnation and more structural change coming up. we have all discussions about iconic german companies laying off people, going through restructuring. it is clearly giving many german citizens restructuring. it is clearly giving many german citizens rightly so big creeps and we rightly so big creeps and we now see voters are looking at now see voters are looking at the economic programmes by the the economic programmes by the individual parties in all individual parties in all honesty no single party has honesty no single party has really come up with a strong really come up with a strong programme so far. we will get a programme so far. we will get a little bit of reforms and little bit of reforms and investment but this is not the explanations. _ investment but this is not the election that will bring big election that will bring big change to the german economy. change to the german economy. we often talk about germany as we often talk about germany as europe's powerhouse and now europe's powerhouse and now perhaps europe's sick man. why perhaps europe's sick man. why has it gone from outperform to has it gone from outperform to underperform? its, underperform? its, has it gone from outperform to underperform?— has it gone from outperform to underperform?—

underperform? a long list of underperform? a long list of explanations. _ underperform? a long list of explanations. for— underperform? a long list of explanations. for too - underperform? a long list of explanations. for too long . underperform? a long list of l explanations. for too long just betting into banking on an old success model without innovating, without investing, without reforming. there was also competition coming out of china which the german corporate sector is a big underestimated for too long. underestimation, too much arrogance from both the corporate world and politicians have simply led to the fact germany has lost over the last ten years international competitiveness and this is being paid by stagnating economy. being paid by stagnating economy-— being paid by stagnating econom . ~ ., ., , economy. what about those trump tariffs? if economy. what about those trump tariffs? if they _ economy. what about those trump tariffs? if they are _ tariffs? if they are implemented as he set out in his campaign, how could they affect germany?— his campaign, how could they affect germany? definitely in a neaative affect germany? definitely in a negative wafers _ affect germany? definitely in a negative wafers of _ affect germany? definitely in a negative wafers of german - negative wafers of german exports 100 billion euros per year to the us which gives other motives. if there will be tariffs german export sector

will be head once again but this will not stop. trump is not only doing tariffs but he will be a modern version of

why so confident about 2025? research shows we have 68% of the uk public saying they go to take an overseas holiday this year, that is very high by recent standards. for many having a holiday and taking a break are still the most important time of the year for them. people attach a lot of value to going away. they are willing to do with even if they think the economy is in slightly difficult times are uncertain about what is going to happen for the people far less likely to come back on holidays for something else because they have that importance. it is heartening for us in the travel industry to see such positive news going in to the new year.— in to the new year. what about domestic travel? _ in to the new year. what about domestic travel? your - in to the new year. what about domestic travel? your survey l domestic travel? your survey suggest people are planning on

taking more domestic bricks. what are you seeing in that they do? what are you seeing in that the do? ~ . what are you seeing in that they do?— what are you seeing in that the do? ., , ., ,. they do? we are sent domestic breaks are _ they do? we are sent domestic breaks are still _ they do? we are sent domestic breaks are still popular. - they do? we are sent domestic breaks are still popular. last i breaks are still popular. last year we had people on average taking four holidays each when combined domestic and overseas for the people want to have a bit of both. domestically people are looking to take holidays either in the countryside, city breaks or even go to the beach which i find surprising for the uk. another area 1532 00:14:29