"pure fiction" — tiktok quashes rumours it is planning on selling its us operations to elon musk. and protecting our underwater infrastructure — we take a look at the undersea cables, crucial to our modern lives, ahead of a key nato summit. live from london, this is business today. welcome is business today. to the programme. we start with the electric vehicle revolution, as new figures out this morning show its progress is accelerating. the latest numbers from research group, rho motion, suggest that last year set a new record for global sales of evs, propelled by a bumper month in december. but the uptake is something of a mixed bag across the world with some regions moving into the fast lane with others moving more slowly.

let's take a look at the numbers in more detail. total ev sales came in at 17.1 million vehicles across the globe. that's significant growth of 25%, compared to 2023, which was also a record year. but as i said, it's a mixed picture across the world. china — the biggest ev market — is far out in front, with 11 million ev sales, representing 40% growth over the year, while the us and canada clocked up much lower growth of only 9%, with a relatively small number of evs sold, of less than two million. meanwhile, in europe and the uk, sales actually fell by 3%. will roberts is automotive research lead at rho motion. china is leading the pack; why

are european sales in reverse? yes, europe definitely had a tricky year, but that mixed picture i think even extends to within europe, the markets within europe, the markets within the region have had different results too. the predominant reason we saw a drop in europe last year was the german market, previously far and away the largest market but with a subsidy removal last year that came as a bit of shock, they had a significantly worse year than that 3% mark shows, down nearly 20%, and in fact they were separate spots within that region with the uk actually growing that as well, but not enough to offset some of those poorer performances. two big factors driving sales, subsidies but then also the availability of charging infrastructure to make buyers more confident about making the leap into the world of evs. which is more important? fix, which is more important? fantastic question and really difficult to answer. i think at

the moment we have seen the more immediate reaction to subsidies and some of these markets, like i mentioned with germany but also in china, the introduction last year of a new trading scheme saw even a boost to that market was still going positively, but increased even further. on the charging side, again, we can look at differences across the world and how that is bringing some of these struggles to the ev market, so again in china, a very strong ratio and a really high proportion of high—powered, high—speed charging there. but in europe a more constant and a much lower ratio though it does depend on the demographics, whether people have access to home charging all the density of the population in cities etc. find population in cities etc. and what you — population in cities etc. and what you make _ population in cities etc. and what you make of _ population in cities etc. and what you make of the - population in cities etc. and what you make of the progress that has been made in the united states and the outlook there, because of course elon musk of tesla fame, very good friends with donald trump for now. donald trump has pledged

to reverse the biden aero's tax credits on electric vehicles. now you see all that playing out in years ahead?- now you see all that playing out in years ahead? there is no doubt that _ out in years ahead? there is no doubt that tax _ out in years ahead? there is no doubt that tax cuts _ out in years ahead? there is no doubt that tax cuts did - out in years ahead? there is no doubt that tax cuts did have - out in years ahead? there is no doubt that tax cuts did have a l doubt that tax cuts did have a positive impact last year. 9% growth is stronger than some of the narrative would have you kind of expect, i think. and we saw in 202a. it is definitely going to be a taxing or a tricky yearfor the us going to be a taxing or a tricky year for the us this year, there will be a lot of legislation under the new administration is expected. manufacturers do have their plans set in place though, so we are expecting a rampart —— a rampart of availability, some of the cheaper models from new brands coming into the market as well, so that will help things too. so it is uncertain for sure. things too. so it is uncertain forsure. given things too. so it is uncertain for sure. given the new administration.- for sure. given the new administration. thank you for that. to the us now, where tech stocks have been under pressure, with something of a sell—off leading to the tech—heavy nasdaq market

closing down on monday. this, on the day the us government announced it will impose tough new restrictions on the export of some advanced computer chips and other ai technology to dozens of countries, notjust the handful, like russia and china, it has long identified as adversaries. officials say the new rules, which won't apply to key allies like the uk, are intended to make sure "the world's ai "runs on american rails". russ mould is investment director at aj bell. thank you forjoining us. what do you make of what we're hearing? can the us keep ai development all to itself? it will be very hard for it to do so, that it has a very clear lead in many areas at the moment, and graphics processing units and silicon chips is one of them. it was interesting to

see that nvidia's shares, the lead in the market, opened down yesterday but did rally a bit, as did some of their companies who made their companies quite public, such as oracle and advanced micro devices, so maybe they think trump may ease these rules a little bit, but equally there are suggestions that some non—allied countries would have nothing to do with it at all. figs would have nothing to do with it at all. r would have nothing to do with itatall. r it at all. as you say, investors _ it at all. as you say, investors and - it at all. as you say, investors and the i it at all. as you say, - investors and the industry itself don't seem to like it, the tech heavy nasdaq closed down on monday. the leader in al, nvidia, that you just ai, nvidia, that you just mentioned, also described these rules is a sweeping overreach. do you think they will be putting pressure on the trump administration to reverse course? , administration to reverse course?— administration to reverse course? , . , , course? they are playing very hiuh course? they are playing very high stakes — course? they are playing very high stakes and _ course? they are playing very high stakes and i _ course? they are playing very high stakes and i have - high stakes and i have absolutely no doubt they will be looking to do so. there are some markets into which they are very, keen to sell because also they have very high expectations to keep their shareholders happy. where do ou think shareholders happy. where do you think it — shareholders happy. where do you think it leaves _ shareholders happy. where do you think it leaves the - shareholders happy. where do you think it leaves the rest - shareholders happy. where do you think it leaves the rest ofl you think it leaves the rest of the world, including the uk,

which only yesterday sought to position itself as a future leader in al. they are already playing catch up. will this already put them further behind? it already put them further behind? , , a, ., already put them further behind? , , ., , behind? it depends upon who is excluded by _ behind? it depends upon who is excluded by the _ behind? it depends upon who is excluded by the rules _ behind? it depends upon who is excluded by the rules but - behind? it depends upon who is excluded by the rules but it - excluded by the rules but it certainly won't make life easy for those countries who are excluded. equally we know china is waiting to make its own product and i'm sure other countries are as well. the uk plan looked very expensive, it talks about everything from semiconductor to silicon chip supplier to energy and energy sense that there clearly a lot of catching up to do here. meta's large language model require something like a50 chipsets, sorry, $a50 million worth of chipsets. the uk plan is talking about buying up to $1 billion worth so there is a big race going up for supply a product right now.— big race going up for supply a product right now. more from the us now and moving on to the debt ceiling — that's the self—imposed limit on the amount of money the us government can borrow to pay its bills.

the ceiling is very high; at 36 trillion dollars. but the us treasury has warned that ceiling could be hit any time from today to january the 23rd. something firmly in the sights of donald trump as the president—elect wants the issue addressed before he takes office on monday. stephen blitz is chief us economist at ts lombard. as crises go, this one comes along fairly often. what happens if it does not get resolved? well, it does get resolved. the obvious consequence at some point down the line is that if you can't raise debt, you know, the us, like most countries raises the payoff maturing debt, so it isjust a big role, and if i can't do that, or more

importantly i can do that, but if i can't expand the deficit, by net new funding, then the government has to shut down, there is no funding for it. so it becomes a mess, so then the question is well, do you fall or do you shut the government? the republicans are in charge of congress, there is a republican in the white house, the gamesmanship that goes on when there is a democrat in the white house and republicans in congress is not going to occur, and there will be a low resolution to this. it may not be quite as clean and as quick as trump would like, it may take a few months, but the treasury saves up for this. they have money to spend and there are revenues that do

coming in december, coming in january, in march, in april, tax revenues, so they can kind of keep going for a few months until you hit the wall. 50 of keep going for a few months until you hit the wall.— until you hit the wall. so as ou until you hit the wall. so as you say. — until you hit the wall. so as you say, republicans - until you hit the wall. so as you say, republicans about until you hit the wall. so as i you say, republicans about to take total control of the us government. they have said they want to increase the limit by $1.5 trillion. put that into context for us. how quickly could we be talking about this again? could we be talking about this auain? �* ,., could we be talking about this aiain? �* ., could we be talking about this auain? ~ ._ ., could we be talking about this auain? ~ ., ., could we be talking about this aiain? �* ., ., 4' ., again? about a year. you know, donald trump — again? about a year. you know, donald trump wants _ again? about a year. you know, donald trump wants to, - again? about a year. you know, donald trump wants to, it's - donald trump wants to, it's interesting, he is angry that this thing is sitting on his desk now. and the republicans, kevin mccarthy when he was speaker of the house of commons he was the one that lifted it so that it would die now in january. so now it has landed

on trumped's desk. —— trump's desk. he would like this thing lifted for four years so he doesn't have to deal with it over the several years, not through his charm, i should say, but the house republicans are very wary about this. and we saw in a few votes here and there, he's not going to get there, he's not going to get the rubber stamp. there, he's not going to get the rubberstamp. he there, he's not going to get the rubber stamp. he will say it is a rubber stamp but there is going to be a lot of negotiations before they get through a vote. we negotiations before they get through a vote.— negotiations before they get through a vote. we will have to leave it there, _ through a vote. we will have to leave it there, thank _ through a vote. we will have to leave it there, thank you - through a vote. we will have to leave it there, thank you for i leave it there, thank you for that. now, let's talk about tiktok, because its chinese parent company bytedance has until 19 january, one day before the trump inauguration, to sell the app or cease us operations. and reports have emerged that chinese officials are considering the sale of the app to us multi—billionaire, elon musk. which, according to

tiktok, is pure fiction. for more, mariko oi is in our asia business hub for us. what more can you tell us? it would have been a fascinating twist in this ongoing story, wouldn't it, but yes, tiktok has told the bbc it can't be expected to respond to pure fiction, responding to that bloomberg report, which said chinese officials might be considering selling tiktok to elon musk. of course this comes after the company had its day in the court, in the us supreme court, to challenge that law, which set a deadline on the 19th ofjanuary for which set a deadline on the 19th of january for tiktok either to be sold orface 19th of january for tiktok either to be sold or face a 19th of january for tiktok either to be sold orface a ban in the country. the supreme courtjustices in the country. the supreme court justices are expected in the country. the supreme courtjustices are expected to rule on it within days, before the 19th deadline, but tiktok has repeatedly said it will not sell its us operation. meanwhile, of course, mrtrump, who initially called for a ban of the app and urged the

supreme court to delay its decision until he takes office a day later on the 20th to seek a day later on the 20th to seek a political resolution, and that change in tone appeared to, he also talked about how tiktok has managed to win some younger voters as well. during the supreme court hearing last week, justices appeared inclined to uphold that law, repeatedly referring to the national security concerns. we will see what bytedance, the parent company of tiktok, chooses to do if the supreme court upholds the law, but it appears selling it to elon musk seems unlikely, but 1524 00:13:38,393 --> 00:13: