Sales at Elon Musk’s carmaker plummet nearly 38% in 2025 as it loses ground to China’s BYD; gold continues to rise

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Sales of new cars in the European Union rose by 1.8% last year, with electric cars making up a bigger share of the market, while Tesla sales plummeted as it lost ground to China’s BYD.

11.30am GMT: Rachel Reeves gives speech

1.15pm GMT US ADP Employment change

3pm GMMT: US Conference Board Consumer confidence for January

5pm GMT: European Central Bank president Christine Lagarde speech