KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
China's leading automaker, BYD Co, is positioning itself for significant global expansion, with plans to establish production hubs around the world to counter rising tariffs and trade barriers against Chinese electric vehicles (EVs). The company is aiming for overseas deliveries to account for nearly half of its total sales in the future, a significant increase from the current 14% of sales derived from international markets.
Key Takeaways:
Global Expansion to Overcome Trade Barriers: To achieve its ambitious global sales goals, BYD is investing billions in establishing production facilities in Europe, Asia, and South America. This strategy is designed to circumvent tariffs, such as the 17% additional duty imposed by the European Union and the 100% levies in Canada and the US. BYD has already operational factories in Thailand and is expanding its manufacturing capacity in Hungary, Brazil, Türkiye, and Indonesia, with potential new facilities in Mexico.
Increasing Overseas Sales: BYD’s goal of having overseas sales contribute nearly 50% to its total by the end of the decade would require a substantial boost in production and global market presence. The company is on track to sell 500,000 units internationally this year, and it has made strategic moves, including a deal with Uber Technologies Inc to add 100,000 EVs to its platform and sponsorship of major soccer tournaments like Euro 2024 and Copa America.
Addressing Data Security Concerns: As BYD expands its footprint in Europe, it is also setting up local data centers to manage information from its autonomous and internet-connected vehicles. This move is intended to alleviate data security concerns, ensuring that customer data collected in Europe remains within the continent, a step similar to initiatives taken by rival EV maker Xpeng Inc.
BYD's aggressive international strategy reflects its determination to become a global leader in the EV market, overcoming challenges posed by tariffs and building a stronger presence outside of China. However, achieving the 50% overseas sales target will likely be a long-term endeavor, potentially not materializing until 2030 or later.
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