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Market Daily Report: Bursa Malaysia Ends Higher On Blue-Chip Buying, Tracks Most Regional Markets

KUALA LUMPUR, July 31 (Bernama) -- Bursa Malaysia ended higher on Friday as investors continued to accumulate blue-chip stocks in line with stronger performances across most regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.50 points to 1,724.90 from yesterday’s close of 1,720.40. The benchmark index opened 0.83 of a point higher at 1,721.23, and moved between 1,715.67 and 1,730.12 throughout the day. The broader market was positive with gainers outpacing losers 707 to 402, while 547 counters were unchanged, 1,085 untraded and 56 suspended. Turnover expanded to 3.03 billion units valued at RM3.56 billion from 2.49 billion units valued at RM2.25 billion on Thursday.
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Uber Partners with BYD to Deploy 100,000 EVs in Global Ride-Hailing Expansion

Uber Technologies Inc. and Chinese automaker BYD Co. have announced a significant multi-year partnership to integrate 100,000 electric vehicles (EVs) into Uber’s ride-hailing platform. This collaboration will begin in Europe and Latin America, eventually extending to the Middle East, Canada, Australia, and New Zealand, strategically excluding the US market.



Under this partnership, Uber and BYD will offer drivers lower vehicle pricing and financing options. This initiative supports Uber’s goal to transition its fleet to EVs, which has faced challenges due to the scarcity of affordable, long-range, and spacious EV options.

Key Takeaways:

  1. Global Expansion Excluding the US: The partnership will initially focus on Europe and Latin America before expanding to other regions. The US is notably absent from this plan due to high tariffs on Chinese EVs.

  2. Addressing Affordable EVs: BYD’s cost-effective and low-maintenance EVs provide a viable alternative to traditional combustion engine vehicles popular among ride-hail drivers.

  3. Overcoming Barriers: The deal includes potential discounts on charging, maintenance, insurance, and lease and financing options to make EV adoption more accessible for drivers.

  4. Boost for BYD: This partnership is a significant win for BYD as it continues its aggressive expansion outside of China, leveraging new plants and increasing brand awareness through strategic sponsorships.

  5. Autonomous Driving Future: Uber and BYD highlighted the potential for scaling autonomous-driving capabilities in their joint statement, hinting at future developments in this technology.

  6. Regulatory and Market Challenges: The exclusion of the US market reflects ongoing trade tensions and high tariffs, which complicate the import of Chinese EVs into the US. Similar barriers are being considered in other regions, which may affect future expansions.

  7. Support for Drivers: By offering lower costs and enhanced financial support, the partnership aims to make it easier for Uber drivers to switch to EVs, aligning with Uber’s goal for 100% of rides in certain regions to be in EVs by 2030.

Uber’s shares, along with those of its competitor Lyft Inc., saw a rise following news of the partnership, which is seen as a strategic move to bolster its EV transition amidst growing competition and regulatory challenges.

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