KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Chery Automobile Co’s Omoda achieved a significant milestone in August, outselling major brands like Tesla, Jeep, and Fiat in Spain. The Chinese automaker sold 744 new cars, a remarkable 8,167% increase compared to just nine cars registered in the same month last year, according to the Spanish Association of Automobile and Truck Manufacturers (Anfac).
Key Highlights:
Rapid Sales Growth for Omoda:
- Omoda's sales surge reflects its successful entry into the European market, with the €28,000 (RM134,590) Omoda 5—a combustion-engine SUV—playing a central role. The model also has a more expensive electric version, broadening its appeal to a range of customers.
Strategic Expansion into Europe:
- Chery's push into Spain marks the beginning of its broader European strategy. The company plans to start producing electric Omoda SUVs by the end of this year at a former Nissan Motor Co factory near Barcelona, a move designed to circumvent new European Union (EU) tariffs on Chinese-made electric cars.
- The manufacturer is also exploring locations for a second European production facility, demonstrating its commitment to expanding in the region.
Comparison with Competitors:
- Tesla, which exclusively sells electric vehicles (EVs), registered 549 vehicles in Spain in August. Meanwhile, Jeep sold 532 vehicles, and Fiat sold 305 vehicles, all trailing behind Omoda's 744 units sold.
Chinese automakers like Chery, BYD, and Geely are increasingly looking to Europe to escape intense price competition at home and capitalize on new market opportunities. Chery’s aggressive expansion in Spain, along with plans for local production, underscores its ambition to establish a stronger foothold in the European market.
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