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.
Volvo Car AB has revised its target of selling only fully electric vehicles (EVs) by the end of the decade, shifting its strategy to include a mix of plug-in hybrids, battery-only models, and mild hybrids. The decision comes as demand for electric cars cools in Europe, driven by reduced subsidies in countries like Germany and Sweden.
Key Points:
Revised EV Target: Volvo now aims for at least 90% of its sales in 2030 to come from plug-in hybrids and battery-only vehicles. The remaining 10% will allow for mild hybrids, which primarily use combustion engines. This adjustment reflects a more cautious approach amid changing market conditions.
Factors Driving the Shift: The demand for EVs has declined following the reduction or elimination of subsidies in key European markets, prompting several automakers, including Mercedes-Benz and Volkswagen, to lower their EV goals and consider cost-cutting measures like factory closures.
Trade Conflicts and Tariffs: Volvo has also faced challenges due to geopolitical tensions affecting its electric models manufactured in China. Tariffs imposed by the US and EU have impacted the company’s sales forecasts and led to postponed shipments of its EX30 SUV to the US.
Focus on Flagship EV Model: Despite these setbacks, Volvo is betting on its new electric SUV, the EX90, to drive demand. The company has started shipping the model to the US and European markets, with first deliveries expected this month.
Volvo remains committed to an electric future but acknowledges that the transition to electrification will vary across different markets and customer preferences.
Comments
Post a Comment