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Quick Summary Europe’s new car registrations fell 3.5% in January France and Germany led the decline EV sales rose 14% , plug-in hybrids jumped nearly 30% Chinese brands now account for  ~11% of electrified car sales Overall Market: Growth Streak Ends European new-vehicle registrations dropped to  961,382 units in January , breaking a six-month growth streak, according to the European Automobile Manufacturers’ Association. Biggest drags: Germany  (Europe’s largest car market, ~22% share) France Meanwhile: Sales rose in the  UK and Italy Weak consumer confidence, high car prices and rising unemployment — especially in Germany — are weighing on demand. EVs Remain the Bright Spot Despite the broader decline, electrified vehicles continued gaining traction: Fully electric vehicles (EVs): +14% YoY Plug-in hybrids: +~30% YoY EV sales grew strongly in: Germany Italy Spain France In the UK, hybrid sales surged nearly 50%, though battery-only EVs remained flat. Key takeaway: ...

Key Takeaway: Geely Automobile Holdings Ltd saw a 92% surge in net income for Q3 2024, propelled by strong electric vehicle (EV) and hybrid sales. (Nov 14): Geely, a core asset of billionaire Li Shufu’s auto empire, reported a net income increase of 92% to 2.46 billion yuan (US$340 million) and 20% revenue growth to 60.38 billion yuan in Q3 2024, thanks to a surge in demand for its EV and hybrid models. Geely sold 1.72 million vehicles as of October , up 32% from last year, and is on track to reach its 2 million sales target by year-end, needing only around 150,000 units per month in November and December. EV Success: Sales of EVs and hybrids nearly doubled to 655,000 units, with popular models like the Zeekr premium EV and Galaxy E5 crossover SUV driving demand. Government incentives, including China’s cash-for-clunkers program, further supported EV growth. Export Growth Amid Challenges: Geely’s exports rose 71% in the first 10 months , but face challenges from new tariffs in ...

Earnings reports from Fast Retailing Co. (owner of Uniqlo) and Seven & i Holdings Co. (operator of 7-Eleven) are expected to highlight how Japan's top retailers are expanding internationally to offset weak domestic consumption . Seven & i's operating income may suffer from weak consumer sentiment, overshadowed by a $38.7 billion takeover approach from Alimentation Couche-Tard Inc. The company may restructure by listing subsidiaries or selling assets, including part of its stake in Seven Bank Ltd. Meanwhile, Fast Retailing is likely to post steady profit growth , driven by its international business , particularly through high demand for Uniqlo's summer clothing . Analysts predict continued robust sales, especially in greater China, where Uniqlo plans to open around 80 stores annually . In the tech sector, Samsung Electronics Co. is expected to reveal how it's performing in artificial intelligence and memory chip sales , which have bolstered its operating p...

Blink Charging announced on Tuesday that it would lay off about 14% of its global workforce as part of a broader cost-reduction plan, as the electric vehicle (EV) charging equipment maker faces weaker demand in the market. Higher borrowing costs and a shift in consumer preference towards gasoline-electric hybrids have slowed down EV sales , exerting pressure on both electric vehicle manufacturers and companies involved in building the associated charging infrastructure. The job cuts at Blink Charging are expected to generate annualized savings of approximately US$9 million (RM38.28 million) and are planned for completion in the first quarter of 2025, according to a company statement. In a similar move, Tesla laid off employees from its vehicle charging business in May, including the head of the division, surprising automakers that rely on the Tesla Supercharger network. "The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive...

The Asean region is experiencing a significant increase in electric vehicle (EV) sales, particularly in Malaysia, Indonesia, and Vietnam, while Thailand presents a mixed performance, according to a report by Maybank Investment Bank Bhd (Maybank IB). Key Insights: EV Sales Growth in Asean: Malaysia: EV registrations rose by 142% year-on-year to 10,663 fully electric cars in the first half of 2024 (1H2024). Indonesia: EV sales surged by 104% to 11,943 units. Singapore: EV sales increased by 218% year-on-year, reaching 6,019 units and surpassing the 2023 total. Thailand: Despite a strong start in January 2024, the market has shown mixed results throughout the year. Driving Factors: Favourable regulations and incentives for EV adoption. The presence and expansion of local EV brands. Increased penetration by Chinese carmakers in the region. Maybank IB emphasizes a preference for Asean companies that collaborate with Chinese carmakers in manufacturing and sales, as well as those involved...