International luxury car brands from Mercedes-Benz to Land Rover took a further beating in China last month as wealthy consumers continued to shun expensive petrol-powered vehicles. Struggling against competition from China’s rising electric vehicle (EV) powerhouses, international marques would find it more difficult to retain their market share and maintain profitability in the world’s largest automotive market, analysts said. According to data from the China Passenger Car Association (CPCA),...
BYD has rolled out its 100,000th new-energy vehicle from its Brazilian assembly line, underscoring the growth potential for Chinese products in South America, just as electric cars fuel fresh tension in Europe. China’s largest electric vehicle (EV) producer reached the landmark on July 16, reflecting BYD’s rapid expansion as governments increasingly push for local manufacturing and job creation. The milestone vehicle was a BYD Seagull, which came off the line at the Camacari plant, which has...
The right to own a small car in Singapore climbed to a record high of S$129,000 ($99,700), with analysts saying premiums could rise further as rebates for electric vehicles come to an end. The price of a Category A certificate of entitlement (COE) meant for smaller cars and EVs advanced by 4.2 per cent in Wednesday’s bidding exercise from the previous round on June 17. Premiums for larger and more powerful cars in Category B jumped 6 per cent to S$130,889. The surge in premiums comes ahead of...