auto sales


Tax cuts seen halting a three-month retreat in US retail sales

WASHINGTON, April 15 — Tax cuts have given a boost to Americans’ take-home pay this year. The question hanging over the US economy is whether they are putting the extra cash toward savings and debt, or using it to go shopping. Retail-sales…

Automakers’ March US sales rise, lifted by strong economy

DETROIT, April 3 — Detroit’s automakers posted sales gains in new vehicles in March on the back of a strong US economy, sending shares in both General Motors Co and Fiat Chrysler Automobiles NV up in early trading. GM posted a 16 per cent…

China’s BYD warns profit to plunge on electric car subsidy cuts, shares tumble

BEIJING, March 28 — China’s BYD Co Ltd, backed by Warren Buffett’s Berkshire Hathaway Inc, warned subsidy cuts for new-energy vehicles could slash its quarterly profit by as much as 90 per cent, driving its shares down almost 10 per cent….

Federal Reserve set to raise rates as Powell era begins

WASHINGTON, March 20 — The Federal Reserve was set to begin its two-day policy meeting today which is expected to produce the first of at least three increases in the key interest rate this year. With economic forces gathering that are likely…

February auto sales down 4.4% year-on-year: MAA

PETALING JAYA: Total vehicle sales in February 2018 decreased 4.4% or 1,877 units to 40,578 units, compared with 42,455 units a year ago, according to the Malaysian Automotive Association (MAA).

In a statement, MAA said sales for this month is expected to be slightly better than the previous month on the back of a longer working month and rush for deliveries by companies with financial year ending on March 31.

Meanwhile, the association said vehicle sales in February 2018 was 9% or 3,997 units lower than January 2018, attributed to a short working month due to Chinese New Year festive holidays.

Fed widely tipped to raise interest rates this week

WASHINGTON: The Federal Reserve (Fed) this week will fire the opening salvo in a series of interest rate increases this year, hoping to get out in front of an expected pickup in inflation.

The first rate increase of the year is overwhelmingly predicted by futures markets, analysts and investors alike to come on Wednesday at the conclusion of the Fed’s two-day policy meeting. It also will be the first under newly installed Fed chairman Jerome Powell (pix).

The US central bank is preparing to raise the key lending rate as economic conditions converge to put upward pressure on prices, including massive new tax cuts, a weaker dollar and even the threat of a trade war.

Fears the Fed could raise its benchmark interest rate at a faster pace, perhaps as many as four times this year, spooked markets last month, briefly sparking a global stocks selloff in early February.

But Fed officials have called for calm, signalling that even the planned steady but gradual monetary policy tightening should not interrupt the momentum of the world’s largest economy, which they say has enough slack to allow for continued low unemployment and some wage increases without sparking inflation.

“They’re trying to prepare the markets and say, ‘Let’s not go crazy’,” Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics, told AFP.

But like other economists, he now expects four increases this year rather than three.

“I predict they will have to. It’s not a bad thing. It’s a good thing,” Gagnon said.

Fed officials also will update their quarterly forecasts for the economy and the path of interest rates this week. With stocks on edge last month, Powell told lawmakers his outlook for the US economy had “strengthened since December”.

Since the Fed’s last policy meeting in January, economic data have been somewhat mixed, weighing on expectations for GDP growth in the first quarter: the trade deficit continues to widen, retail and auto sales as well as the housing market have been weaker, durable goods orders have undershot expectations and construction spending has been soft.

But surveys of sentiment in the manufacturing and services sectors show a strong head of steam in the economy while measures of consumer confidence and business sentiment are at record highs. – AFP

Lithium glut? No way, say industry executives eyeing demand

HOLLYWOOD, Feb 28 — Forecasts for a glut in lithium, a major ingredient in rechargeable batteries for electric vehicles, fail to account for strong demand and how complicated it is to process and mine, industry executives and analysts said….

Malaysian car sales seen growing 2.2pc on stronger economy, but rate hike could weigh

KUALA LUMPUR, 15 Feb — Passenger car sales in Malaysia will grow 2.2 per cent  in 2018 on the back of the country’s strong economic outlook and a strengthening local currency. However according to BMI Research, a unit of Fitch Rating, a rise…

Detroit auto show begins amid talk of NAFTA, tax cuts

DETROIT: The Detroit Auto Show shifted into full gear with international trade and tax cuts dominating the conversation, even as an optimistic industry raced to meet Americans’ seemingly insatiable appetite for trucks and SUVs. In a keynote address US transportation secretary Elaine Chow touted the tax cuts, which reduced the US corporate tax rate from […]

US stocks add to records ahead of Fed minutes

NEW YORK, Jan 3 ― Shares of technology and energy companies were among the standouts early today as US stocks pushed higher ahead of the release of the Federal Reserve’s meeting minutes. Leading indices added to records set yesterday amid a…