These affordable EVs are set to rule the roads – and they are all from the same place
The company, based in southern China's Shenzhen, recently announced an ultra-fast EV charging system it says can provide a full charge for its latest EVs within five to eight minutes, about as long as a fill-up. It plans to build more than 4000 of the new charging stations across China.
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The Chinese company started out making batteries and has been refining its battery and energy storage technology while building an auto empire that is expanding outside China.
While BYD's fanciest, latest premium models are expected to sell for up to about $US40,000 ($62,000), it also makes far less expensive EVs including the Seagull, which sells for about $US12,000 in China. BYD nudged ahead of Tesla in production of battery-powered EVs in 2024, making 1,777,965 compared with Tesla's 1,773,443.
Great Wall Motors
Great Wall Motors, with the Haval, Wey, Ora, Poer and Tank brands, is banking on overseas sales to keep growing after its sales inside China fell by nearly 15 per cent last year, even as the company's net profit jumped more than 80 per cent.
The company has factories in Russia, Thailand and Brazil, where it is challenging Toyota's popular Hilux pick-up truck with its GWM Poer, a hybrid pick-up of its own. Another mainstay is the Haval H6, a hybrid sports SUV. In Australia, the Haval, Poer and Ora brands are available for sale, with Wey instead choosing to focus on the European market.
GWM is the seventh best-selling car manufacturer in Australia so far in 2025 – with more than 4300 vehicles sold in March, according to VFACTS data. Its electric Haval H6 model has done particularly well, comprising 6.4 per cent of the overall medium SUV share.
Great Wall has smoothed its transition to overseas production by buying factories of other automakers. In Thailand, it took over a factory formerly operated by General Motors. In Brazil, it purchased a former Mercedes-Benz plant.
'It is essential for volume to be big, otherwise the cost of production is too high,' Great Wall's chairman, Wei Jianjun, said in a media huddle at the show.
Wei, who also goes by the name Jack Wey, was born in Beijing but moved to nearby Hebei, home of the Great Wall. He led the company's transition from vehicle modification to automaking, becoming China's biggest maker of pick-up trucks and a leading SUV maker. The company has a joint venture for EVs with BMW.
Chery
State-owned Chery Automobile says it was the first Chinese automaker to export overseas. It has sold more than 15 million of its Exeed, Omoda and Jetour models overseas, mostly in the developing world and emerging markets, including Turkey and Ukraine. Chery reported selling 2.6 million vehicles overseas last year and is aiming for three million in 2025. It's quickly expanding overseas production, setting up factories in Russia and Spain. It is expanding rapidly in Latin America.
The manufacturer launched in Australia in March 2023, and made its 20,000th overall sale earlier this year. The Omoda E5, its electric vehicle offering, was given a price cut in January due to poor sales in the Australian market. Only 1300 have been sold so far in 2025.
Chery's tie-up with EV-maker Visionary Vehicles aimed to sell in North America but has not yet achieved that goal. The company has a 50-50 joint venture with Jaguar Land Rover, which is a subsidiary of Tata Motors of India that makes Jaguars and Land Rovers in China. It also collaborates with Huawei Technologies and e-commerce giant Alibaba.
Chery still sells far more fuel-engine cars than EVs. Its battery electric vehicle company, Chery New Energy, makes mini-vehicles such as the eQ1, or Small Ant, and the QQ Ice Cream. Its mainstays are the Tiggo lineup of SUVs and its Arrizo sedans.
Geely
Geely Auto is perhaps the most famous Chinese automaker that many people have never heard of. The privately held company was founded as a refrigerator-maker by businessman Li Shufu in 1997 in eastern China's Taizhou, which early on became a hub of private industry.
Li began making strategic overseas acquisitions early on, buying Sweden's Volvo from Ford Motor in 2010. Geely's purchase of a 49.9 per cent stake in Malaysia's Proton gave it a 51 per cent stake in luxury sports car brand Lotus. It formed a 50-50 joint venture to make Smart city cars with Germany's Daimler AG. It also works with Renault of France on powertrains and owns a stake in Aston Martin Lagonda.
In March, it launched sales of its Geely EX5 SUVs in Australia and New Zealand, adding to its global reach. Geely and Volvo own Swedish automaker Polestar, which has struggled in the US market. As of March, only 389 Polestar vehicles had been sold in Australia during 2025, according to the Electric Vehicle Council.
Wuling
China's second-best selling EV brand in China is Wuling, a joint venture of Shanghai's SAIC Motor, General Motors and Guangxi Auto. It sold more than 673,000 EVs in China and has a market share of only 6 per cent compared with BYD's nearly one-third share. Tesla came in third at 659,000 cars sold.
Apart from its Baojun sedans and vans, Wuling mainly makes engines, commercial vehicles and special-purpose vehicles like mini-EVs and golf carts. The brand is not available for purchase in Australia.
Dongfeng, Changan and Nio
Other major Chinese brands of EVs include Nio, Xpeng, Li Auto and Leap Motor. State-run giants such as Dongfeng Motor Group, which has an alliance with Nissan, and Changan Automobile, a partner with Japan's Mazda and with Ford, are also quickly expanding EV sales.
While none of these brands are being sold in Australia, all three have previously indicated interest in expanding their market.
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News.com.au
2 hours ago
- News.com.au
‘No. Well, no': Elon Musk blindsided by awkward question during TV interview
Elon Musk should probably have a chat with his PR team. The billionaire boss of Tesla and SpaceX, who has spent this most recent week exiting the Trump administration, was caught in an awkward moment today as a TV interviewer tried to probe his views on the US government's current policies. Mr Musk donated hundreds of millions of dollars to Donald Trump's election campaign last year, and was then appointed to head up the nebulous Department of Government Efficiency (DOGE), whose aim is to slash government spending. Whether it's a real government department or not, and whether Mr Musk was actually, technically leading it or not, and whether its actions have been legally sound or not, are all questions that are still being litigated. DOGE has fallen rather short of Mr Musk's initial assertion, during the campaign, that he would cut $US2 trillion from the federal budget. His DOGE team currently claims to have slashed around $US150 billion, and has repeatedly had to edit specific claimed cuts after getting its facts wrong. Oh, and Mr Trump's Republican Party in Congress has put forward a budget that would, in fact, balloon America's federal deficit. So ... incremental progress, at best. I digress. The interview. Mr Musk was speaking to CBS News journalist David Pogue. One slightly explosive excerpt was released by CBS last week, ahead of the full thing airing. It showed Mr Musk critiquing the aforementioned budget, supported by Mr Trump, which he said 'undermines the work the DOGE team is doing'. 'I was disappointed to see the massive spending bill, frankly,' Mr Musk said in the clip, adding that the Republicans' bill 'increases the budget deficit'. Now that we can watch the full interview, it turns out those quotes from Mr Musk were only given reluctantly. Mr Pogue began by asking Mr Musk about Mr Trump's tariffs. 'I noticed that all of your businesses involve a lot of components, a lot of parts. Do the tariffs and the trade wars affect any of this?' he asked. 'You know, tariffs always affect things a little bit,' replied Mr Musk, visibly uncomfortable with the line of questioning. Mr Pogue pivoted to Mr Trump's clampdown on foreign students coming to America. 'Wondering what your thought is on the ban on foreign students,' he said. 'I mean, you were one of those kids, right?' Mr Musk, who was born in South Africa, had stint in Canada and then came to the United States on a student visa in the 1990s. 'Yeah, I mean, I think we want to stick to, you know, the subject of the day. Which is, like, spaceships, as opposed to presidential policy,' Mr Musk told Mr Pogue. 'OK? I was told anything's good,' said the reporter. 'No. Well. No,' said Mr Musk, with a grim smile. A mix-up, it seems, between CBS and Mr Musk's PR team. Or a case of Mr Musk undercutting said PR team. Either way, it was awkward. But he was eventually coaxed to speak about the Trump administration's policies, as shown by the quotes mentioned earlier. The CBS interview aired a couple of days after Mr Musk's farewell press conference alongside Mr Trump in the Oval Office. In a case of inconvenient timing, that media conference happened shortly after a New York Times report on the DOGE boss's alleged drug use was published. Mr Musk was asked about the report which, among other things, cited sources to say his use of ketamine was so chronic that he had come to suffer from bladder issues. It also alleged he had been using ecstasy and psychedelic mushrooms. 'Is this The New York Times?' Mr Musk said, cutting off Fox News journalist Peter Doocy as he asked about the report. 'Is that the same publication that got a Pulitzer Prize for false reporting on Russia-gate? 'I think the judge just ruled against The New York Times for their lies about the Russiagate hoax, and they might have to give back that prize. 'Let's move on.' He did not directly address the allegations about his drug use. 'Russia-gate' has become a catch-all for the American media's reporting on Russia's interference in the 2016 US presidential election, as well as the FBI's investigation into that interference, mostly led by former FBI director Robert Mueller, who was appointed to be a special counsel by Mr Trump's Justice Department during his first term. The Mueller investigation resulted in dozens of prosecutions, which encompassed several of the staff in Mr Trump's inner circle – chiefly his 2016 campaign manager, Paul Manafort. But it did not find sufficient evidence to support the conspiracy theory of so-called 'collusion' between Mr Trump and Russia. In his remarks, there, Mr Musk appears to have been referring to a ruling from a court in Florida. The Pulitzer Prize Board wanted to have a defamation trial, regarding its decision to award prizes to both The New York Times and The Washington Post for their reporting on Russia's interference, deferred until after Mr Trump's current term in office. The court denied that motion. The New York Times report also asserted that Mr Musk had been forewarned about random drug tests at SpaceX, whose extensive government contracts mean it is subject to certain, quite stringent rules. Needless to say, the billionaire's employees receive no such warnings. Mr Musk has previously claimed he only uses ketamine infrequently, every couple of weeks. Later on the same day as the Oval Office press conference, Mr Trump was asked directly about the New York Times report. 'Were you aware of Elon Musk's regular drug use?' a journalist asked him. 'No, I wasn't. I think he's fantastic. I think Elon is a fantastic guy,' said Mr Trump. 'Are you troubled by these reports?' the reporter followed up. 'I'm not troubled by anything with Elon. I think he's fantastic. Did a great job,' he said. 'And, you know, DOGE continues. And by the time it's finished, we'll have numbers that'll knock your socks off. It's going to be, uh, he did a fantastic job. And he didn't need it. He didn't need to do it.' Mr Musk, for his part, exited the administration with a message of gratitude. 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President Donald Trump for the opportunity to reduce wasteful spending,' he posted on social media.
The Advertiser
4 hours ago
- The Advertiser
Asia share markets, dollar wary on tariff news
Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel.
News.com.au
5 hours ago
- News.com.au
2025 Hyundai Inster electric car review
Cheap Chinese cars have flooded the Australian market in the past few years – now the established automotive empire is striking back. The Hyundai Inster has just arrived in Australia and is the cheapest new electric vehicle you can buy that's not built by a new Chinese brand (and not a very old Nissan Leaf). This is a significant moment for the establishment, as Chinese brands including BYD, GWM and MG have made massive inroads into the Australian market, largely thanks to aggressive pricing that has simply been too good for buyers to ignore. The catch is, despite being the cheapest non-Chinese model, the Inster is still more expensive than its direct rivals – and not by a small margin. The Inster Standard Range model is priced from $39,900 (plus on-road costs), which puts it well above the $29,990 drive-away BYD Dolphin and $33,990 drive-away GWM Ora. While the extra asking price doesn't bring more size, it does bring Hyundai's reputation and experience – something none of its rivals can compete with. Hyundai has spent more than three decades building up a reputation for value, dependability and, in recent years, some of the most dynamically capable cars on the market (thanks to its local suspension and steering tuning program). Hyundai has also invested heavily in design, and there's no question from the moment you lay eyes on the Inster, this is a more thoughtful and more premium offering than its Chinese challengers. Instead of being shaped for less resistance through the air, Hyundai has given the Inster the find of fun, funky face that it hopes younger buyers will be drawn to. The clever design carries over to the interior, where Hyundai has managed to liberate a surprising amount of space for such a pint-sized car. Remarkably, it manages to have more interior space than the bigger (petrol-powered) Venue small SUV, with enough room to fit four adults in relative comfort. The catch is, the boot is quite small, but Hyundai has come up with a solution for that – the Inster Cross. This is a more 'adventure-focused' (Hyundai's words, not ours) version that has a more powerful engine and is more expensive but is available with a roof basket as a no-cost option. The full line-up consists of the Inster Standard Range, Extended Range and the Cross (both $45,000 plus on-road costs). The Standard Range is powered by a 71kW/147Nm front-mounted motor, paired to a 42kWh battery that provides up to 327km range. The Extended Range and Cross get an 84kW/147Nm motor as well as a bigger 49kWh battery, which takes the range to 360km range (although if you add the roof basket to the Cross the official range drops to 293km, but you can get it without the basket and with a sunroof instead). While none of those figures scream 'hot hatch' the Inster is surprisingly fun to drive. Its compact dimensions and relatively long wheelbase means it feels agile but stable either zippy through traffic or on a winding road. And this is another area where it justifies the extra money, because it feels more enjoyable and interesting to drive than any of its Chinese peers, but it also pulls up hills with more ease than a petrol-powered car of this size. Whether or not that's enough to lure many buyers, particularly the younger buyers Hyundai is hoping for, remains difficult to foresee. Electric vehicle sales have cooled off dramatically in the past year, so the Inster is facing multiple challenges to success. But Hyundai has laid down a marker with this car, it may not be quite as cheap as the Chinese competition, but it's close enough to be competitive. HYUNDAI INSTER
