logo
Electric vehicles usage worldwide reach 56 million, says report; China accounts for more than 50% of the number

Electric vehicles usage worldwide reach 56 million, says report; China accounts for more than 50% of the number

The Star4 hours ago

STUTTGART, June 27 (Bernama-WAM): The number of electric vehicles increased by around one-third last year to 55.8 million, with China and its 31.4 million vehicles accounting for more than 50 per cent of the global total, according to calculations from a German energy research institute.
Emirates News Agency (WAM) reported that the figures compiled by the Centre for Solar Energy and Hydrogen Research Baden-Wurttemberg (ZSW) include fully electric vehicles, plug-in hybrids, or electric cars with range extenders.
In second place - with a significant gap from China's top spot - the United States follows with 6.4 million vehicles. Germany ranks third with 2.6 million. The United Kingdom and France each have around 2.1 million, while Norway has just over 1 million.
After years of strong increases, a decline has been observed in 2024. The fleet grew by 13.8 million vehicles, compared to 14.2 million in 2023. - Bernama-WAM

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

SAMENTA Welcomes Revision To Expanded SST As Relief For SMEs
SAMENTA Welcomes Revision To Expanded SST As Relief For SMEs

Barnama

time24 minutes ago

  • Barnama

SAMENTA Welcomes Revision To Expanded SST As Relief For SMEs

BUSINESS KUALA LUMPUR, June 27 (Bernama) -- The Small and Medium Enterprises Association Malaysia (SAMENTA) has welcomed the Ministry of Finance's (MoF) revision to the expanded Sales and Service Tax (SST), describing it as a meaningful relief for the small and medium enterprises (SMEs). Its president, Datuk William Ng said the revision includes a higher annual sales threshold for service tax on rental and financial services, which effectively exempts approximately 75 per cent of SMEs from the additional eight per cent tax under the expanded SST. 'When the expansion of the SST was first announced, SAMENTA was among the first to voice concerns, particularly over its potential impact on our SMEs. 'We urged the government to raise the SST threshold - a move that would protect smaller enterprises while still allowing for a broader and fairer tax base,' he said in a statement today. The MoF announced today that, after carefully considering public sentiment, it has decided not to proceed with the proposed expansion of the service tax to beauty services, including manicures and pedicures, facial services, and services provided by barbers and hairdressers. The MoF stated that all revisions to the expanded Sales Tax and Service Tax were made after considering feedback from the public and industry. Ng said the association expressed gratitude to Prime Minister Datuk Seri Anwar Ibrahim for hearing their concerns and directing the ministry to revise the threshold upwards. 'While we will continue to advocate for a balanced and SME-friendly approach in future tax reforms, we consider this matter concluded and will not seek further concessions on the SST expansion,' he added. He also encouraged affected SMEs to take the necessary steps to implement the expanded SST and to seek assistance from the Royal Malaysian Customs Department where needed.

KPDN Launches KBBM 2025 To Boost Sales Of Local MSME Products
KPDN Launches KBBM 2025 To Boost Sales Of Local MSME Products

Barnama

time24 minutes ago

  • Barnama

KPDN Launches KBBM 2025 To Boost Sales Of Local MSME Products

ISKANDAR PUTERI, June 27 (Bernama) -- The Ministry of Domestic Trade and Cost of Living (KPDN) today launched the 2025 Buy Malaysian Goods Campaign (KBBM), themed 'Jom Beli Lokal' (Let's Buy Local), to boost local product sales and reduce reliance on imports. Its Minister Datuk Armizan Mohd Ali said the campaign focuses on efforts to boost sales value and penetration of local products, strengthen domestic economic growth and assist local entrepreneurs and micro, small and medium enterprises (MSMEs). 'This campaign directly supports income generation for local entrepreneurs while also contributing to the nation's economic growth,' he said. 'At the same time, this initiative creates a platform to showcase the quality of local products as a preferred choice, thereby reducing reliance on imported goods,' he said during the KPDN 2025 Roadshow and the launch of KBBM at the Puteri Harbour Convention Centre here today. He said the implementation of KBBM is not solely driven by KPDN, but also involves various ministries and government agencies through a 'whole-of-nation' approach 'We also call for the participation of the private sector and non-governmental organisations (NGOs) to strengthen the movement to prioritise quality and competitive local products,' he said. Armizan added that the campaign will be carried out physically through promotions at business premises and expanded to e-commerce platforms in collaboration with major platform operators. 'This e-commerce approach is important, as it has vast potential to showcase local products to a wider market,' he said. He said the KPDN also recorded a sales value of more than RM347 million through KBBM throughout 2023 and 2024, involving almost 700,000 stock keeping units (SKUs) through three major e-commerce platforms, namely TikTok, Shopee and Lazada.

Dollar lingers near 3-1/2-year low as traders wager on US rate cuts
Dollar lingers near 3-1/2-year low as traders wager on US rate cuts

The Star

time26 minutes ago

  • The Star

Dollar lingers near 3-1/2-year low as traders wager on US rate cuts

SINGAPORE: The dollar drifted on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. With the geopolitical tremors of Israel-Iran conflict in the rear view after a ceasefire that appeared to be holding, market focus this week has been on U.S. monetary policy. The prospect of Trump announcing the next Federal Reserve chair, who is expected to be more dovish, earlier than usual to undermine the current chair Jerome Powell has raised odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to U.S. Congress, adding to expectation of more rate cuts. Traders are now pricing in 64 basis points of easing this year versus 46 bps expected on Friday. "The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck'," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The Wall Street Journal reported on Wednesday that Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, a move analysts say could lead to the person operating as a shadow Fed chair, undermining Powell's influence. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. "Such an outcome could introduce some volatility into financial markets if the nominee makes public comments markedly different to the current chair," CBA's Kong said. "For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD." Trump has repeatedly attacked Powell and called for rate cuts this year, stoking investor worries about the slow erosion of U.S. central bank's independence and credibility. The euro was steady at $1.1693 in early trading after hitting $1.1745 in the previous session, its highest since September 2021. Sterling last fetched $1.3733, just below the October 2021 top of $1.37701 touched on Thursday. The dollar index, which measures the U.S. unit versus six other currencies, was lingering near its lowest since March 2022 at 97.378, on course for a 2% decline in June, its sixth straight month in the red. The index has dropped more than 10% this year as Trump's tariffs stoke U.S. growth worries, leading investors to look for alternatives. The yen was a bit weaker at 144.73 per dollar, while the Swiss franc was last at 0.8013 per dollar, perched near its strongest level in a decade. Investor attention will also be on progress on trade deals ahead of the July 9 deadline for Trump's "reciprocal" tariffs as nations scramble to get an agreement over the line with the clock ticking. German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one. A White House official said on Thursday the U.S. has reached an agreement with China on how to expedite rare earths shipments to the United States. The dollar's weakness pushed the Australian dollar often considered a risk proxy, to a seven-month high of $0.6564 on Thursday. It last fetched $0.6559 in Asia mid-morning on Friday. The Aussie is set for a 1.6% gain for the week, its strongest week since early April. Emerging market currencies also got a lift from the beaten-down dollar, with the Taiwan dollar surging to its strongest level since April 2022. Traders in Taiwan said the local currency's rise was being driven by expectations of interest rate cuts in the United States, the general global weakness of the greenback and the continued flood of foreign capital into the island. "These trends can't be stopped - the direction coming from the Americans is very clear," said one Taiwan-based market participant. - Reuters

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store