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BYD to enter Europe market

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Markets summary

The Maltese market closed in the red on Monday, with the MSE total index ending the session 0.877% lower to 8,211.135 points. The best and only one positive performer was Lombard Bank Malta plc with its surge of 5% to close at 2.10. The biggest fall of 7.87% was seen from Medserv plc with a closing price of 0.82, followed by 3.33% slide of International Hotel Investments plc which closed at 0.58. GO plc and Malta International Airport plc fell 2.70% and 0.98% to close at 3.60 and 5.05 respectively.

European stocks fell sharply at the start of the week after Washington reiterated its call for China to be more transparent on the events that led up to Covid-19 pandemic and poured scorn on its handling of the crisis and the information provided to the world community. By the end of trading, the benchmark Stoxx 600 was trading 2.65% lower to 328.44, alongside a 3.64% fall for the German Dax to 10,466.80, while the FTSE Mibtel was down 3.70% at 17,035.61.

U.S. stocks staged a dramatic comeback late Monday to end higher, as U.S. crude oil settled above $20 a barrel and tensions simmered between China and the U.S. over Beijing’s handling of the coronavirus outbreak. By the end of trading, The Dow Jones Industrial Average managed a gain of 0.1%, to end at 23,749.76, the S&P 500 rose 0.4%, to close at 2,842.74, the Nasdaq Composite added 1.2%, to close at 8,710.7.

BYD to enter Europe market, starting with Tang EV600 in Norway

Chinese electric car and battery maker BYD has announced it will enter the European market, starting with its all-electric Tang EV600 which will be released onto the already EV-rich Norwegian market.

If all goes well, it will then turn to the broader European market with an eye to introducing not only passenger electric vehicles but also its range of light commercial vehicles and a range of electric trucks.

BYD reported a major slump in sales in the first quarter of 2020, largely due to the Covid-19 pandemic, but following on a previous drop in sales after the Chinese government cut electric vehicle subsidies in mid-2019.

Isbrand Ho, managing director for BYD in Europe, says the decision to enter the Norwegian market, where 7 in 10 new cars are electric, was a natural decision.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.