International News 11/12
-
Outperform Ford and Honda, BYD to dominate world automotive market share in 2024?
China's leading electric vehicle manufacturer, BYD, achieved a notable increase in market share during the year, exceeding its global annual sales target and overtaking Ford and Honda. The company experienced a period of rapid growth in 2024, with the fastest monthly growth recorded and revenue surpassing that of Tesla in the third quarter. Given the robust sales performance in China, BYD is on track to surpass its annual sales target of 4 million vehicles, positioning the company ahead of Honda and Ford. BYD delivered 3.76 million vehicles by November, including 506,804 units sold in November alone. The company's success can be attributed to a competitive model lineup with advanced plug-in hybrid technology and a government-subsidized car trade-in program, which contributed to the fastest year-on-year car sales growth in China in November. BYD's expansion plans and increased workforce have contributed to a boost in revenue and a strengthening of the company's market position.
Gold Price Hits 2-Week High, Here are 2 Main Causes
On Monday, gold prices reached a two-week high, rising by over 1% due to a number of factors. Spot gold prices increased by 1.1% to US$2,662.98 per troy ounce, while US gold futures ended the day 1% higher at US$2,685.50 per troy ounce. The resumption of gold purchases by the People's Bank of China was identified as a key driver behind the price movement. Analysts anticipate that this may prompt other central banks to follow suit, potentially leading to a resumption of record-breaking gold purchases. In 2023, China was the world's largest official sector gold buyer, but its gold buying streak was halted in May. The resumption of gold purchases by China could support investor demand in the country. Another factor influencing gold prices is the US Federal Reserve's decision to lower interest rates, beginning with a 50 basis point cut in September.