International News 08/03
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Chinese electric car manufacturers are increasingly targeting the Australian market.
Chinese automakers, such as BYD, are taking advantage of the growing market for electric cars in Australia. The government, led by Prime Minister Anthony Albanese, has actively promoted the adoption of electric vehicles as part of efforts to reduce emissions. As a result, there has been a surge in demand, with electric vehicles accounting for 7.2% of new car sales in Australia in 2023, up from 3.1% the previous year. Although Tesla has achieved considerable success in this market, it is the non-premium segment Chinese manufacturers that pose the greatest threat to traditional automakers such as Toyota and Ford. BYD, which entered the Australian market in 2022, experienced a sixfold increase in sales last year, reaching over 12,000 vehicles. Currently, BYD holds a 14% market share in Australia's electric vehicle market, second only to Tesla's 53%.
Thailand's economy requires immediate stimulus.
Thailand's economy is encountering challenges and may require prompt stimulus measures, such as interest rate cuts, as suggested by Prommin Lertsuridej, the Thai prime minister's chief of staff. The economy has been struggling due to low industrial capacity utilization and high household debt. The country's economy unexpectedly contracted in the fourth quarter of 2023, leading policymakers to revise down their growth forecast for 2024. Prommin suggested reducing tariffs to provide struggling households with more money. However, it is reported that the government does not interfere with the central bank's decision-making process. Prime Minister Srettha Thavisin, who took office in August 2023, aims to revive the economy and transform Thailand into a regional hub for industries such as electric vehicles, aviation, finance, and the digital economy. Lawmakers are also encouraged to increase their efforts to make Thailand a regional center.