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US and most APAC equity markets closed higher, while Europe was
mixed. US government bonds closed lower and benchmark European
bonds were mixed. European iTraxx and CDX-NA closed almost
unchanged today after both indices tightened across IG and high
yield on the week. The US dollar closed lower and oil, gold,
silver, and copper were all higher. Today's US nonfarm payroll
report indicated an underwhelming 49K jobs were added in January,
albeit it was in line with consensus expectations.
Americas
US equity indices closed higher and the Russell 2000, Nasdaq,
and S&P 500 all closed at new record highs; Russell 2000 1.4%,
Nasdaq +0.6%, S&P 500 +0.4%, and DJIA +0.3%.
10yr US govt bonds closed +2bps/1.17% yield and 30yr bonds
+3bps/1.97% yield.
CDX-NAIG closed flat/51bps and CDX-NAHY -3bps/286bps, which is
-5bps and -33bps week-over-week, respectively.
DXY US dollar index closed -0.5%/91.04.
Gold closed +1.2%/$1,813 per ounce, silver +3.0%/$27.02 per
ounce, and copper +2.3%/$3.63 per pound.
Crude oil closed +1.1%/$56.85 per barrel.
US developers brought 16.913 gigawatts (GW) of wind generation
online in 2020, an 85% increase compared with 2019, according to
the American Clean Power Association (ACPA), which was a record
annual total and enough to power more than 5 million American
homes. (IHS Markit Climate and Sustainability News' Keiron
Greenhalgh)
As a result, some 122.468 GW of wind power capacity was
operational in the US at the end of last year, the trade
association said in a report issued 4 February.
The jump in installations was due in part, ACPA said, to
"strong continued demand from American consumers for clean energy
to power their homes, as well as technological improvements that
have allowed renewable energy prices to become more and more
competitive in the marketplace." It said corporate demand also
played role, as did the anticipated expiration of federal tax
incentives, although said credits have since been extended.
Some 10.593 GW of 2020's capacity installations were brought
online in the final three months of 2020, the highest quarterly
total on record, and more capacity than was installed in any full
year except 2012.
And the momentum isn't slowing, projects totaling 34.757 GW
were under construction (17.302 GW) or in advanced development
(17.455 GW) at the end of December in the US, the trade group,
which replaced the American Wind Energy Association (AWEA), said.
Federal waters host 26% of the total development pipeline, it
added.
A total of 54 projects across 20 states were commissioned in
the final quarter of the year, the data show. Texas led the table
with 2.197 GW installed, followed by Wyoming at 895 megawatts (MW),
Oklahoma (866 MW), Iowa (861 MW), and Missouri (786 MW).
GE Renewable Energy topped the table for US turbine
installations in 2020, capturing 53% of the market through
December. Vestas ranked second with 35%.
US nonfarm payroll employment rose only 49,000 in January,
below expectations. Revisions to prior months were mixed. The
unemployment rate declined 0.4 percentage point to 6.3%, as
civilian employment rose and the civilian labor force declined.
(IHS Markit Economists Ben Herzon and Michael Konidaris)
Over the three months ending in January, nonfarm payroll
employment rose at an average monthly rate of only 29,000 per
month. This followed much larger gains over the summer and fall, as
the recovery in employment has lost steam.
As of January, the level of payroll employment was roughly 10
million below the February 2020 level and even further below what
had been a firming pre-pandemic trend.
A large majority of the shortfall relative to February 2020 is
in services. Particular weakness remains in leisure and
hospitality, where employment remains roughly 4 million below
February 2020. Shortfalls of roughly 1 million each remain in
education and health services; trade, transportation, and
utilities; and professional and business services.
Private payroll employment rose only 6,000 in January and at an
average monthly rate of only 54,000 over the last three
months.
There was a large increase in the private workweek in January
and a moderate increase in average hourly earnings. So despite the
modest gain in jobs, private wages and salaries in January should
post a healthy gain.
In the Household Survey, after adjusting for the impact of new
population controls, civilian employment rose a much healthier
381,000, and the civilian labor force declined 206,000, both
driving the unemployment rate lower.
US outstanding nonmortgage consumer credit rose $10 billion to
$4.18 trillion in December after a $14 billion increase in
November. (IHS Markit Economist David Deull)
The 12-month change in outstanding consumer credit fell 0.3
percentage point to 0.1%, as declines in revolving consumer credit
have essentially offset increases in the nonrevolving
category.
Revolving (mostly credit card) consumer credit posted a third
consecutive negative month, falling $3 billion and bringing its
cumulative decline since February to $123 billion. The 12-month
change in this category was -10.8%, a record low in data that begin
in 1969.
Nonrevolving credit increased $13 billion in December and its
12-month growth rate was unchanged at 3.9%. This category includes
student and auto loans, and the growth of these types of
obligations has remained steady.
The ratio of nonmortgage consumer credit to disposable personal
income fell 0.1 percentage point to 24.1%.
Consumers have pulled back dramatically on credit-card spending
during the pandemic and paid down card balances. Fiscal stimulus
boosted incomes in January and further stimulus appears likely,
which would extend the decline in credit-card borrowing.
Ford Motor Company has reported a USD2.8-billion net loss in
the fourth quarter of 2020, as it launched three new products and
saw a reduced F-150 inventory. In the fourth quarter, Ford's
results included USD5.0 billion charge for exiting manufacturing in
South America. Ford also reported a loss in 2020, its first
full-year loss since 2008. In addition, Ford announced increased
planned EV and AV investment. Ford closed last year with a loss in
the fourth quarter and ended 2020 with its first full-year net loss
since 2008. However, some of these losses were on restructuring
actions intended to better position the company for the future.
Additionally, although Ford's divisions in South America and China
and International Markets Group continued to see losses, these
continued to shrink. The company should benefit from new products
in late 2020 and in 2021, with a mix of forward-looking EV products
and ICE products set to have an immediate impact on sales. (IHS
Markit AutoIntelligence's Stephanie Brinley)
Autonomous truck startup TuSimple has secured an undisclosed
amount of funding from Goodyear Ventures, the venture capital arm
of The Goodyear Tire & Rubber Company. Goodyear is already a
partner of TuSimple as it supplies tires and tire management
services to TuSimple's autonomous freight network. Abhijit Ganguly,
senior manager of Goodyear Ventures, said, "We are excited to build
upon Goodyear's relationship with TuSimple through this investment.
TuSimple's autonomous technology, combined with its vision of
autonomous freight as a service, has the potential to create a lot
of value in the commercial freight industry." Autonomous trucks are
gaining a great deal of traction in the logistics industry because
of a growing shortage of drivers and improved efficiency. TuSimple
focuses on developing Level 4 autonomous solutions for the
logistics industry and has its trucks running out of facilities in
Arizona and Texas (United States), China, Japan, and Europe. (IHS
Markit Automotive Mobility's Surabhi Rajpal)
Canada's Ivey Purchasing Managers' Index (PMI) modestly
rebounded, up 1.7 points to 48.4 in January. Given the negative
impact of the regional lockdown measures, purchasing managers'
spending activity shrank in January. (IHS Markit Economist Chul-Woo
Hong)
Partly reflecting the substantial net employment decline seen
in January's labor force survey, the employment index decreased 4.3
points to 41.5, the lowest level since the previous lockdowns in
April 2020. After staying in contraction mode for four months, the
inventories index surged 12.9 points to 56.7, indicating a modest
rise in inventories.
Despite the increase in the month, supply-chain pressures
continued to weigh on the supplier deliveries index as the index
remained low at 34.7.
The prices index soared 15.9 points—the largest monthly
increase since September 2014—and it reached a survey record of
82.8, indicating strong inflation pressure in the month.
Canada's net employment declined 212,800 positions in January,
far exceeding market expectations with a large 0.6-percentage-point
pop in the jobless rate to 9.4%. (IHS Markit Economist Arlene Kish)
Lockdown restrictions were more widely implemented in Ontario
and Quebec at the end of December, resulting in outsized job losses
in each province, down 153,500 and 97,900, respectively.
Massive job losses were concentrated in face-to-face services
industries like trade; accommodation; and information, culture, and
recreation.
The labor force shrank for the third consecutive month,
lowering the participation rate to 64.7%, yet total hours worked
increased 0.9% from the previous month given the reduction in
part-time employment.
Talk of gradually reopening the economy in some provinces
indicates the downturn will be temporary, but a substantial
improvement in the labor market is not anticipated until
spring.
The Argentine government has signed an agreement with Chinese
company Jiangsu Jiankang Automobile (JJA) to manufacture urban
electric vehicles (EVs) and batteries in Argentina using the
lithium reserves present in the country, reports NF News Center.
Argentine President Alberto Fernández said, "In this way, Argentina
will be able to industrialize the lithium it owns in one of the
largest reserves in the world. The EV market remains small in the
country. EVs do receive a tax credit in Argentina, as they are
subject to only 2% of customs duty rather than the usual 35%.
Efforts to grow the EV business in Argentina and Brazil reflect
worldwide interest in increasing sales of these types of vehicles,
although it is expected that EV infrastructure will grow relatively
slowly in these two countries. JJA, a company engaged in the
manufacturing and research and development of special vehicle
technology, is an affiliate of Guoxuan Group, a China-based group
founded in 1995. (IHS Markit AutoIntelligence's Tarun Thakur)
Europe/Middle East/Africa
European equity markets closed mixed; Spain +1.1%, France
+0.9%, Italy +0.8%, Germany flat, and UK -0.2%.
10yr European govt bonds closed mixed; Italy -1bp, Spain Flat,
France/Germany +1bp, and UK +4bps.
iTraxx-Europe closed flat/48bps and iTraxx-Xover -2bps/242bps,
which is -4bps and -28bps week-over-week, respectively.
Brent crude closed +0.8%/$59.34 per barrel.
As expected, the Bank of England kept its monetary policy
unchanged following its latest meeting. The Bank appears to have
shifted its monetary policy focus away from the impact of the third
national lockdown to the likely economic recovery from mid-2021.
(IHS Markit Economist Raj Badiani)
The Bank of England's Monetary Policy Committee (MPC) voted
unanimously to maintain the Bank Rate at 0.1% at its meeting that
ended on 3 February and did not hold a vote to impose negative
rates.
The MPC agreed unanimously for the Bank to continue with its
existing programs of UK government bond and sterling non-financial
investment-grade corporate bond purchases, financed by the issuance
of central bank reserves.
The target is to increase the total stock of these purchases to
GBP895 billion (USD1.2 trillion) by the end of this year,
consisting of government and non-financial investment-grade
corporate bonds, at GBP875 billion and GBP20 billion,
respectively.
As of 3 February 2021, the total stock of the Asset Purchase
Facility (APF) was GBP759 billion, which included an increase of
GBP14 billion as part of the GBP150-billion program of UK
government bond purchases planned for 2021, which was announced on
5 November 2020.
The MPC again failed to spell out how additional stimulus would
lift spending when public and private borrowing costs are already
at historically low levels. Indeed, the 10-year gilt yield stands
at 0.26%. However, the expanded quantitative easing (QE) program
will help maintain cheap financing costs, with the government
facing a public-sector net borrowing requirement of around GBP400
billion, and around 20% of GDP in the 2020/21 financial year
(FY).
The inflation outlook is benign. The rate stood at 0.6% in
December 2020 and is set to remain low in early 2021, below the
Bank's 2% target.
The EU-UK trade deal has shortcomings, and this underpins our
less upbeat growth assessment. UK firms face a period of adjustment
after the end of the Brexit transition period, which will weigh
down on growth in early 2021. The EU-UK trade arrangement to
deliver "zero tariff, zero quota" trade in goods fails to replicate
the frictionless trade that previously existed between the two
parties, and this will hamper the UK's recovery from the COVID-19
virus shock.
After previously ruling out negative rates because of their
impact on the banking system's capacity to lend, Bailey confirmed
that the Bank has completed its technical review of negative
interest rates and wishes to have them "in the toolbox". Indeed,
the MPC highlighted the importance of starting preparations "to
provide the capability to do so if necessary in the future".
The United Kingdom Crown Estate's Offshore Wind Leasing Round 4
has entered the third stage, the Invitation to Tender Stage 2 (ITT
Stage 2) of its five-stage leasing process. This stage will see a
multi-cycle bidding process, using option fees bid by eligible
bidders to determine preferred bidders. Round 4 kicked off in late
2019 and has since completed its first stage, the pre-qualification
of potential bidders, and the second stage, which is the first ITT
stage where the financial and technical robustness of projects
submitted by pre-qualified bidders were evaluated. Up for grabs are
four seabed areas with water depths as deep as 60 meters - Dogger
Bank, Eastern Regions, South East, and Northern Wales & Irish
Sea. Projects are expected to have minimum capacities of 400 MW,
and may go up to 1.5 GW. Bidding will carry on until at least 7 GW
of capacity have been taken up. Bidding cycles are on a daily basis
and once concluded, details of the outcome, such as the successful
bidders, location, and capacity, will be shared in a transparent
manner. The next phase of the leasing process (Stage 4), will the
Plan-level Habitats Regulations Assessment where the environmental
impact of the preferred projects will be considered, followed by
the final stage (Stage 5) where the leasing agreements will be
concluded. The entire process is expected to be completed by Spring
2022. (IHS Markit Upstream Costs and Technology's Melvin
Leong)
Fugro is set to begin geophysical survey work for the Dublin
Array offshore wind project, approximately 10km from the Irish
coastline. Fugro's work scope of includes characterization of the
project's offshore array and export cable search data to provide
route options to possible landfall options in the area of Shanganah
Park and Poolbeg. Four vessels will be operating on the project.
Fugro Mercator will work at depths greater than 7m, Spectrum 1 and
Fugro Seeker will work at depths less than 7m, and Fastnet Pelican
will hold station and carry out environment operations. The project
is expected to start from 9 February 2021 and to continue until 11
May 2021, depending on the weather conditions. (IHS Markit Upstream
Costs and Technology's Neeraj Kumar Tiwari)
The exceptionally large Eurozone output gap and very low
inflation rates were again the key drivers, although January's
subsequent jump in inflation should contribute to a moderation in
the index in the first quarter of 2021. (IHS Markit Economist Ken
Wattret)
We have previously drawn attention to the vulnerability of the
eurozone to deflation and its potentially debilitating economic and
financial consequences. Past policy missteps, persistent low
inflation expectations, and a series of adverse economic shocks,
including the COVID-19 virus pandemic, have all contributed to
these concerns.
To better gauge these risks, we created a Deflation
Vulnerability Index (DVI) for the eurozone, based around 10
economic and financial indicators.
The methodology, initially pioneered by the International
Monetary Fund (IMF) to better understand what led to the onset of
deflation in Japan, separates the levels of the DVI into four
categories of risk: minimal, low, moderate, and high.
The latest quarterly update, based on the fourth-quarter-2020
data, showed the eurozone DVI rising sharply, from 0.4 to 0.6, a
record high, entering the "high risk" bracket for the first
time.
Following the two prior adverse shocks, the global financial
crisis (GFC) in 2008-09 and the subsequent eurozone crisis in
2011-12, the DVI peaked at 0.5, still in the "moderate risk"
category.
The key drivers of the current elevation of the DVI are as
follows:
Very low headline and core rates of harmonized index of
consumer price (HICP) inflation.
Declines in GDP due to the COVID-19 virus pandemic, leading to
a surge in the output gap.
Higher growth rates in narrow money versus broad money.
The appreciation of the trade-weighted euro exchange rate.
The other variables, including developments in credit, house
prices, and equity markets, have not contributed to the rise in the
DVI, in large part because of the effectiveness of the European
Central Bank's (ECB)'s various monetary policy responses since
March 2020.
Volvo Group has announced its financial results for 2020, which
have shown that the company has felt a significant impact from the
coronavirus disease 2019 (COVID-19) virus pandemic. During the 12
months ending 31 December 2020, the company's sales revenues
dropped by 21.7% year on year (y/y) to SEK338,446 million.
Operating income during this period decreased by 44.5% y/y to
SEK27,484 million, which meant its operating margin for the period
dropped from 11.5% to 8.1%. However, when additional items are
considered, adjusted operating income fell 40.4% y/y to SEK28,564
million. Overall, income for this period stood at SEK20,074
million, a fall of 45% y/y. (IHS Markit AutoIntelligence's Ian
Fletcher)
From a business unit perspective, its dominant Trucks unit has
been at the heart of the fall in net sales this year, with a
decline of 24.7% y/y to SEK208,262 million. This has been mainly a
result of a 28.3% y/y fall in deliveries across its regions to
166,841 units.
The Buses division also struggled during the year as the
pandemic and the social distancing measures introduced in many
markets meant that public transport and holiday travel was
undesirable. Its net sales fell by 36.2% y/y to SEK19,791 million,
as its global deliveries retreated by 36.1% y/y to 6,215
units.
Its Construction Equipment (CE) business recorded a relatively
modest decline in sales revenues compared to the Trucks and Buses
units. Net sales dropped by 8.1% y/y to SEK81,453 million as total
deliveries actually increased by 7.9% y/y to 93,760 units, thanks
to a jump in Asia underpinned by stimulus measures in China, as
well as a strong performance in South America.
Pharmaceutical prices in Turkey are expected to rise between
15% and 22% later this month (February) as a result of the annual
adjustment in the fixed exchange rate used for pharmaceutical
pricing. According to Turkey's Yeniçağ daily newspaper, the
Republican People's Party (CHP) Ankara Deputy Gamze Taşcıer said
that, "In the middle of this month, the Pharmaceutical Price Decree
will be renewed and there will be great hikes in drugs. With the
increase in the euro rate, a hike in drugs is expected at least 15
to 22 percent." The source also reports that the anticipated
increase in prices has stoked concerns over expenditure at Turkey's
Social Security Institution (SGK), the main funding source for
public pharmaceutical expenditure in the country. Mounting
financial difficulties at the SGK, combined with expectations of
higher drug prices, are expected to lead the public health
insurance institution to reduce drug reimbursement rates and to
increase levels of patient co-payments. (IHS Markit Life Sciences'
Sacha Baggili)
Asia-Pacific
Most APAC equity markets closed higher, except for Mainland
China -0.2%; Japan +1.5%, Australia/South Korea +1.1%, Hong Kong
+0.6%, and India +0.2%.
Japan's Real household expenditures rose by 0.9% month on month
(m/m) in December 2020 following a 1.8% drop in November. However,
household expenditure for 2020 declined by 5.3% because of the
negative effects of containment measures in the first half of the
year and only a moderate recovery in the second quarter. The
containment measures severely affected spending for clothing and
footwear (down 19.8% y/y) and culture and recreation (down 18.1%
y/y). (IHS Markit Economist Harumi Taguchi)
The m/m improvement was thanks largely to rebounds in spending
for furniture and household utensils, clothing and footwear, and
miscellaneous items. These increases were partially offset by
declines in spending for food, housing, utilities, culture and
recreation, and education. Although rising concerns about the
resurgence of COVID-19 weakened consumer confidence, the effect of
requests by mayors of several prefectures that eating and drinking
places reduce their operating hours was insignificant in
December.
The December results were in line with IHS Markit expectations.
A 4.2% quarter-on-quarter (q/q) rise in real household expenditures
suggests a continued q/q increase in real GDP growth for the fourth
quarter of 2020 (which will be released on 15 February 2021).
South Korean automakers posted a 4.8% year-on-year (y/y)
increase in their combined global vehicle sales to 597,213 units in
January, according to data released by the five major domestic
manufacturers, as reported by Yonhap News Agency and compiled by
IHS Markit. The five automakers reported a 16.7% y/y surge in their
combined domestic sales last month to 116,270 units, while their
combined overseas sales went up by 2.3% y/y to 480,943 units. The
country's best-selling automaker, Hyundai, posted global sales
growth of 1.6% y/y to 319,959 units in January. Its domestic sales
totaled 59,501 units, up by 25.0% y/y, while its overseas sales
declined by 2.5% y/y to 260,458 units. Global sales of its
affiliate, Kia, rose by 2.5% y/y to 226,298 units, with domestic
sales up by 12.0% y/y to 41,481 units and overseas sales marginally
up by 0.6% y/y to 184,817 units. (IHS Markit AutoIntelligence's
Jamal Amir)
Lotte Chemical (Seoul, South Korea) says recovering
petrochemicals demand and rising selling prices for its major
petchem products have helped to more than double its fourth-quarter
net profit year on year (YOY) to 97.2 billion South Korean won
($86.5 million). (IHS Markit Chemical Advisory)
The 104% rise YOY in net earnings came despite a 12% decline in
sales to W3.2 trillion. Operating profit for the quarter ended 31
December rose 49% compared with the prior-year period to W212.5
billion. Sales were up 6% sequentially on the third quarter, but
net earnings were 51% lower quarter on quarter (QOQ). Operating
profit rose 19% QOQ.
Operating profit at its largest business segment, basic
chemicals, was down 19% YOY to W89 billion but up W10 billion
sequentially, while sales fell 22% YOY to W1.35 trillion but were
up 10% on the third quarter. Production and sales increased QOQ due
to the restart of its Daesan steam cracker in December following a
fire, with key product spreads improving "due to tight supply and
robust demand," it says. "Demand remained firm on expectations that
the global economy would recover," it says.
Lotte says it expects base olefins earnings and sales to
improve with its Daesan plant operating normally in the first
quarter of 2021, with demand expected to be good as the global
economy continues to gradually recover. Although some steam
crackers in the region will restart during the quarter, a number of
turnarounds are also scheduled that are expected to offset some of
the QOQ supply growth, it says.
Lotte's aromatics division reported an operating loss of W6
billion, narrowing from a loss of W23 billion a year earlier, but
swinging from a profit of W6 billion in the third quarter. Sales
slipped 20% YOY to W391 billion but rose QOQ by W15 billion.
Profitability decreased due to strong raw material prices and weak
off-season demand, it says. For the first quarter, the market is
forecast to continue to be oversupplied, but profitability is
expected to improve.
Lotte's advanced materials unit turned in a strong
fourth-quarter performance, with sales rising 25% YOY and 2% QOQ to
W885 billion.
Lotte Chemicals says it is also continuing to focus on
maximizing the cracking of liquefied petroleum gas (LPG) as
feedstock, having expanded its use to 20% of total company
feedstock by the end of 2020, saving an estimated W30 billion in
costs, it says. The company is aiming to expand LPG feedstock usage
to 30% of the company's total feedstock supply by 2023, with
planned investments at its Daesan cracker, it says.
As part of its recently unveiled 2030 ESG strategy Lotte
Chemical says it is also aiming to produce 360,000 metric tons/year
of recycled polyethylene terephthalate by 2023, as well as 260,000
metric tons/year of recycled polypropylene, recycled
acrylonitrile-butadiene-styrene, and recycled polycarbonate.
Singapore's largest taxi operator, ComfortDelGro, has launched
a beta trial of its ride-hailing service, reports the Nikkei Asian
Review. ComfortDelGro will deploy 25 private hire cars to test the
reception for the service. Users can select the ride-hailing option
through the operator's taxi-booking mobile application.
ComfortDelGro is eyeing the increased use of land transport to
boost its business as Singapore is set to open its economy this
year following a challenging 2020 due to the COVID-19 virus
pandemic. ComfortDelGro operates more than 41,000 buses, taxis, and
rental vehicles, and also runs light and heavy rail networks in
Singapore. Apart from its home country, ComfortDelGro has overseas
operations in Australia, China, Ireland, Malaysia, the United
Kingdom, and Vietnam. By expanding its service portfolio,
ComfortDelGro will be able to compete with other apps that offer
ride-hailing services. (IHS Markit Automotive Mobility's Surabhi
Rajpal)
After two years since contract announcement, Vestas has
commissioned its largest intertidal wind project in Vietnam to
date. The 100 MW Dong Hai 1 intertidal wind project is owned by Bac
Phuong JSC and located in shallow waters in the Mekong Delta, close
to shore in Bac Lieu Province, Vietnam. In December 2019, Vestas
announced its first order of 13 units of V150-4.2 MW turbines with
a customization for intertidal installation. The units will operate
in a configuration of 10 units in 3.8 MW and three units in 4.0 MW
to achieve a 50 MW output. This was followed by a second
announcement for the same number of turbines in July 2020. (IHS
Markit Upstream Costs and Technology's Melvin Leong)
The Indonesian government has received an investment proposal
from electric vehicle (EV) manufacturer Tesla, reports Reuters,
citing the country's deputy head for investment and mining
co-ordination, Septian Hario Seto. The details of the proposal have
not been released due to a non-disclosure agreement, but the focus
of discussions had been on batteries and energy storage solutions.
"If they only want to buy raw materials, we are not interested.
This [proposal] is beyond just taking the raw material," said Seto.
Nickel-rich Indonesia is keen to develop a full supply chain for
nickel in the country, in particular to extract battery chemicals,
make batteries, and eventually build EVs. Nickel and cobalt are key
materials in making lithium-ion (Li-ion) batteries. The government
aims to make the country an electrified-vehicle hub in Asia and
beyond, and intends to start production of such vehicles in 2022.
The country aims for electrified vehicles to account for 20% of its
total car production by 2025. (IHS Markit AutoIntelligence's Jamal
Amir)
Posted 05 February 2021 by Chris Fenske, Head of Fixed Income Research, Americas
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