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US and APAC equity markets closed higher across both regions,
while Europe was modestly lower on the day. US government bonds
closed lower on the day and benchmark European bonds closed mixed.
European iTraxx and CDX-NA closed tighter across both IG and high
yield. Oil was higher on the day with both WTI/Brent close to
touching recent highs in August, while gold, silver, and copper
were all lower on the day. US flash PMIs came in particularly
strong today, while the Eurozone and UK reports indicated a modest
deacceleration as a result of recent COVID-19 restrictions in those
regions.
Americas
US equity markets closed higher; Russell 2000 +1.9%, DJIA
+1.1%, S&P 500 +0.6%, and Nasdaq +0.2%.
10yr US govt bonds closed +3bps/0.86% yield and 30yr bonds
+3bps/1.55% yield.
CDX-NAIG closed -2bps/54bps and CDX-NAHY -11bps/329bps.
DXY US dollar index closed +0.1%/92.49.
Copper futures closed -0.9%/$3.26 per pound today, with
Friday's close of $3.29/pound being only $0.01 away from the
highest price in almost three years.
Gold closed -1.8%/$1,838 per ounce and silver -3.0%/$23.63 per
ounce.
Crude oil closed +1.5%/$43.06 per barrel and is only 0.8% below
the recent five-month high close of $43.39 per barrel on 25
August.
The US General Services Administration acknowledged Joe Biden
as the apparent winner of the presidential election on Monday,
following weeks of inaction, and President Donald Trump called on
his agencies and departments to cooperate. The designation triggers
a formal transition process, giving Biden and his team access to
current agency officials, briefing books, some $6 million in
funding and other government resources. (Bloomberg)
President-elect Joe Biden plans to nominate former Federal
Reserve Chairwoman Janet Yellen, an economist at the forefront of
policy-making for three decades, to become the next Treasury
secretary, according to people familiar with the decision.
(WSJ)
Adjusted for seasonal factors, the IHS Markit Flash U.S.
Composite PMI Output Index posted 57.9 in November, up from 56.3 in
October. The rate of growth was the sharpest since March 2015, as a
steep upturn in service sector activity was accompanied by an
accelerated rise in manufacturing production. (IHS Markit Economist
Chris Williamson)
As well as a sharp increase in business activity, companies
reported a marked rise in new orders during November. The rate of
growth was the fastest since June 2018, with a substantial
acceleration in manufacturing new business growth to a 30-month
high boosting total sales, joined by the quickest rise in service
sector sales for 26 months. The increase in total orders was
largely driven by domestic demand, as both goods producers and
service providers indicated only marginal upturns in new export
business.
Manufacturing firms indicated the strongest improvement in
operating conditions since September 2014, as highlighted by the
IHS Markit Flash U.S. Manufacturing Purchasing Managers' Index™
(PMI™) posting 56.7 in November.
The seasonally adjusted IHS Markit Flash U.S. Services PMI™
Business Activity Index registered 57.7 in November, rising from
56.9 in October, to signal the strongest expansion in output since
March 2015.
Contributing to the steep rise in business activity was a faster
increase in new orders at service providers, and one that was the
quickest since September 2018.
The rate of input price inflation picked up to the fastest
since October 2018, as demand for inputs increased once again and
amid a record-breaking deterioration in vendor performance.
Higher supplier prices were passed on to clients in part,
however, through the sharpest rise in charges for over two
years.
Business confidence among manufacturers soared in November, as
the year-ahead outlook for output improved notably. The level of
optimism was the strongest since February 2015.
The count of seated diners on the OpenTable platform weakened
materially last week. Relative to year-ago levels, the count of
seated diners was down 54% averaged over the last seven days. This
was down sharply from the prior week (down 47%) and the weakest
year-on-year comparison over a seven-day window since mid-August.
(IHS Markit Economists Ben Herzon and Joel Prakken)
New York City residents received $40 billion in stimulus
benefits that have been critical to the city's recovery from the
coronavirus, Mayor Bill de Blasio said. The $40 billion, which
includes stimulus checks, unemployment benefits and Paycheck
Protection Program loans, shows how much the city needs action on
additional federal stimulus, de Blasio said. The city avoided
deeper revenue declines because of the first round of stimulus, he
said. The city must now close a $3.8 billion fiscal 2022 budget gap
with federal stimulus, the mayor said. It is in "dire, dire shape,"
without action from Washington, he said. The mayor said the city is
trying to avoid more layoffs but that without federal help, more
"could well be on the table." (Bloomberg)
The U.S. government isn't liable for losses on $3 billion in
Puerto Rico pension bonds, a federal judge said Monday, rejecting
efforts to put U.S. taxpayers on the hook for compensating
investors. Judge Richard A. Hertling of the U.S. Court of Federal
Claims said bondholders can't hold the U.S. government responsible
for losses they may incur in the court-supervised restructuring of
Puerto Rico's debts. A federally appointed oversight board has been
steering that restructuring since 2016, part of a broader push to
rehabilitate the U.S. territory's public finances. (WSJ)
Food prices at US grocery stores and restaurants are now
forecast to increase slightly more in 2020 than previously
expected, as some food price categories continue to decline slowly
from their spike earlier this year at the onset of the COVID-19
pandemic, according to USDA's Economic Research Service (ERS). (IHS
Markit Food and Agricultural Policy's Richard Morrison)
For 2020, ERS now sees food-at-home (grocery store) prices
rising 3.0% to 4.0% in 2020, up from ERS' previous forecast for a
rise of 2.5% to 3.5%. For 2021, ERS forecasts grocery store prices
will increase 1% to 2%, the same as its October estimate.
Meanwhile, food-away-from-home (restaurant) prices are seen
increasing 2.5% to 3.5% in 2020, ERS said, up from the prior
forecast of a 2% to 3% increase. For 2021, the food-away-from-home
price increase is seen at 2% to 3%, the same as last month's
forecast.
Continued upward pressure on restaurant prices is in line with
pre-pandemic trends which saw restaurant prices "steadily
increasing," and slightly above the rise expected for grocery store
prices, ERS explained.
Overall food price inflation is seen at 2.5% to 3.5% for 2020,
and 2.0% to 3.0% for 2021—both unchanged from ERS' October
forecast.
Dairy product prices are now forecast to rise 3.5% to 4.5% for
2020, up from the 3% to 4% increase ERS forecast in October.
For fresh vegetables, ERS noted a 1.1% increase in prices
between September and October, putting the year-over-year rise at
4.2% in October. "The price spike from September to October was
primarily driven by a 7.2% increase in the price of fresh lettuce
over the same period," ERS explained. By contrast, fresh fruit
prices are down 1% year-over-year.
US-based software-as-a-service (SaaS) solution provider
Ridecell has raised an undisclosed amount of funding from venture
capital firm Fort Ross Ventures. The startup company will use the
capital as part of automating and digitalizing its platform,
supporting larger customers globally, and accelerating its
international growth. Aarjav Trivedi, CEO of Ridecell, said, "The
leading fleets in the world were already prioritizing digital
transformation. COVID-19 created an urgent need for them to reduce
risk and manage costs by enabling key-less digital access to their
fleets, self-service touch-less monetization across B2B and B2C
business models and automating fleet operations. Ridecell is
experiencing an acceleration in opportunities to help new customers
and partners quickly meet the shifting consumer and enterprise
demand for contactless commerce and fleet operations automation."
Ridecell was founded in 2009 to offer a platform for car sharing,
ride sharing, and autonomous fleet management. Ridecell says its
shared mobility platform helps companies to get their fleet
operational rapidly, as well as to maximize efficiencies. (IHS
Markit Automotive Mobility's Surabhi Rajpal)
Siemens Energy has partnered with Houston-based ProFlex
Technologies to provide spontaneous leak detection services for
pipeline operators. As part of the agreement, Siemens Energy gains
exclusive access to ProFlex Technologies' digital Pipe-Safe™ leak
detection technology. The technology, combined with Siemens
Energy's Internet of Things (IoT) system, will enable operators to
reduce the environmental risk associated with operating their
infrastructure by minimizing unplanned releases of product into the
ecosystem. The solution leverages remote pressure monitoring and
complex data processing algorithms to rapidly detect and localize
pipeline leaks within +/-20 feet of their location. It is
particularly relevant for companies that operate aging
infrastructure, enabling detection of small leaks in pressurized
lines transporting any type of liquid or gas medium (i.e. natural
gas, crude oil, water, petrochemicals, etc.). Specific applications
include long-distance oil and gas transmission lines (i.e.
multi-node systems), production gathering networks at well sites,
and offshore production risers. Using complex data processing
algorithms at the monitoring nodes, pressure pulses created by
leaks are identified, and leak locations can be accurately
determined. This data can be transmitted to mobile devices or back
to a central location using the cloud-based technology. Immediate
actions can be taken to repair leaks. The IoT-based approach has
broad applicability and is suitable for use with any asset type,
including new installations and existing assets. (IHS Markit
Upstream Costs and Technology's Kamila Langklep)
Europe/Middle East/Africa
Most European equity markets closed modestly lower; UK -0.3%,
Germany/France -0.1%, and Spain/Italy flat.
10yr European govt bonds closed mixed; UK +2bps, France +1bp,
Germany/Spain flat, and Italy -1bp.
iTraxx-Europe closed -1bp/51bps and iTraxx-Xover
-6bps/276bps
Brent crude oil closed +2.4%/$46.04 per barrel and is only 0.3%
below the recent five-month high close of $46.16 per barrel on 26
August.
On 20 November, the European Commission launched a public
consultation on how the EU will classify some of the green
investments for the bloc's main economic sectors, including
agriculture. (IHS Markit Food and Agricultural Policy's Steve
Gillman)
This consultation will feed into the new 'EU Taxonomy
Regulation', which aims to direct sustainable investment in line
with the bloc's "climate change adaptation, biodiversity and the
circular economy objectives".
The regulation tasks the Commission with defining the criteria
for sustainable investments and the public consultation will
examine which economic activities can qualify in the areas of
climate change mitigation and climate change adaptation.
For agriculture, investments could be considered green if they
strengthen land carbon sinks through measures such as avoiding
deforestation and forest degradation, restoration of forests,
sustainable management and restoration of croplands, grasslands and
wetlands, afforestation, and regenerative agriculture.
The EU rules are also planned to apply to sustainable
agricultural practices that contribute to enhancing biodiversity or
to halting or preventing the degradation of soils and other
ecosystems, and habitat loss.
For energy investments to be classified as sustainable, the
Commission has set that they should go to projects emitting under
100g of CO2/kWh, which rules out most fossil fuels but allows for
some gas infrastructure.
The public consultation process will run until 18 December,
after which EU member states and the European Parliament will have
two months to raise any objections. If they do not, the text will
enter into force and the definitions can become legally binding in
the EU.
There will be four other objective areas examined in a similar
way - sustainable use of water and marine resources, circular
economy, pollution prevention and healthy ecosystems.
The flash IHS Markit/CIPS composite UK PMI, based on around 80%
of normal monthly replies, slumped from 52.1 in October to 47.4 in
November, signaling a deterioration of business activity after four
months of expansion. (IHS Markit Economist Chris Williamson)
The decline was considerably less severe than markets had been
expecting, with a reading of 44.1 anticipated according to Reuters
polling. Although hospitality sectors saw business collapse amid
the new virus containment measures, some respite came in the form
of a temporary boost to manufacturing from pre-Brexit
stockpiling.
The decline takes the PMI's composite output index to a level
historically consistent with GDP contracting at a quarterly rate of
approximately 0.3%, but - as seen during the height of the first
lockdown in the second quarter - the actual hit to GDP from
enforced closures of many businesses may be considerably
greater.
Looking in the detail of the November flash PMI, the decline
was led by a collapse of business activity in the hotels, bars
& restaurants sector amid enforced temporary closures, with
other consumer-facing services, travel and transport also suffering
steep drops in activity, albeit with rates of decline not quite as
severe as seen during the spring lockdown.
Financial services activity meanwhile also fell for the first
time since May and business service providers reported the weakest
expansion since the recovery from the first lockdown began in
June.
Total service sector activity consequently fell sharply,
dropping for the first time since June. The sector's business
activity index deteriorated from 51.4 in October to 45.8 in
November.
In contrast to the steep loss of output in the services sector,
manufacturers reported faster production growth during November,
albeit with the expansion often linked to a temporary boost from
stockpiling ahead of the end of the UK's Brexit transition period
on 31st December. Output rose for a sixth straight month, with the
rate of increase picking up slightly, though remaining below the
highs seen during the summer. The factory output index rose from
55.8 to 56.3, helping push the headline PMI up to 55.2, it's
joint-highest in nearly three years.
Disappointingly, the upturn in sentiment about the year ahead
was not matched by increased hiring. In fact, job losses
accelerated during the month to the fastest since August. Job
losses in manufacturing eased to a nine-month low but remained high
by historical standards, while headcounts were cut at an increased
rate in the service sector.
A rising number of manufacturers meanwhile reported that
worries over Brexit led to increased stockpiling of inputs, which
also temporarily boosted demand at firms supplying these inputs to
other companies. Roughly 16% of manufacturers citied Brexit as the
cause of higher stocks of inputs, which rose in November to the
greatest extent since October 2019, ahead of the first Brexit
'deadline' which was subsequently postponed.
Hyundai and London-based chemicals company Ineos have signed a
memorandum of understanding (MOU) to explore new opportunities to
accelerate the global hydrogen economy, according to a Hyundai
press release. Under the MOU, the two companies will jointly
investigate opportunities for the production and supply of hydrogen
as well as the worldwide deployment of hydrogen applications and
technologies. Both companies will initially seek to facilitate
public- and private-sector projects focused on the development of a
hydrogen value chain in Europe. They will also evaluate Hyundai's
proprietary fuel-cell system for the recently announced Ineos
Grenadier 4×4 vehicle. This co-operation represents an important
step in Ineos' efforts to diversify its powertrain options at an
early stage, according to Hyundai. The Grenadier is expected to be
built at a former Mercedes-Benz plant in France, having earlier
been slated for production in the United Kingdom. IHS Markit
currently forecasts that production of the Grenadier will begin at
Hambach in late 2021, with volumes peaking at over 17,000 units
during 2023. (IHS Markit AutoIntelligence's Jamal Amir)
The flash IHS Markit Eurozone Composite PMI® slumped from 50.0
in October to 45.1 in November, its lowest since May. With the
exceptions of the declines seen in the first two quarters of this
year, the average PMI reading of 47.6 in the fourth quarter so far
is the lowest since the closing quarter of 2012 (during the
region's debt crisis) and indicative of a steep decline in GDP.
(IHS Markit Economist Chris Williamson)
The deteriorating performance was broad-based, albeit with the
service sector hardest hit from virus containment measures. While
manufacturing output growth merely slowed in November to the lowest
since the start of the sector's recovery back in July, attributable
to a marked slowing in order book growth, service sector output
fell for a third month running, with the rate of decline
accelerating sharply to the fastest since May.
Inflows of new orders rose in manufacturing at the slowest rate
recorded over the past five months, while new business placed at
service providers collapsed to an extent not seen since May.
Hospitality, travel and consumer-facing companies reported
especially weak demand due to additional measures implemented by
various governments across the region amid second waves of virus
infections.
At 39.9, the flash composite PMI for France fell from 47.5 to
indicate a third successive monthly decline in business activity
and the steepest drop since May, acting as a major drag on the
region as a whole. A third, and accelerating, month of services
decline was accompanied by a downturn in factory output for the
first time since May.
Germany, in contrast, continued to expand, albeit with the
flash composite PMI dropping from 55.0 to 52.0 to register the
weakest expansion since the recovery began in July. Although
manufacturing output growth eased, it remained among the highest
seen over the survey's history. However, service sector activity
fell for a second month running, contracting at the sharpest rate
since May.
Employment meanwhile fell across the eurozone as a whole for a
ninth consecutive month, with the rate of job losses holding steady
on the post-pandemic low seen in October.
With demand having weakened, companies increasingly sought to
boost sales via discounts, causing average selling prices for
services to fall at an increased rate in November, though goods
prices rose modestly, registering the largest increase since May
2019 due to higher input costs. Manufacturers reported the steepest
rise in average input prices since January 2019, often linked to
rising demand and widespread shortages for many key raw materials.
Delivery times lengthened to the greatest extent since May.
Looking ahead, business expectations about the coming 12 months
recovered most of the slump seen in October to run at the second
highest since February. Manufacturers were especially upbeat, with
confidence rising to the strongest since March 2018, though service
providers also grew more optimistic about the year ahead, commonly
attributed to encouraging news of vaccine developments in recent
weeks.
Daimler and Geely have announced another major collaborative
project that will further strengthen the ties between the two
companies. According to a company statement, the two firms will
collaborate on developing a highly efficient conventional
powertrain system that will support both companies' next-generation
hybrid vehicle applications. The alliance is focused on enhancing
competitiveness through creating significant economies of scale by
co-operation in the areas of engineering, sourcing,
industrialization and efficiency measures In the statement, it was
claimed that both companies will use global R&D networks to
work together on a next-generation gasoline (petrol) engine
specified for hybrid applications to be produced at the companies'
powertrain facilities in Europe and China. The powertrain will
potentially be used by Mercedes-Benz together and its joint venture
(JV) partners in China, as well as the wider Geely Holding Group
portfolio of brands including Volvo Cars. As a result it is also
highly likely that the powertrain will end up being exported from
China to other markets. To this end, the export of the engine from
China is considered to be an option.Markus Schäfer, Member of the
Board of Management of Daimler AG and Mercedes-Benz AG; for Daimler
Group Research and Mercedes-Benz Cars COO, said, "Our goal
continues to be CO2-neutrality. By 2039, our ambition is a
completely carbon-neutral new passenger car fleet. The consequent
electrification of our powertrain portfolio therefore is an
integral part of our drivetrain strategy. To this end, we are
systematically converting our portfolio, so that by 2030 more than
half of our passenger car sales will be comprised of plug-in
hybrids or purely electric vehicles. We are looking forward to the
future; when, together with Volvo's ICE unit and Geely, we will
further extend our synergies in the field of highly efficient
drivetrain systems in China and the world. At Mercedes-Benz, the
newly established unit Mercedes-Benz Drive Systems will spearhead
the project and create cost efficiencies." This is project
strengthens the ties between Daimler and Geely, which announced it
was taking a 9.69% stake in Daimler in 2018. At the time it was
initially seen as something of a hostile move and was not welcomed
by Daimler's management. However, over time Daimler has changed
this attitude and now sees the value of an enhanced collaboration
with a Chinese OEM to supplement its existing production JV with
Beijing Automotive (BAIC). (IHS Markit AutoIntelligence's Tim
Urquhart)
Symrise (Holzminden, Germany) has agreed to acquire Sensient
Technologies' (Milwaukee, Wisconsin) fragrance and aroma chemicals
activities, comprising a range of aroma molecules and fragrances
from natural and renewable sources. The business had 2019 sales of
about €77 million ($91 million). Symrise and Sensient have agreed
to keep the purchase price confidential. The transaction is subject
to antitrust and regulatory approvals and other customary closing
conditions. Symrise says the acquisition will strengthen its
backward integration and broaden its leadership position as a
supplier of fragrance ingredients that are increasingly in demand,
especially in personal- and home-care products. The company will
also gain access to additional customers and strengthen its
presence particularly in EMEA and Latin America. Symrise,
meanwhile, plans to strengthen its manufacturing footprint in Spain
with targeted investments at a manufacturing site at Granada that
is included in the acquisition. Sensient's overall flavors and
fragrances business sales totaled $700 million in 2019. The company
also has a colors business that generated 2019 sales of $535
million. Symrise had 2019 sales of €3.4 billion. The deal is the
second major transaction to be announced in the flavors and
fragrances industry in a week, following Croda's acquisition of
Iberchem. (IHS Markit Chemical Advisory)
Passenger car production in Czechia rose the first time on a
monthly basis since the outbreak of the COVID-19 virus pandemic,
according to a Reuters report. The country's passenger car output
for September rose by 2.8% year on year (y/y) to 128,754 units up
from last October's 125,211 units. For the first 10 months of the
year, car production in Czechia was down by 21% y/y to 937,033
units. (IHS Markit AutoIntelligence's Tim Urquhart)
Kazakhstan's GDP continued to contract in the third quarter.
Kazakhstan's OPEC+ oil output restriction commitments and the need
for continued lockdown measures due to the regional flare-ups of
the COVID-19 virus pandemic and uncertainty about the recovery of
external demand keep risks related to recovery significant. (IHS
Markit Economist Venla Sipilä)
According to preliminary, quarterly national accounts data from
the State Statistics Committee, Kazakhstan's GDP in
January-September 2020 contracted by 2.8% year on year (y/y) in
real terms. This implies contraction of 4.4% y/y in the third
quarter, following a slide of 5.7% y/y in the second quarter.
Economic contraction slowed down even as gains in the GDP
deflator accelerated. The deflator increased by 4.1% in
January-September, following an increase of 1.2% y/y in the first
half of the year.
Growth in the industrial sector dwindled to just 0.2% y/y in
the first nine months of the year. Coming after growth of 3.2% y/y
in the first half of 2020, this implies expected y/y contraction in
the third quarter.
With expansion nearly halting, the GDP-share of the industrial
sector eased further, although it remained above 29%. Even with
some deceleration in growth, the construction sector retained its
position as the sector expanding by far the fastest, its
January-September growth rate lifting its GDP-contribution further,
to 6.2%.
Growth in the agriculture sector accelerated to 5.0% y/y from
2.4% y/y in the first half, lifting the sector's GDP-share to over
5%. The success was partly driven by rising crop output.
The contraction of 6.1% y/y in the service sector as a whole
signals deteriorating performance in the third quarter.
Consequently, their share of GDP in January-September fell to
53.3%, from nearly 56% in the first half.
Third-quarter economic performance benefited from the recovery
of oil prices; the average price of Brent crude oil in the third
quarter averaged USD42.82 per barrel (pb), compared to USD29.58 pb
in the second quarter.
According to the Minister of National Economy Ruslan Dalenov,
quoted by Interfax, budget revenues excluding transfers are now
expected at KZT6.539 trillion (USD15.3 billion), up from KZT6.414
trillion, while the guaranteed transfer from the National Fund
remains at KZT4.77 trillion, With total revenues rising to KZT12.0
trillion, and budget spending increasing to KZT14.475 trillion, up
from KZT14.270 trillion, the targeted budget deficit remains at
3.5% of GDP.
Autonomous vehicle (AV) sensor manufacturer Luminar
Technologies will supply its laser-based LiDAR sensors to Mobileye
for the latter's robotaxi fleet. LiDAR sensors are necessary for AV
operations as they measure distance via pulses of laser light and
generate 3D maps of the world around them. Luminar will deploy its
LiDAR sensors in Mobileye's AV hardware and software system, which
also uses radar and surround-view cameras, reports Reuters.
Mobileye, an Israeli-based company acquired by US chipmaker Intel,
develops advanced perception systems that enable drivers to detect
nearby vehicles, other road users, and unexpected hazards.
Recently, Intel acquired Israeli public transit app Moovit to help
Mobileye develop robotaxis, with plans to launch them in early
2022. (IHS Markit Automotive Mobility's Surabhi Rajpal)
The South African Reserve Bank's (SARB) monetary policy
committee (MPC) left the central bank's key policy rate, the repo
rate, unchanged at 3.5% during its November meeting. The SARB's
Quarterly Projection Model (QPM) shows a 25-basis-point hike in the
repo rate during the third and the fourth quarters of 2021. (IHS
Markit Economist Thea Fourie)
Asia-Pacific
APAC equity markets closed higher across the region; South
Korea +1.9%, Mainland China +1.1%, India +0.4%, Australia +0.3%,
and Hong Kong +0.1%.
General Motor (GM)'s brand Buick has launched
vehicle-to-everything (V2X) technology in China. The technology is
designed to enable vehicles to communicate with other vehicles and
infrastructure, thereby improving safety and reducing traffic
congestion. Initially, the V2X technology will support eight safety
applications: Emergency Braking Warning, Control Loss Warning,
Abnormal Vehicle Warning, Intersection Collision Warning, Speed
Limit Warning, Signal Violation Warning, Hazard Location Warning,
and Green Light Optimization Speed Advisory. Molly Peck, executive
director of Buick sales and marketing at the SAIC-GM joint venture,
said, "Buick is showing a strong presence with our most advanced
portfolio ever in Guangzhou. From electrification to connectivity
to future mobility, Buick is riding an unprecedented technology
wave to strengthen its market leadership and bring the greener,
safer and more intelligent future a step closer to our customers in
China." China is planning to roll out 5G technology across major
cities and is expected to introduce regional standards for V2X
technologies. V2X facilitates the operation of advanced
driver-assistance systems (ADAS) and is designed to be compatible
with 5G technology. Buick claims it will be the first brand in
China to officially launch market-ready V2X technology on a
production vehicle later this year. (IHS Markit Automotive
Mobility's Surabhi Rajpal)
Tata Motors has announced that it has achieved a 4-million-unit
sales milestone for its passenger vehicle business, according to a
company statement. The automaker released a video to commemorate
the occasion showcasing its journey since inception in 1945. Vivek
Srivatsa, head of marketing of the passenger vehicle business unit
(PVBU) at Tata Motors, said, "Historically, Tata Motors has always
broken barriers and created new benchmarks by consistently bringing
innovative products that cater to the 'Indian' customer, thus
contributing to an 'Atmanirbhar' or a 'self-reliant' India, since
the very beginning. Our recently launched BS6 range of products
further solidifies our commitment towards our customers, as we
prepare ourselves to not only become future ready by staying New
Forever but by also carving the road to safer mobility in India."
(IHS Markit AutoIntelligence's Isha Sharma)
Alternative-powertrain car registrations in South Korea jumped
34% year on year (y/y) to 766,464 units as of end-October,
accounting for 3.16% of vehicles registered in the country, reports
the Yonhap News Agency, citing data released by the South Korean
Ministry of Land, Infrastructure and Transportation (MLIT). This is
the first time that the share of alternative-powertrain cars has
exceeded the 3% mark; its share has been increasing steadily and
reached 1.99% in 2018 and 2.54% last year. Of the total
alternative-powertrain car registrations, hybrids registrations
grew 29.5% y/y to 628,164 units, electric vehicle (EV)
registrations surged 54.4% y/y to 128,258 units, and fuel-cell
electric vehicles (FCEVs) registrations increased 154.1% y/y to
10,041 units. (IHS Markit AutoIntelligence's Jamal Amir)
South Korea will begin testing autonomous public transportation
and delivery services in six regions, reports Pulse News Korea. The
Ministry of Land, Infrastructure, and Transport has selected the
six regions - Seoul, North Chungcheong Province, Sejong, Gwangju,
Daegu, and Jeju - for companies to conduct these trials. These
regions are designated as regulation-free special zones to allow
private companies to test their autonomous vehicles (AVs) for
various applications. In Seoul, autonomous shuttle buses will
travel on a 6.2-square-km area and in North Chungcheong Province a
bus rapid transit (BRT) shuttle will operate on a 22.4-km road.
Sejong will test a demand responsive transport (DRT)-based
circulation shuttle bus and Gwangju will test an autonomous road
cleaning car and a garbage truck. Daegu will test shuttle bus and
DRT taxi services and Jeju will operate an autonomous shuttle bus.
(IHS Markit Automotive Mobility's Surabhi Rajpal)
Posted 23 November 2020 by Chris Fenske, Head of Fixed Income Research, Americas, IHS Markit
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
