sales

Malaysia Automotive Aftermarket Service Market Outlook to 2025: Surging Used Car Sales contributing to the Growth of Automotive Aftermarket Service Industry in Malaysia – Ken Research

Gurugram, India, July 29, 2021 (GLOBE NEWSWIRE) —

  • Automotive slowdown & the COVID-19 pandemic brought a sustained downward trend in new passenger car sales in 2021 in Malaysia.
  • The OEM/Authorized car service market is anticipated to grow with a CAGR of 11.7% during the forecast period 2020-2025.

Surging Vehicle Parc in Malaysia: Malaysian automotive industry in witnessing a growth in the number of vehicle parc, which is leading to higher demand for the multi brands and OEM car service companies in Malaysia. ~65% of the vehicle parc in Malaysia in 2020 comprised of post warranty cars that generally visit multi brand car service centers. Whereas, the pre warranty cars in the country prefer visiting the OEM car service centers.  Multi brand service centers cost ~40% less as compared to the authorized car service center which is the major reason for consumer to shift to the multi brand service center during

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Germany’s Car Association Cuts 2021 Sales Growth Forecast | Investing News

BERLIN (Reuters) – Germany’s automotive industry association on Wednesday cut its growth forecast for 2021 car sales in Europe’s biggest economy to 3% from 8% citing production hurdles posed by semiconductor shortages.

The Association of German Automobile Manufacturers (VDA) now expects car sales in Germany to be at 3.15 million units this year. It slashed its production forecast on Tuesday.

Presenting the figures at its summer news conference, VDA warned against a possible European Union de facto ban on combustion engines from 2035 and called for more investment in charging stations for electric cars in the bloc.

VDA said a ban on internal combustion engines would take a toll on jobs, innovation and consumers’ freedom.

“People don’t want bans, they want offers: innovative, attractive, networked,” VDA said in a statement.

German newspaper Frankfurter Allgemeine Zeitung reported on Tuesday that the European Commission was drafting a law, to be proposed next

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Car sales slump as vehicle prices continue to surge

Vehicle sales dropped again in June, the second month in a row of declining vehicle sales, as rising prices and shortages keep would-be buyers away.

Imported vehicle sales fell 13.1% from the previous month while domestic vehicle sales also declined, down 8.7% overall as auto sales shrank 11.2% and truck sales fell 8%. The declines dragged car sales to below their pre-pandemic level.

“Vehicle sales have contracted for two consecutive months as extremely high prices, particularly for used cars, is cutting off demand,” Oxford Economics’ Mahir Rasheed said in a research note. 

Consumers are feeling the pinch. The portion of households who said June was a good time buy a vehicle was at its lowest level in nearly 40 years, according to the University of Michigan. Oxford Economics expects the drag on car sales to last through the year. 

“While robust domestic demand and an improving health backdrop will

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Jerome Guillen, ex-Tesla exec, stock sales after June 3 departure

US electric car maker Tesla Vice President Jerome Guillen poses at the Paris Auto Show on the last press day on October 3, 2014. The Paris Auto show opens to the public on Saturday.

Eric Piermont | AFP | Getty Images

Former Tesla executive Jerome Guillen sold more than $270 million worth of shares by exercising stock options after his departure on June 3, according to recent filings with the Securities and Exchange Commission.

Guillen became president of automotive in the third quarter of 2018, overseeing all of Tesla’s automotive business. During his tenure, the company opened its first plant overseas in Shanghai, expanded its battery cell supply partnerships and started mass-producing the Model Y.

But Tesla also struggled with quality issues, recalls and parts shortages under Guillen that significantly constrained production — the company produced zero Model S and X vehicles in the first quarter of the year before

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