{"id":619916,"date":"2024-05-13T00:00:00","date_gmt":"2024-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/saudi-and-egyptian-assemblers-take-note-theres-opportunity-in-a-looming-global-ev-shakeout\/"},"modified":"2024-05-13T00:00:00","modified_gmt":"2024-05-13T00:00:00","slug":"saudi-and-egyptian-assemblers-take-note-theres-opportunity-in-a-looming-global-ev-shakeout","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/saudi-and-egyptian-assemblers-take-note-theres-opportunity-in-a-looming-global-ev-shakeout\/","title":{"rendered":"Saudi and Egyptian assemblers take note: There\u2019s opportunity in a looming global EV shakeout"},"content":{"rendered":"

Planet Finance feels more than a little China-obsessed this morning <\/strong>in the latest sign that post-covid economic policy is running headlong into the long-simmering \u201cnew Cold War\u201d between Beijing and some western capitals.<\/p>\n

Car assembly is among the first industries it could up-end<\/strong> as many governments \u2014 not all of them western \u2014 complain that Chinese manufacturers are dumping EVs on their markets at cut-rate prices. Here\u2019s what you need to know this morning:<\/p>\n

#1- Allegations that China unfairly subsidizes EVs continue to get plenty of attention<\/strong>, triggered by the USD 441 mn IPO this past Friday of EV maker Zeekr. The Geely unit saw its shares pop 34% in the biggest US debut for a Chinese company since 2021.<\/p>\n

Zeekr went public as the Biden administration gets ready to slap tariffs of up to 100% on <\/strong>Chinese EVs<\/strong>, prompting the Financial<\/a>Times<\/a> to note that rising protectionism makes \u201cthe outlook for Chinese automakers in Europe and the US is highly uncertain.\u201d <\/p>\n

That will likely see Chinese car makers push to set up shop abroad<\/strong>, CNBC<\/a> says that Thailand, which bills itself as the \u201cDetroit of the East,\u201d could benefit. Byd and rival Neta Auto could start producing in Indonesia soon, as we noted last week<\/a>. <\/p>\n

Sound like a familiar playbook? <\/strong>It\u2019s effectively what Japanese automakers did in the 1980s to smooth-over tensions with the US as imports threatened the American car industry. <\/p>\n

Hey, Saudi and Egyptian assemblers \u2014 are you taking note?<\/strong><\/p>\n

#2- Speaking of huge subsidies: A <\/strong>\u201cUSD 81 bn subsidy surge\u201d<\/a><\/strong> is fuelling the global <\/strong>battle for chipmaking supremacy<\/strong> between China and the West, Bloomberg writes in a deep dive this morning. <\/p>\n

#3- Fast-fashion retailer Shein is looking at a possible London IPO <\/strong>after it was rebuffed by the United States, Reuters<\/a> reports.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks have started the trading week in the red. <\/strong>It\u2019s anybody\u2019s guess what\u2019s driving sentiment this morning \u2014 the Monday blues? Earnings season ennui? \u2014 but CNBC<\/a> suggests it\u2019s because investors are \u201cassessing China\u2019s stronger-than-expected April inflation data.\u201d Whatever the sheep\u2019s entrails suggest\u2026 <\/p>\n

US and European stock futures are largely unchanged this morning<\/strong>, and CNBC<\/a> thinks there\u2019s room for US equities in particular to extend last week\u2019s gains. \u201cEarnings estimates may have become too pessimistic leading into 1Q 2024 results, and widespread beat-and-raise throughout reporting season appears to have catalyzed a turnaround in sentiment,\u201d it quotes one analyst as saying.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

25,156<\/p>\n<\/td>\n

\n

-3.3% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.35<\/p>\n<\/td>\n

\n

Sell 47.21<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.23<\/p>\n<\/td>\n

\n

Sell 47.33<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,218<\/p>\n<\/td>\n

\n

-0.6% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,090<\/p>\n<\/td>\n

\n

-0.3% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,173<\/p>\n<\/td>\n

\n

-0.2% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,223<\/p>\n<\/td>\n

\n

+0.2% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,434<\/p>\n<\/td>\n

\n

+0.6% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,085<\/p>\n<\/td>\n

\n

+0.6% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.79<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.25<\/p>\n<\/td>\n

\n

-2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,375<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 61,207<\/p>\n<\/td>\n

\n

+0.3% (YTD: +44.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 3.3% at yesterday\u2019s close<\/strong> on turnover of EGP 2.5 bn (48.9% below the 90-day average). Local investors were net buyers. The index is up 1.1% YTD.<\/p>\n

In the green: <\/strong>Abu Dhabi Islamic Bank (+2.4%). <\/p>\n

In the red: <\/strong>Qalaa Holding (-15.1%), Ibnsina Pharma (-7.9%), and E-finance (-7.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Bloomberg\u2019s take on a USD 81 bn subsidy war for chipmaking supremacy<\/p>\n","protected":false},"author":1,"featured_media":619917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"68b63357-ce86-4091-b3a0-f41976536ae0","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/860.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi 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