Latest news with #OMV
Yahoo
5 hours ago
- Automotive
- Yahoo
ASEAN 2025 sales outlook revised upwards
The ASEAN light vehicle (LV) market increased by 1% YoY in May, marking the fourth consecutive month of growth. On a country basis, Indonesia was the only market that suffered a sales decline during the month, dropping by 14% YoY. Furthermore, recent information indicates that Indonesia's performance in June continued to fall, decreasing by 23% YoY. This resulted in an overall 8% drop for H1 2025 as a whole compared to the same period last year. The poor performance was primarily due to overall weak purchasing power and tightened auto loan approvals. Additionally, the pull-ahead effect from the temporary tax cut that occurred between Q1 2021 and Q3 2022 has likely hindered volumes since 2023. Although May and June sales experienced double-digit declines, we have marginally increased Indonesia's 2025 sales forecast to 749k units in this report, as volumes in June were slightly stronger than our expectations. Consumers may be holding off on purchases in anticipation of the upcoming GAIKINDO Indonesia International Auto Show (GIIAS) from July 24 to August 3, which will feature new model launches and aggressive sales campaigns. However, our scenario remains unchanged: 2025 sales are expected to continue declining for the third consecutive year due to a challenging economic situation. In Malaysia, registration data indicated that LV sales dropped by 8% YoY in H1 2025, primarily due to a sluggish result in January (-24% YoY). However, since then the market has gradually improved. Despite the YoY slowdown, H1 totals can still be considered a strong result, given that the market hit a new record high for three consecutive years at 711k units in 2022, 792k units in 2023, and 817k units in 2024. The outlook for Malaysia remains unchanged from our previous report, with a drop of 4% YoY to 789k units projected in 2025. However, consumers may rush to buy in Q4 2025 to avoid price hikes in 2026. It is worth noting that the government is set to change the tax calculation methodology, referred to as Open Market Value (OMV), which will increase the prices of locally produced models. Initially, OMV was scheduled for implementation in January 2025 but has been postponed to January 2026. We will monitor this development closely. If the government announces the implementation of OMV in January 2026, demand is likely to be pulled ahead to Q4 2025. For Thailand, May sales recorded a notable rebound, driven primarily by strong demand for BEVs. This surge can be attributed to the competitive pricing strategies employed by Chinese automakers, making their offerings increasingly appealing to consumers. Conversely, the sales of Pickup Trucks have continued to experience a significant decline. While May's performance was encouraging, volumes for the January-May period as a whole remained in negative territory, with an overall contraction of 4% YoY. This decline was marked by a modest 1% increase in PV sales, contrasted with a significant 15% drop in LCVs. Given the unexpectedly robust PV sales in May, we have revised our projections for the year and now anticipate that the Thai market will reach 571k units in 2025, indicating a slight increase of 0.9% compared to 2024. In the Philippines, volumes in May were virtually flat compared to last year but rebounded strongly by 18% from a weak April, mostly due to the delivery of booking orders from the Manila International Auto Show (MIAS) event that took place during the month, as well as early adoption demand for BEVs. However, it is important to note that local media reported that May sales slightly dropped by 1% YoY, which differs from our figures. This discrepancy is due to our numbers including BYD Auto, which is not a member of the Chamber of Automotive Manufacturers of the Philippines, Inc (CAMPI), while the media report relies on CAMPI members only. In YTD terms, the Philippines LV market increased by 5% YoY, decelerating from increases of 18% YoY in 2021, 27% YoY in 2022, 20% YoY in 2023, and 8% YoY in 2024. Despite May sales being stronger than our projections, our Philippines 2025 outlook remains unchanged at 493k units (+4% YoY), due to domestic political conflict as well as slowing demand for LVs. However, the near-term outlook carries upside risks since the central bank cut the interest rate to 5.25% in June to boost the economy. Additionally, there is a possibility of further interest rate cuts in the second half of this year. Vietnam's market has maintained its strong momentum, with sales increasing by 26% YoY in May. This surge has contributed to a remarkable 43% rise through the first five months as a whole. Particularly noteworthy is the impressive growth within the EV and hybrid segments. This trend can be attributed not only to heightened consumer awareness of environmental issues but also to supportive government incentives. Looking ahead, we anticipate that LV sales in 2025 will reach a record high of 522k units, with the upside risks to these forecasts driven by economic recovery and the introduction of new models. In conclusion, ASEAN 2025 sales have been revised slightly upward to 3.12 mn units in this report, which is the same level as in 2024. Moreover, the positive momentum in Vietnam and Malaysia's forthcoming OMV could generate growth this year. This article was first published on GlobalData's dedicated research platform, the . "ASEAN 2025 sales outlook revised upwards – GlobalData" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-07-2025
- Business
- Yahoo
ADNOC to transfer 24.9% stake in OMV to XRG
Abu Dhabi National Oil Company (ADNOC) has announced its plan to transfer a 24.9% shareholding in Austrian oil and gas company OMV to XRG, its wholly owned investment subsidiary. This strategic move is designed to align with ADNOC's international growth consolidation under XRG and is subject to regulatory approvals. Launched in November last year with an enterprise value exceeding $80bn (Dh293.8bn), XRG focuses on lower-carbon energy and chemicals. ADNOC has emphasised its continued commitment to its partnership with OMV, which will be maintained through XRG. The transfer is part of ADNOC's broader strategy to streamline its international investments and comes as the company prepares for the establishment of Borouge Group International, which is set to become one of the top four polyolefins producers worldwide. XRG is expected to hold ADNOC's proposed 46.94% share in Borouge Group upon completion of the transaction, pending regulatory clearances. In related developments, Santos, an Australian oil and gas company, has received a non-binding indicative offer from a consortium that includes XRG, ADQ and Carlyle. The proposal suggests acquiring all Santos shares at $5.76 each, a 28% premium to the last closing price, valuing the deal at $18.7bn (A$28.93bn). The group's bid comes after two previous undisclosed offers in March. The initial bid on 21 March proposed a cash price of $5.04 per share, and the subsequent bid on 28 March proposed a cash price of $5.42 per share. Additionally, XRG recently completed the acquisition of a 38% stake in a Turkmenistan offshore natural gas block, Block I. This acquisition complements Abu Dhabi's strategy to diversify its energy portfolio beyond oil exports. "ADNOC to transfer 24.9% stake in OMV to XRG" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Arabian Post
17-07-2025
- Business
- Arabian Post
ADNOC realigns OMV and Borouge stakes under XRG
Arabian Post Staff -Dubai ADNOC will shift its 24.9 per cent holding in Austrian oil‑and‑gas group OMV AG into XRG P. J. S. C, the UAE state oil giant's $80 billion lower‑carbon energy and chemicals investment vehicle launched last November. The move aligns with ADNOC's intent to centralise its international growth assets within XRG's structure. The shareholding transfer, subject to regulatory approval, follows ADNOC's acquisition of the OMV stake from Mubadala in December 2022. In tandem, upon the completion of the proposed merger forming Borouge Group International —a polyolefins powerhouse valued at $60 billion—ADNOC's resulting 46.94 per cent BGI stake will also be held by XRG. ADVERTISEMENT The BGI framework merges OMV's 75 per cent‑owned Borealis with ADNOC's 54 per cent Borouge, and incorporates Nova Chemicals, securing the group's position among the world's top four polyolefins producers. OMV and ADNOC each will control approximately 46.94 per cent, with the remaining 6 per cent free‑float pending UAE Securities and Commodities Authority consent. Khaled Salmeen, ADNOC's downstream chief, described the move as a logical next step following the $60 billion chemicals merger, reinforcing the energy transition and investment diversification strategy. ADNOC's transfer of both its OMV holding and BGI stake into XRG reflects its ambition to streamline governance and position XRG at the core of its international chemicals and low‑carbon energy agenda. XRG, backed by global figures including former BP chief Bernard Looney and Blackstone's Jon Gray, aims to build a top‑five global chemicals platform, while expanding gas, LNG, and low‑carbon energy capacity to 20–25 million tonnes annually by 2035. The unit is also said to be exploring an international listing in London or New York within the next five years. Investors are watching for regulatory clearances across multiple jurisdictions—Austria, the UAE, and EU competition authorities—before finalising both the OMV share transfer and the formation of BGI. The new polyolefins entity is projected to deliver $500 million of annual cost synergies within three years post-merger.
Khaleej Times
16-07-2025
- Business
- Khaleej Times
Adnoc announces transfer of 24.9% OMV shareholding to XRG
Adnoc announced on Wednesday its intention to transfer its 24.9 per cent shareholding in OMV AG to XRG, its wholly-owned international investment company. This transfer, which is subject to regulatory approvals, is aligned with Adnoc's strategy to consolidate its international growth investments under XRG. Adnoc is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. Adnoc's proposed 46.94 per cent shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. Adnoc said it remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company's continued growth and success.
New Straits Times
16-07-2025
- Automotive
- New Straits Times
MAA urges govt to expedite decision on revised OMV excise
KUALA LUMPUR: The Malaysian Automotive Association (MAA) has urged the government to expedite its decision-making and communication about the implementation of the new excise tax regulations under the PU(A) 402/2019 - Excise Tax Regulations (Determination of Value of Locally Manufactured Goods for Excise Duty) Regulations. MAA president Mohd Shamsor Mohd Zain said that delays and ambiguity in the decision-making process regarding the revised open market value (OMV) excise duties could result in car prices increasing by up to 30 per cent. He said the industry is still waiting for formal details on how the new method of calculating import and excise duties will be implemented from January 2026. "Definitely, we will have an engagement with the government on this, and hopefully we will be able to look into it as soon as possible. "The next five months are a very short time for any production-related response. "When we talk about supply chains, it involves the entire logistics impact and more. "We need at least six months, at a minimum, to adapt to any changes. So, we hope to receive updates on the next steps as soon as possible," he said. Mohd Shamsor said this after the Review of Motor Traders and Manufacturers' Performance for the First Half of 2025 event held here today. He said that due to the requirements under PU(A) 402/2019, as well as relevant regulations and the Customs Act, the current formula needs to be revised to ensure it is fair and transparent. Nonetheless, he believed that the Finance Ministry (MOF) would look into the matter more proactively to minimise or ideally avoid any impact on the industry. Mohd Shamsor said that time is running short and that the roughly five-month window before the implementation of the reform does not provide sufficient time for manufacturers to respond, particularly in terms of the supply chain and logistics. "We need at least six months to adapt to existing changes, so we hope to get an update on the next steps as soon as possible," he reiterated. In February, MOF denied media reports claiming that vehicle prices in Malaysia are expected to rise significantly from 2026 onwards, following the full implementation of the new excise tax regulation under PU(A) 402/2019. The ministry had earlier clarified that the claim was inaccurate and said that MOF, together with the Investment, Trade and Industry Ministry, is reviewing the vehicle valuation method to ensure that taxes are imposed fairly, neutrally, and consistently. — BERNAMA
