Toyota Motor Corp.7203
Mentioned
Impact on stocks 2
Electrification & Mobility▲ · 2 stocks
Toyota Motor Corp.
Chery Automobile Co Ltd9973
Mentioned
Theme Impact 3
Off-coverage companies 2
PeroduaPrivate± Mixed
relevance
Proton HoldingsPrivate± Mixed
relevance
Related news
▲impact 4
Volkswagen Cuts Profit Outlook, Triggering Protests by 100,000 German Auto Workers
Tens of thousands of workers across Germany are staging protests at more than 280 events nationwide, demanding protection for jobs and factories after Volkswagen slashed its profit outlook late Friday. The demonstrations, organized by the IG Metall union, involve employees at Volkswagen, Mercedes-Benz, BMW, Audi, Porsche and major suppliers, with union officials saying as many as 100,000 people are taking part. Volkswagen cited weaker conditions in China, restructuring costs and a 6 billion euro writedown tied to Porsche for the outlook cut. Earlier this month, Volkswagen said it plans to double job cuts globally to 100,000, focused on high-cost plants in Europe and Germany, where the future of several sites remains undecided. The IG Metall chief called for tariffs on Chinese-made cars to be increased and broadened in scope, as Chinese automakers make inroads in Europe and the market in China is down by about a fifth this year.
▼
Kasikorn Securities Maintains Buy on MGC with 8.90 Baht Target, Sees Manageable Risk from Imported EV Tax
Kasikorn Securities has maintained its "Buy" rating on Millennium Group Corporation (Asia) Public Company Limited, or MGC, with a target price of 8.90 baht, based on a 2027 target PER of 7.5 times, even though there is risk from an increase in excise tax on imported electric vehicles, which it views as manageable. This follows MGC management revealing its coping strategy at the KS Forward event on September 18. The tax measure will mainly affect the XPeng business, which accounted for 52% of the company's total dealership business in the second quarter of 2026. Meanwhile, Thailand is considering a three-tier excise tax structure for EV cars, with the import tax rate under consideration at approximately 30%, up from 10%, and the Ministry of Finance expects Cabinet approval by the end of September 2026. XPeng said Thailand is a strategic market and its sixth-highest-selling overseas market since 2020. James Wu, XPeng's vice president of finance and accounting, said on August 18 that the company is assessing vehicle assembly in Thailand, but a final decision must await clarity on the tax structure. XPeng sales stood at 3,147 units in the first half of 2026 and are expected to reach 7,000 units in 2026 and 9,600 units in 2027. MGC plans to launch one to two more XPeng models in the fourth quarter of 2026 after launching the L03 SUV coupe on August 18. Recurring revenue from the dealership business, which includes after-sales service and auto loans, accounted for 17% of revenue in the second quarter of 2026.
XPeng Signs LOI with 6 New Partners to Expand Showrooms Nationwide
XPeng Thailand, under Millennium Group Corporation (Asia) Public Company Limited, or MGC-ASIA, has signed a letter of intent, or LOI, with 6 new dealer partners to expand its sales and after-sales service network across 6 strategic areas: Chiang Rai, Nakhon Pathom, Lopburi, Pathum Thani (Lam Luk Ka), Udon Thani, and Nakhon Ratchasima. Apivan Singthaveesak, Chief Executive Officer of XPeng Thailand, said this signing marks an important milestone in expanding the network of showrooms and world-class service centers to cover the greater Bangkok area and key regional cities. The 6 partners stand out for their experience, understanding of local markets, strong customer bases, and readiness to invest. This network expansion is part of XPeng's goal to continuously grow its network and after-sales service to 32 locations nationwide, up from the current total of 20 branches: 11 in Bangkok and its vicinity, 2 in the North, 2 in the Northeast, 2 in the East, and 3 in the South.