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(Bloomberg) — A rapidly-growing, global market for hybrid electric vehicles should power earnings at major Asian automakers including Japan’s Toyota Motor Corp. and India’s Tata Motors Ltd.
Toyota’s annual operating profit growth was probably the fastest since at least 2013, led by recovery in North America and Europe. Japanese carmakers saw higher North America sales, which could continue in 2024 as US consumers opt for budget-friendly options.
With fading subsidies for EVs denting demand globally, hybrid models are proving popular. That prompted Tata to separate its luxury and electric cars business from commercial vehicles, a move viewed as unlocking shareholder value. Indian Transport Minister Nitin Gadkari also told local news agency PTI of his proposal to cut taxes on hybrid cars to boost adoption.
Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are due after DBS Group Holdings Ltd. Chief Executive Officer Piyush Gupta presented earnings that beat estimates and predicted another record year for Singapore’s biggest bank.