Market Analysts: Oil Market Faces Multiple Pressures

According to two sources and a letter from an industry association, Mexico has decided to raise tariffs to a maximum of 50%, which will affect $1 billion worth of exports to Mexico from major Indian automobile exporters, despite lobbying groups urging the Indian government to prevent this move. The government of President López Obrador approved on Wednesday to impose import tariffs on hundreds of goods from countries that have not signed trade agreements with Mexico starting next year. The tariff on automobile imports will increase from 20% to 50%, impacting the largest Indian car manufacturers exporting to Mexico, including Volkswagen India, Hyundai India, and Nissan India.Maruti Suzuki ) caused a significant blow.The copy of the letter shows that the members include modern and In November, the Indian Automobile Manufacturers Association urged the Indian Ministry of Commerce and Industry to pressure Mexico. The tariff increase may force Indian car companies to reassess their reliance strategy on the Mexican market. Mexico is India's third-largest automobile export destination after South Africa and Saudi Arabia, with total exports to Mexico reaching $5.3 billion in the previous fiscal year, of which automobiles accounted for nearly $1 billion.

China Association of Automobile Manufacturers (CAAM)Data released shows that in November, domestic sales of new energy vehicles reached 1.522 million units, a month-on-month increase of 4.3% and a year-on-year increase of 6.5%. Among them, domestic sales of new energy passenger vehicles were 1.425 million units, with a month-on-month increase of 3.5% and a year-on-year increase of 3.9%; domestic sales of new energy commercial vehicles were 97,000 units, with a month-on-month increase of 18.4% and a year-on-year increase of 70.6%. From January to November, domestic sales of new energy vehicles totaled 12.466 million units, a year-on-year increase of 23.2%. Among them, domestic sales of new energy passenger vehicles were 11.715 million units, a year-on-year increase of 21.3%; and domestic sales of new energy commercial vehicles were 750,000 units, a year-on-year increase of 62.4%.

People's Financial News, December 11th.China Association of Automobile Manufacturers (CAAM)The published data shows that in November, 300,000 new energy vehicles were exported, representing a month-on-month increase of 17.3% and a year-on-year growth of 2.6 times. Among them, 294,000 new energy passenger vehicles were exported, a month-on-month increase of 17.7% and a year-on-year growth of 2.8 times; 7,000 new energy commercial vehicles were exported, a month-on-month increase of 4.2% and a year-on-year growth of 41%. From January to November, 2.315 million new energy vehicles were exported, a year-on-year increase of 1 time. Among them, 2.238 million new energy passenger vehicles were exported, a year-on-year increase of 1 time; 77,000 new energy commercial vehicles were exported, a year-on-year increase of 1.2 times.

According to a survey conducted by Bloomberg Intelligence, an increasing number of first-time car buyers in China are inclined to choose electric vehicles over other types of powertrain vehicles. The primary reasons for this shift are their affordability, a wide range of model options, and significantly improved charging convenience. The survey was conducted in November 2024 and interviewed 1,000 Chinese consumers who expressed plans to purchase a car within the next 12 months. The results showed that approximately 47% of potential first-time car buyers intend to purchase electric vehicles, a substantial increase from 25% in the previous survey conducted in February of last year.

On December 10th, two EO (Ethylene Oxide) reactors for the ethylene project in Al-Jubail, jointly undertaken by China First Heavy Industries, were shipped from the Dalian Nuclear Power Petrochemical Equipment Manufacturing Base. This device has set a new world manufacturing record for the largest diameter and heaviest single EO reactor, further demonstrating China First Heavy Industries' technological innovation capabilities and extreme manufacturing strength as a "national treasure," as well as the significant value of Chinese manufacturing in major international cooperation projects.