Gogoro posts record sales
Gogoro Inc (睿能創意) yesterday posted own-brand electric scooter sales of 18,530 units for last month, a new record that saw the company seize a 23.11 percent share of the local market. Including electric scooters made for partners such as Aeon Motor Co (宏佳騰), Yamaha Motor, Sanyang Motor Co Ltd (三陽工業) and Suzuki Motor, the company’s total electric scooter sales rose to 20,015 units last month, a market share of 25 percent. The company’s electric scooters outsold 125cc gasoline-powered scooters for the first time last month, Gogoro said in a statement. The growth was also attributable to the launch of the Gogoro 2 Delight and lightweight Gogoro Viva models, which were the No. 2 and No. 4 best-selling scooter models in Taiwan last month, the statement said.
Hsin Kuang breaks ground
Hsin Kuang Steel Co (新光鋼鐵) broke ground on a new logistics complex in Taoyuan’s Guanyin District (觀音) yesterday. The company said it is constructing a new automated storage and logistics facility costing about NT$3.6 billion (US$118 million). The project is expected to create 1,200 job opportunities, it said. The construction is expected to be completed in September next year ahead of operations beginning in the fourth quarter, the company said. Hsin Kuang posted net income of NT$170 million in the first three quarters, or earnings per share of NT$0.55, down 87.7 percent year-on-year. Cumulative revenue declined 8.3 percent to NT$6.13 billion.
Park posts record revenue
The Central Taiwan Science Park (中部科學園區) generated revenue of NT$629.76 billion in the first 10 months of the year, the highest level for the period on record. Park Administration Office director-general Hsu Mao-hsin (許茂新) said that 10-month revenue grew 10.17 percent year-on-year, aided mainly by the NT$69.74 billion revenue generated by the integrated circuit industry. Overall revenue for this year is likely to be higher than last year’s NT$760 billion, Hsu said, adding that the park has set a revenue target of NT$800 billion for next year.
Tax rules to be changed
Beginning on Sunday, a 20 percent lottery tax is no longer to be collected on prizes of NT$5,000 and below in all national lotteries, the Ministry of Finance said. That includes the uniform invoice lottery, and the lotteries run by Taiwan Lottery Co (台灣彩券) and Taiwan Sports Lottery Co (運彩科技). For prizes above NT$5,000, the 20 percent tax would still be collected, the ministry said. The new threshold applies to all prizes that are claimed from Sunday, it added.
HK sales to Chinese slump
Hong Kong insurance sales to mainland customers declined in the third quarter as pro-democracy protests deterred visits to the territory. Purchases of insurance policies and related investments by mainland customers declined 18 percent year-on-year to HK$9.7 billion (US$1.2 billion), Hong Kong Insurance Authority data showed. That was the biggest drop since the start of last year, and it weighed on the sales of insurance giants such as Prudential PLC and AIA Group Ltd. The Hong Kong insurance market attracts mainland customers as it offers a wider array of investment products and access to foreign currencies.
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment
DIVERSIFICATION: Although COVID-19 would push more companies to produce in emerging markets, DBS said that it was unlikely that firms would totally leave China Geopolitical tensions and supply disruptions are expected to accelerate the migration of manufacturing out of China, as concerns about the risk of production concentrated in one country increase, S&P Global Ratings said. Although its economic expansion might be weaker than previous levels due to the accelerated relocation of manufacturing, China’s economic growth would still be stronger than that of most other economies, the ratings agency said. “While absolute growth rates will moderate, we believe China’s economic performance will continue to be a key sovereign credit support,” S&P Global Ratings credit analyst Tan Kim Eng (陳錦榮) said in a statement on Thursday. “Its growth
Taiwan’s corporate landscape has changed significantly over the past 20 years, with Hon Hai Precision Industry Co (鴻海精密) replacing Formosa Plastics Corp (台塑) as the revenue leader, while Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) has emerged as the most profitable firm, a survey of Taiwan’s 50 largest companies published on Tuesday last week showed. The Chinese-language CommonWealth Magazine survey ranked Taiwan’s 50 largest companies based on their revenue last year, and compared them with the results of a similar survey it conducted in 2000. Only 33 companies on the original list remained in this year’s rankings, the survey found, following two
The Financial Supervisory Commission (FSC) would set up new guidance by the end of August to boost corporate governance, insurers’ solvency, green financing, financial technology, the trust industry and information security, new FSC Chairman Thomas Huang (黃天牧) said yesterday. “Corporate governance has been improved in terms of compliance and shareholding disclosure with former chairman Wellington Koo (顧立雄) at the helm. It is time to move to the next phase to focus on companies’ roles in sustainable development,” Huang told a news conference in New Taipei City. The commission would also set policies to incentivize companies to increase green financing and adopt the