Electric Vehicle Tax Exemptions Drive Orders

Orders for electric vehicles saw a sharp increase before the end of March, benefiting from the exemption of first-registration tax. The short-term sales outlook for electric vehicles is positive, driven by a recovery in domestic demand, continued growth in the property and tourism sectors, and a favorable macroeconomic environment. New vehicle fuel economy guides now include fuel efficiency information for new car sales, and even electric vehicles can be checked. First-time registration tax exemptions for electric vehicles, which ended in late March, led to a surge in orders before the deadline. Retail sales are expected to see moderate growth for the year, with projections around 4-6%. Categories like jewelry, electronics, and department stores are anticipated to perform strongly. An economist from OCBC Wing Hang Bank believes overall retail sales for the year could see moderate growth, with current predictions around 4-6%. The short-term outlook for retail sales is generally positive, with overall retail sales in the first quarter showing strength, supported by robust GDP data. Economists predict moderate growth for the full year, with forecasts ranging from 4% to 6%. Strong performance is expected in categories such as jewelry, electronics, and wholesale markets. Stronger performance is anticipated in categories like jewelry and electronics.