KUALA LUMPUR (Jan 17): Automotive-related counters were down on Tuesday morning, in light of possibility of a move by the Malaysian government to reduce or abolish Open approved permit (AP) levy for reconditioned luxury car importers. On the other hand, shares of Bermaz Auto Bhd’s share price, distributor of Mazda cars, rose 0.49% or 1 sen at RM2.05. However, BMW Malaysia and Mercedes-Benz Malaysia reportedly welcomed the move, which representatives said would benefit the local automotive industry. BMW Malaysia recorded a sixth consecutive year of sales record in 2016, up 16% to 10,906 units, from 9,368 units in 2015. Meanwhile, Mercedes-Benz Malaysia’s sales volume rose 8.6% to an all-time high of 11,779 vehicles in 2016, from 10,845 units a year earlier.

Source: The Edge Markets January 17, 2017 03:50 UTC