The Star Online: Business

Detroit Electric unveils US$135,000 electric sports car
KLCI reverses losses, surges to all-time high of 1,700
Malaysia's KLCI opens lower on cautious note

Detroit Electric unveils US$135,000 electric sports car

Posted: 03 Apr 2013 06:31 PM PDT

DETROIT: Detroit Electric, a startup electric-car maker reviving a brand that dates back more than a century, unveiled its first model on Wednesday: a $135,000, battery-powered sports car that is to go into limited production in August.

Founded more than five years ago, Detroit Electric enters a still-nascent market that is struggling to find buyers. One of its would-be rivals, Fisker Automotive, a hybrid-electric sports-car company that hasn't built a car since last summer, has hired a law firm to advise on a possible bankruptcy filing.

With a projected top speed of 155 mph, the Detroit Electric SP:01 is "the world's fastest pure-electric sports car," the company says, adding the two-seater has a range of "just under 190 miles" between charges.

The car will be built in the Detroit area at a dedicated plant with an annual capacity of 2,500, the company said Wednesday at a reception at its new headquarters in Detroit's historic Fisher Building.

Detroit Electric plans to build only 999 SP:01's, which it says will be followed by "a new family of all-electric production cars, including two other high-performance models that will enter production by the end of 2014."

The SP:01 appears to borrow heavily from the British-built Lotus Elise -- no surprise considering a number of Detroit Electric executives previously worked for various affiliates of Lotus Cars.

Versions of the Elise have been used by other low-volume carmakers, notably Tesla Motors, which based its $100,000-plus Roadster electric car on the Lotus chassis.

Detroit Electric said the SP:01 was being introduced "following a five-year development and road-test program."

The Detroit Electric brand had been dormant since 1939. Previously, it was used on a series of electric cars built in Detroit from 1907.

The brand was revived in 2007 as a joint venture between China's Youngman Automotive Group -- which tried unsuccessfully to acquire bankrupt Swedish automaker Saab in 2012 -- and a small California-based electric-car company called Zap.

The venture hired Lotus Engineering in 2007 to provide contract design and technical services. In late 2007, Albert Lam, the chief executive of Lotus Engineering, joined the venture as chairman and was named CEO of Detroit Electric in 2008. - Reuters

KLCI reverses losses, surges to all-time high of 1,700

Posted: 03 Apr 2013 06:30 PM PDT

Published: Thursday April 4, 2013 MYT 9:28:00 AM
Updated: Thursday April 4, 2013 MYT 9:30:21 AM

KUALA LUMPUR: The FBM KLCI snapped from the early decline on Thursday to surge to an all-time intra-day high of 1,700.55, on fund buying of Sime Darby and Petronas stocks.

Trading was volatile in the early trade, as the KLCI slumped earlier to a low of 1,678.77 before buying picked up pace.

Despite the volatile market on Wednesday after the Prime Minister Datuk Seri Najib Tun Razak announced the dissolution of Parliament to make way for the general elections, foreign funds bought net RM392.50mil worth of Malaysian equities.

However, local institutions sold RM195.6mil and local investors were net sellers at RM196.9mil.

At 9.14am, the KLCI was off the earlier high, adding 10.09 points to 1,695.49. Turnover was 49.13 million shares valued at RM63.33mil. There were 106 gainers, 85 losers and 133 counters.

BAT was the top gainer, rising 58 sen to RM65.48, KL Kepong added 54 sen to RM21.78 while Petronas Dagangan gained 24 sen to RM23.44 and Petronas Gas 20 sen to RM19. Sime Darby rose 18 sen to RM9.44.

Malaysia's KLCI opens lower on cautious note

Posted: 03 Apr 2013 06:17 PM PDT

Published: Thursday April 4, 2013 MYT 9:18:00 AM

KUALA LUMPUR: Malaysia's blue chips opened weaker on Thursday, in line with the weaker regional markets and the overnight decline on Wall Street, with some mild selling of Genting Bhd and Axiata.

At 9.01am, the FBM KLCI was down 6.63 points to 1,678.77. Turnover was 11.45 million shares valued at RM7.49mil. There were 35 gainers, 54 losers and 73 counters unchanged.

Despite the volatile market on Wednesday, foreign funds bought net RM392.50mil worth of Malaysian equities while local institutions sold RM195.6mil and local investors were net sellers at RM196.9mil.

Reuters reported Asian stocks eased on Thursday after weak data stoked concerns the key American jobs report due later in the week will signal slowing U.S. growth, while the yen remained firm ahead of the Bank of Japan's policy decision this session.

At Bursa Malaysia, Hong Leong Bank lost 32 sen to RM14.14 and UMW 22 sen to RM13.10 in very thin trade.

Genting lost 16 sen to RM10.04, Axiata 10 sen to RM6.55, MISC and IHH Healthcare five sen to RM5.42 and RM3.66.

Kredit: www.thestar.com.my

Rabu, 3 April 2013