Shifting Gears: Are Chinese Cars Changing Jamaica's Automotive Market? | Business Day

Automotive Market

Jamaica’s automotive market is seeing growing interest in electric and hybrid vehicles, as well as competitively priced Chinese brands with features such as voice controls and cooling seats.

Used Car Dealers Association President Linvale Hamilton said established Japanese vehicles still have a loyal following. He questioned how Chinese models would hold up under the heavy use common in taxi service.

Young driver Shani Grant said the features and price of a Jetour persuaded her to choose it over a used Honda. The report also noted that mechanics may need training to work on increasingly complex vehicles.

Questions remain about Chinese cars’ long-term reliability, repair and maintenance costs, and resale value. Hamilton said buyers may be wary because there is limited experience with these brands. Grant said she considers the features worthwhile and accepts that a car will depreciate.

Fuel Prices

From the following day:

• 87- and 90-octane gasoline were to fall by $2.94.
• Automotive diesel, ultra-low-sulfur diesel, and kerosene were to fall by $0.25.
• Propane and butane were to rise by $4.50.

Market Update

The JSE Index gained 1,221 points, while the Junior Market Index fell 38 points.

Leading gainers: General Accident, JMMB Group 10%, Guardian Holdings, QWI Investments, and Sagicor Select Funds.

Leading decliners: Mayberry Group, CAC 2000, Mayberry Jamaican Equities, 1 on 1 Educational Services, and MFS Capital Partners.

Twenty-six stocks traded firm.

Currency

The report gave average selling rates of:

• US dollar: J$159.60
• Canadian dollar: J$113.08
• Pound: J$213.85

It also stated that the US dollar was selling for an average of J$179.73, an apparent inconsistency in the subtitles.

Presenters and Contributors

• Dwayne Anderson: Presenter
• Javine Headley: Reporter
• Linvale Hamilton: Used Car Dealers Association president
• Shani Grant: Motorist