GreenergyDaily

Feb. 20, 2024

1. 2024 will be a key year for NEV companies, with intense competition ahead, Cui Dongshu, secretary general of the China Passenger Car Association, said yesterday. NEVs will have more potential profit with the declines in lithium carbonate prices, battery, and manufacturing costs, Cui noted.

2. On February 19, Australian lithium stocks surged, as the market speculated that CATL had suspended its lithium mining in Yichun, China. On the same day, reporters learned from local insiders in Yichun that CATL's lithium clay mine processing plant in Jianxiawo was indeed not.

3. Some Chinese carmakers, including SAIC-GM-Wuling Automobile, have lowered the prices of their electric vehicles to below CNY100,000 (USD13,900) after BYD launched two new cheap models priced from CNY79,800 (USD11,000). SAIC-GM-Wuling, a joint venture between Chinese carmakers SAIC Motors and Wuling Motors and US car giant General Motors, yesterday cut the prices of its Wuling Xingguang hybrid model's 150-kilometer advanced edition to CNY99,800 from CNY105,800.

4. On Feb. 20, according to The Korea Economic Daily, South Korean battery manufacturer SK On is seeking to raise up to 2 trillion won (US$1.5 billion) in funds, with the proceeds mainly used for overseas expansion. The company recently issued a request for proposals to a number of global investment banks.

5. BAIC BluePark New Energy Technology, the electric vehicle arm of Beijing Automotive Group (BAIC), plans to launch its first sedan in partnership with Huawei Technologies this year, as Huawei steers into the EV market. The first model co-developed with Huawei is scheduled to hit the Chinese market this year, BAIC BluePark said on Monday, in response to an investor question.

6. According to the full-year financial report for fiscal year 2023, released by Rosneft, a Russian integrated energy company, the net profit for the year was 1.3 trillion rubles (US$14.07 billion), representing a 47.2% increase from the previous year. Additionally, the company's earnings before interest, taxes, depreciation, and amortization for the year were 3.01 trillion rubles, which is an increase of 17.8%.

7. Oil prices edged up on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand.

8. Myanmar's electric vehicle market is suddenly heating up, with the number of EVs having increased more than sixfold in a year as the military regime imposes an import ban against gasoline-powered autos. And Chinese brands are taking a dominant share.

9. The China-Laos Railway handled 130,000 tonnes of cross-border cargo worth 345 million yuan (about $47.95 million) during the 8-day Spring Festival holiday, up 90% and 163%, respectively, compared to the same period a year ago, according to the latest data from Kunming Customs.

10. Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries Corporation (SABIC), began on Monday in east China's Fujian Province. The project, with a total investment of 44.8 billion yuan (about 6.3 billion U.S. dollars) from SABIC and Fujian Energy Petrochemical Group Co., Ltd., is being built in the Gulei petrochemicals base in the city of Zhangzhou.