GreenergyDaily
Mar. 5, 2024
1. China will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles, according to a government work report submitted today to the national legislature for deliberation, Xinhua reported.
2. FaradayFuture has filed a lawsuit in Shenzhen against former executive Ding Lei and his company Human Horizons for alleged trade secret infringement and unfair competition, the California-based carmaker said, according to Yicai. FF seeks monetary damages and asks Human Horizons to stop using trade secrets related to its FF91 model.
3. Oil prices fell for a second day on Tuesday as pledges by China, the world's biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption.
4. China is aiming to cut its energy intensity, or the amount of energy used per unit of economic growth, by 2.5% in 2024, higher than last year's missed 2% goal, the National Development and Reform Commission (NDRC) said in a report released at the opening of the annual National People's Congress.
5. The drilling of a superdeep borehole, "Shenditake 1" in NW China's Taklimakan Desert, reached 10,000m on Monday, marking a breakthrough in China's deep-Earth exploration. It is China's first scientific exploration borehole designed to exceed a depth of 10,000m.
6. Chinese scientists have developed a design of electrolytes that can increase the charging rate and expand the operating temperature of lithium-ion batteries for EVs, allowing batteries to achieve reversibility when charging and discharging in the range of -70°C to 60°C, according to Journal Nature.
7. Shares in Tesla fell more than 7% on Monday after its sales declined in February in China, where it likely faced a slowdown during the Lunar New Year holidays. The fall in sales in its key market dimmed the outlook for Tesla's global deliveries, at a time when the top EV maker is battling a decline in demand and rising competition, and is weighed down by a lack of entry-level vehicles and the age of its product line-up.
8. Chinese battery giant CATL is in discussions to set up R&D centers in Hong Kong to create new technologies that can be licensed abroad and within the industry, its chairman told reporters on Monday. The potential R&D expansion in Hong Kong aligns with CATL's strategy to place greater emphasis on exporting battery technologies, not just batteries, as Chinese EVs and batteries face intensifying scrutiny from foreign governments.
9. OPEC announced that several OPEC+ countries extending additional voluntary cuts of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets. These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023. These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman for 2024Q2.
10. Liu Hanyuan, deputy to the National People's Congress and chairman of the board of directors of Tongwei Group, said at the Two Sessions 2024 that "The pumped storage industry in China is predicted to undergo significant growth in the near future. Pumped storage technology is currently the most advanced energy storage technology, with the lowest cost of electricity. It is characterized by its long service life, high conversion efficiency, large installed capacity, and long continuous discharge time. Additionally, the energy conversion efficiency is as high as around 75%."
