GreenergyDaily

Mar. 22, 2024

1. BYD announced yesterday it officially entered the Greek market by joining hands with local dealer Sfakianakis Group, after holding a ceremony on March 20 in Zappeion Megaron, Athens. The first two models BYD launched in the country are the Atto 3 and Seal.

2. China's Linglong One, the world's first small modular pressurized water reactor, advances construction to begin commercial operation as expected by end-2025. Located at S China's Changjiang nuclear power plant, the project boasts an annual power generation capacity of 1 bln kWh.

3. A new lithium-ion battery-powered cruise ship has recently started operation in Dali, southwest China's Yunnan, marking the second new energy cruiser at the tourist-famed Erhai Lake, as the scenic spot seeks to offer greener and cozier travel experiences.

4. Global petroleum inventories are only slightly below the long-term seasonal average but futures prices have already moved into a steep backwardation as traders anticipate they will deplete further over the rest of 2024. OECD commercial inventories of crude oil and refined products are estimated to have been around 75 million barrels below the prior ten-year seasonal average at the end of February.

5. GAC Group agreed for its NEV unit GAC Aion to buy assets previously owned by GAC Mitsubishi for over CNY2 billion (USD276.8 million). GAC Aion will revamp the affiliate firm's plants in Changsha, Hunan province, to raise its annual production capacity to 600,000 units by June.

6. On March 21, CNOOC(HK: 00883) released its 2023 performance announcement. The company achieved an operating income of 416.609 billion yuan, a year-on-year decrease of 1.3%; a net profit of 123.843 billion yuan, a year-on-year decrease of 12.6%.

7. SAIC Motor Corp has finalized its automotive joint venture JSW MG Motor India Pvt Ltd with Indian steelmaker JSW Group to produce MG-branded electric vehicles locally. The JV plans to launch a new product, including NEVs, every three to six months starting from this year's festive season, with two new products to be launched this year, JSW said in a recent statement.

8. According to the Guangdong Sub-administration of GACC, the China-Europe Railway Express (Guangdong) has set a new record for imports and exports in the first two months of 2024, with 166 international trains operated, an increase of 5% year on year. The export trains in operation saw a significant increase, rising by 12.5% year on year, reaching a historical high during the same period.

9. Over 30 countries convened in Brussels for a Nuclear Energy Summit, signaling a shift towards embracing nuclear power to combat climate change and enhance energy security.

10. Tesla has reduced its car production at its plant in China, Bloomberg News reported, on Friday, as the U.S. electric vehicle maker grapples with slow demand and strong competition in the market. The company in March told employees at its Shanghai factory to lower the output of both the Model Y sport utility vehicle and Model 3 sedan — the two types it makes in China — by working five days a week instead of the usual 6-1/2 days, the report said, citing people familiar with the matter.