GreenergyDaily
May. 7, 2024
1. China's premium electric vehicle maker NIO is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than $30,000, according to Reuters citing a senior executive on Monday. NIO has created the sub-brand Onvo to launch a new EV that Chief Executive William Li has said will aim at the Tesla Model Y, the world's best-selling EV.
2. Great Wall Motors sales rose 1.8% to 94,796 cars last month from a year ago, with sales of NEVs soaring 51% to 22,436 units, the Chinese carmaker said yesterday. It sold 370,129 units in the first four months of this year, up 18.2% from a year earlier.
3. China's trade with other BRICS members hit 1.49 trillion yuan ($209.7 billion) in Q1, up 11.3% YoY, according to the General Administration of Customs. The trade value accounted for 14.7% of the nation's total foreign trade value during the same period.
4. French and Chinese companies signed on Monday deals ranging from energy, finance and transport on the sidelines of Chinese President Xi Jinping's visit to the French capital.
5. Russia plans to send some 35 billion cubic meters of natural gas per year to China via Kazakhstan, the TASS reported, disclosing the potential volumes for the first time. Last year, Kazakhstan and Russia established a route for a future gas pipeline to support shipments between the two countries and to China.
6. China electric vehicle maker NIO has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla, three sources with direct knowledge of the matter said. The agreement marks a win for BYD, which has been looking to expand its revenue beyond EV sales under its own brand. It also shows the impact of unrelenting competition over the price of new EVs in China's market, and batteries, the largest single cost in a new vehicle.
7. BP made an underlying profit of $2.7 billion in 2024Q1, slightly below a consensus forecast from analysts of $2.9 billion, and said its earnings had fallen because of lower oil and gas prices compared with the same period last year. BP's first-quarter underlying profit from gas and low-carbon energy was $1.6 billion, compared with $3.5 billion last year, when prices were still high in the wake of Europe's energy crisis.
8. A 600 MW Solar Power project has been fully connected to the grid in NW China's Kashgar, with its daily power output boosted to 2.3 mln kWh from 1 mln kWh during the trial, expected to generate about 1 bln kWh of green power a year, equivalent to an 812,000-ton cut in CO2 emissions.
9. TotalEnergies and China's SINOPEC pledged to strengthen their cooperation in low-carbon energy in a strategic cooperation agreement the companies signed during the Chinese President's state visit to France. The two companies plan to join forces on R&D on biofuels, hydrogen, and carbon capture and storage technologies in particular, TotalEnergies said in a press release.
10. Whether viewed from the perspective of comparative advantage or global market demand, there is no such thing as "China's overcapacity problem," Chinese President Xi Jinping said here on Monday. Xi made the remarks at a China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen at Elysee Palace.
