GreenergyDaily
May. 23, 2024
1. DHL said yesterday it opened a new Electric Vehicle Center of Excellence in Shanghai to support EV makers and companies in related sectors to help grow their presence locally and globally. The center will provide logistics solutions for finished vehicles and batteries.
2. Evergrande NEV said in a stock exchange filing it was requested to return CNY1.9 billion (USD262 million) of incentives and subsidies to the local government after the debt-ridden EV unit of China Evergrande could not meet the conditions of an investment deal it signed in 2019.
3. Imposing additional tariffs on Chinese EVs is neither fair nor by the rules. The EU should listen to the voices of all sides, especially those of the auto companies. A competitive edge is not gained through protectionism. Free trade is in the interests of all, said Wang Lutong, Director General for European Affairs, MFA, China.
4. Some of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products, will take effect on Aug. 1, the U.S. Trade Representative's office said on Wednesday. U.S. President Joe Biden will keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, including a quadrupling of import duties on Chinese EVs to over 100% and a doubling of semiconductor duties to 50%.
5. China's independent oil processors are on track to take the lowest volume of Russian ESPO crude in over three years as refining profits shrink and other grades are offered at cheaper prices. Refiners have purchased about 12 million barrels of ESPO for June arrival so far this month, which is poised to be the lowest since May 2021, according to data compiled by Kpler. However, the trading cycle is still open for around another week in Asia and that volume could increase.
6. Tesla's Shanghai Energy Storage Gigafactory has begun construction. The factory spans an area of approximately 200,000 square meters and represents Tesla's first energy storage super factory project outside the U.S. Tesla's energy storage products currently include Powerwall, Powerpack, and Megapack. The Shanghai Energy Storage Gigafactory will primarily focus on producing Megapack, which are ultra-large commercial energy storage batteries, for global supply. The factory is expected to become operational in the first quarter of 2025.
7. Foreign holdings in CATL rose to a record high on Tuesday with global funds shrugging off Washington's plan to boost tariffs on Chinese electric vehicle batteries. Overseas investors' holdings of the stock climbed to 10.8%, data compiled by Bloomberg show. That's the highest since the shares were included in the Stock Connect program in early 2019.
8. China's total installed power generation capacity reached around 3.01 bln kW by the end of April, up 14.1% YoY. The combined power generation capacity of wind power & solar power hit around 460 mln kW & 670 mln kW in the same period, up 20.6% YoY & 52.4% YoY, respectively, according to official data.
9. Saudi Arabia is sending a delegation that includes the kingdom's investment minister to China this week, according to Reuters, as the world's largest oil exporter looks for foreign funding for its ambitious economic transformation.
10. The Three Gorges Dam, the world's largest hydropower project on the upper stream of China's longest river Yangtze, has seen the cumulative cargo throughput surpass 2 billion tonnes as of Tuesday since its ship locks opened to trial navigation in June 2003, according to latest data.
