GreenergyDaily
Jun. 12, 2024
1. Evergrande NEV plunged 23% as of 10.25 a.m. today after the EV unit of troubled developer China Evergrande warned about a worsening financial situation, as local authorities asked it to return incentives and subsidies worth CNY1.9 billion (USD262 million) within 15 days.
2. ZEEKR closed down 6.5% in New York today despite the Chinese EV unit of Geely saying its net loss narrowed 18% to CNY2 billion (USD280 million) in the first quarter from a year ago. Revenue soared 71% to CNY14.7 billion (USD2 billion).
3. China's securities regulator said on Wednesday that it welcomes foreign financial institutions and investors, including those from the Middle East, to expand investment in China. The statement was made in response to a Reuters request seeking comment on news that Qatar's sovereign wealth fund had agreed to buy a 10% stake in China Asset Management Co, the country's 2nd biggest mutual fund company.
4. Chinese solar panel manufacturers said they are seeking immediate government intervention to curb investment and industry collaboration to arrest a plunge in prices of solar cells and modules, as the industry faces overcapacity. Financial incentives and a government push have helped China become the solar panel factory of the world, accounting for about 80% of global module capacity. Analysts expect Chinese manufacturers to add up to 600GW this year, enough to meet global demand through 2032.
5. The European Commission will notify car makers on Wednesday that it will provisionally apply additional duties of up to 25% on imported Chinese electric vehicles from next month, the FT reported citing people familiar with the matter. The EU is expected to disclose the tariffs due to what it says are excessive subsidies.
6. A total of 8.07 million passenger cars were sold via retail channels in China in the first five months of the year, up 5.7% from a year earlier, according to the CPCA. Retail sales of passenger cars in May rose 11.4% to 1.7 million units from April.
7. According to China's Ministry of Industry and Information Technology, China's exports of crystalline silicon photovoltaic modules reached 83.8 GW from January to April 2024, marking a 20% year-on-year increase. The total export value of photovoltaic products amounted to US$12.7 billion.
8. According to Orsted, once complete in 2026, Tesla's battery energy storage with a capacity of 600 MWh will be one of the largest in Europe.
9. Growth in the world's demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity towards levels unseen outside of the Covid crisis, according to the IEA's new oil market outlook.
10. U.S. President Joe Biden flies to Italy on Wednesday for meetings with Group of Seven leaders aimed at increasing pressure on Russia over its war against Ukraine and China for its support of Moscow and excess industrial capacity. The G7 leaders arrive at the summit confronting myriad woes at home even as they seek solutions for many of the world's most pressing problems.
