GreenergyDaily
Jun. 13, 2024
1. China hopes the European Union will reconsider tariffs on Chinese electric vehicles and stop going further in the "wrong direction" to shield its auto industry from competition, according to Xinhua. China said it would take measures to safeguard its interests after the European Commission announced on Wednesday it would impose extra duties of up to 38.1% on imported Chinese electric cars from July.
2. China's trading volume of green electricity totaled 187.1 billion kWh in the first five months of 2024, up 327% YoY, following the 100-billion-kWh mark achieved by the country for the first time in 2023, the latest industry data showed.
3. ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC's joint venture Enersol RSC LTD has agreed to acquire an additional 42.206% equity stake in Gordon Technologies LLC for approximately $270 million, making Enersol the majority equity holder. The consideration is based on a valuation in line with the one underpinning the initial 25% stake purchase announced in January 2024.
4. Xpeng Motors and Chinese vehicle-for-hire company Didi Global may name their joint auto brand Xiangwang and launch its first ride-hailing-focused model in the first half of next year, iFeng Tech reported. XPeng Motors will unveil the first model under its Mona sub-brand, the M03, later this month.
5. Hungary disagrees with Europe's punishment of Chinese electric car manufacturers, its economy ministry said on Wednesday, hours after the European Commission said it would impose tariffs on Chinese electric vehicle imports. "Instead of punitive tariffs, the EU should support the European EV industry," the ministry said in a statement.
6. As some Chinese electric vehicles are just beginning to carry batteries that support 5C charging, the two local battery giants are reportedly competing to develop the next generation of batteries with even faster charging. CATL plans to launch power batteries with a charging multiplier of 6C in the second half of 2024, the second generation of its Qilin Battery, 36kr said in a June 12 report.
7. The European Commission's decision to slap tariffs on imported Chinese EVs could have far-reaching effects for European automakers, as a possible trade war would hurt not only their business in China but also their own imports of Chinese-made cars. Germany's automakers in particular have a lot to lose in China and the announcement on Wednesday leaves them fretting over a decision BMW CEO Oliver Zipse described as the "wrong way to go".
8. In the January-May period, BYD was No.1 in China's NEV market with a 34% share, while Tesla was No. 3 with 6.7%. BYD's retail sales of passenger NEVs in China totaled 268,226 vehicles in May, according to data released yesterday by the China Passenger Car Association. The company is the only one with more than a 30% share of China's NEV market, albeit lower than its 37.5% share in April. Its retail sales were up 21.5% year-on-year.
9. Tesla chief executive Elon Musk has claimed that shareholders are set to vote in favor of his $56 billion pay award and a proposal to reincorporate the electric-car maker in Texas at its annual meeting on Thursday. "Both Tesla shareholder resolutions are currently passing by wide margins," Musk said on the social media platform X late on Wednesday, thanking investors for their support.
10. The China Association of Automobile Manufacturers and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) have expressed their strong opposition to the European Union's decision to increase tariffs on Chinese exports of electric vehicles.
