GreenergyDaily
Jun. 27, 2024
1. Volvo Cars will postpone the U.S. deliveries of its EX30 electric vehicle as it focuses on expanding production of the compact SUV outside China in the wake of tariff hikes on exports from the country, a company spokesperson said on Wed. Volvo had previously said it would begin selling the EX30 in the U.S. later this year, but the spokesperson said that the deliveries may not start until 2025, in part due to the introduction of tariffs of more than 100% on Chinese EV imports by the U.S. government.
2. Peru's president met with Chinese electric vehicle maker BYD on Wednesday, inviting executives to set up shop on the Andean nation's Pacific coast where another Chinese firm is building a massive port to facilitate trade between the two countries. President Dina Boluarte told the executives that if BYD were to build an auto assembly plant in Peru, it would benefit from the Chancay port under construction by Cosco Shipping Ports, set to open in November, according to a government statement.
3. China hopes the European side will pursue a "rational and pragmatic" policy towards the country, Foreign Minister Wang Yi said in a phone call with Hungarian Foreign Minister Peter Szijjarto on Tuesday. China hoped the EU would uphold an open stance, and move in the same direction as China to ensure the healthy and stable development of Sino-European relations, the foreign ministry quoted Wang as saying.
4. Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 billion, Reuters calculations showed, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions. These revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade.
5. China's 1st offshore wind farm boasting an ultra-large single-unit capacity of 13 MW and above was connected to grid Thur for power generation in SE China's Fujian. The 400-MW project is expected to yield 1.6 bln kWh of clean power to meet the annual demand of 680,000 households.
6. BP's new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said. The moves, which have not previously been reported, are part of a decision by Auchincloss to slow down investments in big budget, low-carbon projects, particularly in offshore wind, that are not expected to generate cash for years, said several sources at BP who declined to be named.
7. Geely's eVTOL unit Aerofugia announced today that it has completed a Series B fundraiser led by Orinno Capital, securing hundreds of millions of Chinese yuan, equivalent to tens of millions of US dollars. The proceeds will mainly be used for the R&D and commercialization of its fully self-developed AE200 aircraft.
8. China hopes to reach mutually acceptable solutions through negotiation with the European Union on planned tariffs on Chinese electric vehicles to avoid escalation of trade friction, the Chinese commerce ministry said on Thursday. Working teams from both sides have maintained close communication to expedite relevant work, ministry spokesperson He Yadong said at a news briefing.
9. Saudi electricity producer and water desalination company ACWA Power has secured a deal to develop, construct, and operate three solar projects in Saudi Arabia, totaling 5.5 GW of capacity, and supply the generated power to the national grid. The Riyadh-based developer has signed power purchase agreements with the Saudi Power Procurement Company for the three projects -- 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi.
10. China's new energy vehicle retail sales performance continued to improve last week, bringing the month-to-date performance to an increase. For the June 1-23 period, retail sales of passenger NEVs in China totaled 534,000 units, up 19% YoY and up 7% MoM, according to data released today by the China Passenger Car Association. In the June 1-16 period, China's passenger NEV retail sales stood at 314,000 units, up 14% YoY, but down 4% MoM, data released by the CPCA last week showed.
