GreenergyDaily
Aug. 1, 2024
1. Xiaomi Auto today said it delivered more than 10,000 Xiaomi SU7 in July and is expected to do so in August. The carmaking unit of Chinese electronics giant Xiaomi hopes to achieve its annual sales target of 100,000 units ahead of schedule in November.
2. China's energy storage capacity is expanding to facilitate the utilization of growing renewable power as its installed new-type energy storage capacity grew 40% YoY to hit 44.44 GW by June, with lithium-ion batteries accounting for 97% of the country's total, according to official data.
3. Tesla announced that its Shanghai Gigafactory produced its 10 millionth electric drive system, marking the first in-house component to reach this milestone for the US EV maker.
4. In a significant milestone for the country's energy transition, China's installed capacity for wind and solar power has surpassed that of coal for the first time. As of the end of June, the combined power generation capacity of wind and solar reached 1.18 billion kilowatts, accounting for 38.4% of the total 3.07 billion kilowatts. Meanwhile, coal-fired capacity dropped to 38.1%.
5. A bipartisan group of U.S. lawmakers on Wednesday introduced a bill that would block Chinese solar panel makers from claiming subsidies for their American factories, according to Reuters today.
6. The U.S. has delayed significant tariff increases on imports from China, including electric vehicles and batteries, that had been planned to take effect on August 1, saying it was still reviewing comments received. The US Trade Representative's office on May 28 proposed changes to actions in the Section 301 investigation targeting China's acts, policies, and practices related to technology transfer, intellectual property, and innovation. In response to the May 28 notice, USTR received more than 1,100 public comments, according to a July 30 statement.
7. BMW on Thursday reported a lower-than-expected profit margin in its core automotive segment during the second quarter, as heightened competition and weaker demand in China weighed on the luxury carmaker's sales. The German automaker's earnings before interest and tax margin in its car segment fell to 8.4% from 9.2% in the same period last year, falling short of the 8.7% expected by analysts, according to a company-compiled consensus.
8. Saudi Arabia's biggest chemical company beat analysts' profit estimates in the second quarter, an early sign the industry may be recovering after a challenging downturn. Saudi Basic Industries Corp., also known as Sabic, posted 2.18 billion riyals ($581 million) in profit. That's an 85% increase as the company said margins for some products improved.
9. Saudi Arabia's largest chemical company, Saudi Basic Industries Corp., known as Sabic, exceeded analysts' profit expectations in the second quarter. They reported a profit of 2.18 billion riyals ($581 million), marking an 85% increase. The company indicated that margins for some products improved, potentially signaling a recovery in the industry after a challenging downturn.
10. In the first half of 2024, China exported a record 120,427 MW of solar module capacity, solidifying its position as the leading solar supplier despite trade disputes. This marked a 6.3% increase from the previous year and brings its total exports since 2020 to nearly 720,000 MW, according to data from the Ember think tank.
