Automotive Breakfast 🌞

Domestic News 🇨🇳

Announcement of Average Fuel Consumption and New Energy Vehicle Credit Situation of Chinese Passenger Car Enterprises in 2023: On July 10th, four departments including the Ministry of Industry and Information Technology, the Ministry of Commerce, the General Administration of Customs, and the State Administration for Market Regulation jointly announced the fuel consumption and new energy vehicle credit situation for passenger car enterprises in China for the year 2023. A total of 119 passenger car enterprises in China produced/imported 22.502 million passenger cars (including new energy passenger cars, excluding exported passenger cars), with an average vehicle curb weight of 1644 kg, an actual average fuel consumption of 3.78 liters/100 km, positive fuel consumption credits of 41.287 million points, negative fuel consumption credits of 5.243 million points, positive new energy vehicle credits of 21.288 million points, and negative new energy vehicle credits of 510,000 points.

Ministry of Transport: Accelerate the Phase-out and Update of Old Operational Diesel Trucks: On July 10th, Li Xiaopeng, Minister of Transport, stated at a press conference held by the State Council Information Office that the next steps will include seven actions: accelerating the phase-out and update of old operational diesel trucks; scrapping and updating old operational ships; electrifying urban buses; phasing out and updating old locomotives; replacing old equipment in postal and express delivery; updating and transforming logistics facilities and equipment; and improving standards.

Shanghai: Large-scale Application of Intelligent Taxis and Buses: On July 10th, Gu Jun, Director of the Shanghai Development and Reform Commission, introduced at an event the recently released "Several Policy Measures to Deepen the High-quality Development of New Cities", which includes empowering innovation in connected vehicle technology, promoting the priority landing of related platforms, functions, and policies in Jiading, Nanhui, and Fengxian new cities, orderly opening the application scope of new smart connected vehicles in new cities, and carrying out large-scale applications of intelligent taxis, intelligent buses, and other scenarios.

China Charging Alliance: 72,000 Public Charging Piles Added in June: On July 10th, the China Charging Alliance released data showing that in June 2024, compared to May 2024, the number of public charging piles increased by 72,000, with a year-on-year growth of 45.3% in May. As of June 2024, the cumulative number of national charging infrastructures reached 10.243 million, a year-on-year increase of 54.0%. From January to June 2024, the increase in charging infrastructure was 1.647 million, with domestic sales of new energy vehicles at 4.944 million, and the growth of charging infrastructure and new energy vehicles continues to accelerate. The ratio of pile to car increase is 1:3, and the construction of charging infrastructure can basically meet the rapid development of new energy vehicles.

International News 🌐

US Light Vehicle New Car Sales Down 4% Month-on-Month in June: On July 9th, according to the US National Automobile Dealers Association, the seasonally adjusted annual sales volume of new light vehicles in the United States in June was 15.3 million, down 4% month-on-month, and the year-on-year growth rate fell to -4.8% (2.4% last month). It is said that the CDK cyberattack affected the operation of car dealers, leading to a decline in the sales volume of new light vehicles in June, but sales are expected to pick up in July.

France Approves the Establishment of a Flying Taxi Port on the Seine River: On July 9th, the French official published a decree in the "Journal Officiel" stating that the French Ministry of Transport approved the establishment of a "heliport" or takeoff and landing platform for "flying taxis" on the Seine River section in Austerlitz, east of Paris, and opened the relevant airspace for "civil aviation use".

Russian Court Orders Volkswagen to Pay 16.9 Billion Rubles: On July 9th, a Russian court ordered the Volkswagen Group to pay 16.9 billion rubles (about 193 million US dollars) in compensation to the Russian car manufacturer GAZ Group. Previously, GAZ Group sued Volkswagen after Volkswagen exited the Russian market, demanding compensation for lost profits.

South Korea's Car Export Volume Sets a New High in the First Half of 2024: On July 10th, according to data from the South Korean Ministry of Industry and Trade and the Korea Trade Association reported by the "Korea Central Daily", from January to June of this year, South Korea's car export volume was 37 billion US dollars, a 3.8% increase from the 35.7 billion US dollars in the same period last year. Among them, car exports to the United States surged 30% year-on-year to 18.5 billion US dollars, accounting for 49.9% of South Korea's total car export volume, making the United States South Korea's largest car export partner; exports to the EU market decreased by 30%; exports to the Middle East fell by 18.7%.

Mazda to Stop Producing Mazda2 Diesel Engines in Japan: On July 10th, Mazda stated that it will stop producing Mazda2 diesel engines in Japan.

Tesla's US Electric Vehicle Market Share Falls Below 50% for the First Time: On July 10th, according to the latest data released by the research institution Cox Automotive, Tesla's share of the US electric vehicle market fell to 49.7% in the second quarter of this year, marking the first time that Tesla's share in a quarter has fallen below 50%, down nearly 10 percentage points from 59.3% in the same period last year.

Corporate News 🏢

GAC Group Buys Back 2.072 Million A Shares for 14.9996 Million Yuan on July 9th: On July 9th, GAC Group announced that the company spent 14.9996 million yuan on the same day to buy back 2.072 million A shares, with a repurchase price of 7.1-7.37 yuan per share. On the same day, it spent 40.7952 million Hong Kong dollars to buy back 5.456 million shares, with a repurchase price of 2.61-2.67 Hong Kong dollars per share.

Zhang Guofu Promoted to Secretary of the Party Committee and General Manager of BAIC New Energy: On July 9th, BAIC Group underwent personnel adjustments, with Zhang Guofu being promoted to Secretary of the Party Committee and General Manager of BAIC New Energy. Dai Kangwei was transferred to the group to serve as the Chairman of BAIC New Energy. Liu Guanqiao, the former head of BAIC's business management office, took office as the Deputy General Manager of BAIC New Energy, in charge of BAIC New Energy sales. Zhang Guofu has served in several companies under the BAIC system, including BAIC Foton, BAIC Foton Environmental Power, Beijing Automobile, BAIC Penglong, and Beijing Hainachuan. Since 2019, Zhang Guofu has successively served as the Executive Deputy General Manager of BAIC Off-road, the Executive Deputy President of BAIC, the General Manager of BAIC Off-road, and the Executive Deputy General Manager of BAIC New Energy.

A-Share "Dongfeng Motor" Plans to Change the Securities Abbreviation to "Dongfeng Shares": On the evening of July 9th, Dongfeng Motor Corporation Limited, a listed company on A-shares, announced that the board of directors passed the "Proposal on the Planned Change of the Company's Securities Abbreviation". The company's securities abbreviation is planned to be changed from "Dongfeng Motor" to "Dongfeng Shares", while the full name and securities code "600006" remain unchanged.

Hongqi Robotaxi Obtains Unmanned Road Test License