Automotive News Summary

Domestic News

Ministry of Industry and Information Technology (MIIT) Seeks Public Opinion on Four Mandatory National Standards Including "Passenger Car Fuel Consumption Limits"

On June 25, the MIIT announced that it is openly soliciting opinions on four mandatory national standards, including "Passenger Car Fuel Consumption Limits." This standard sets a minimum requirement for vehicle fuel consumption to curb the trend of vehicle enlargement and prevent a rebound in the overall average fuel consumption level.

China Council for the Promotion of International Trade (CCPIT): Continue to Improve the Normal Communication Mechanism with Foreign Chambers of Commerce and Foreign-Invested Enterprises in China

On June 25, Ren Hongbin, President of the CCPIT, chaired a dialogue meeting with foreign-invested enterprises in Beijing. He stated that the CCPIT will continue to improve the normal communication mechanism with foreign chambers of commerce and foreign-invested enterprises in China, and will take multiple measures to serve foreign enterprises well. He hopes that foreign enterprises will continue to expand their investment in China, share the development opportunities of China, and open new windows of cooperation.

MIIT Energy Conservation and Comprehensive Utilization Department Organizes Hydrogen Energy Industry Development Research and Discussion

On June 25, the Energy Conservation and Comprehensive Utilization Department of the MIIT recently organized a research and discussion on the development of the hydrogen energy industry in Beijing and Changchun, Jilin. Relevant key enterprises, industry associations, and research institutes participated in the discussion. During the meeting, the department visited FAW Jiefang Automobile Co., Ltd. and CRRC Changchun Railway Vehicles Co., Ltd. to understand the progress and promotion of hydrogen energy equipment technology and application.

International News

Toyota Akio's Director's Remuneration Soars to Over 1.62 Billion Yen in Fiscal Year 2023

Toyota Motor Corporation announced on June 25 that the chairman, Toyota Akio, received a director's remuneration of 1.622 billion yen (approximately 73.79 million yuan) for the fiscal year 2023, a significant increase from the 999 million yen of the previous fiscal year.

Ford Recalls Over 552,188 F-150 Models in the U.S. Due to Unexpected Gear Shifts That May Cause Vehicle Loss of Control

On June 25, the National Highway Traffic Safety Administration (NHTSA) disclosed that Ford Motor Company will recall some 2014 F-150 models, totaling 552,188 vehicles. The recall is due to the potential loss of signal between the transmission output shaft speed sensor and the powertrain control module, which may cause the transmission to unexpectedly downshift to first gear, potentially leading to vehicle loss of control and an increased risk of collision. Dealers will update the powertrain control module software for free.

Survey Shows Over 60% of South Korean Car Owners Consider Purchasing Hybrid or Electric Vehicles

A recent survey conducted by the consumer data platform Open Survey on 1,500 adults in South Korea shows that more than 60% of car owners are considering choosing environmentally friendly cars for their next vehicle, with 39.7% indicating that they are primarily considering hybrid vehicles.

Electric Vehicle Manufacturer Rivian Simplified the Production Process, Reducing Vehicle Material Costs by 35%

According to Reuters, Rivian, an American electric vehicle manufacturer, has reduced more than 100 steps in the battery manufacturing process, removed 52 pieces of equipment from the body shop, and omitted more than 500 parts in the design of its flagship SUV and pickup truck models to cut costs and achieve profitability. Rivian CEO RJ Scaringe stated that through the reorganization of the production process, the material cost of vans has been reduced by 35%, and other product lines have achieved a "similar degree" of cost reduction.

Corporate News

Let's VOYAH's "Zhiyin" New Car Surpasses Tesla Model Y in All Aspects

As the first global model under the "Let's VOYAH" overseas strategy of Let's VOYAH Automobile, the Zhiyin model has attracted industry attention. On June 25, Let's VOYAH CEO Lu Fang stated: "The Zhiyin model has indeed received a lot of attention. We are not yet ready to disclose the price, but I can say that our car surpasses the Tesla Model Y in all aspects, and we are confident in making it the most competitive product in this price range."

CATL's Civil Electric Passenger Aircraft Cooperation Project Makes Progress

On June 25, CATL Chairman Zeng Yuqun revealed that CATL has successfully test-flown a 4-ton civil electric aircraft and is "actively investing" in accelerating the development of an 8-ton model. The 8-ton aircraft is expected to be released between 2027 and 2028, with a range of about 2000 to 3000 kilometers. The project uses CATL's most cutting-edge battery technology - solid-state battery, with a cell energy density as high as 500Wh/kg.

He Xiaopeng: 2025 Will Be the Moment of Fully Autonomous Driving Like ChatGPT

On June 25, Xiaopeng Automobile Chairman He Xiaopeng shared his experience with Tesla FSD V12.3.6 and Waymo's autonomous driving in California, USA. He said, "Waymo performed better in downtown San Francisco, while FSD performed extremely well in Silicon Valley and on highways, achieving high scores and handling many road conditions smoothly." He was very impressed with the significant progress of FSD in a few months, and Xiaopeng will learn from FSD's excellent features and user experience, "I believe 2025 will be the moment of fully autonomous driving like ChatGPT!"

BYD Launches the Third Electric Vehicle in Japan

According to Reuters, on June 25, BYD launched its third electric vehicle in the Japanese market. BYD has started accepting orders for the BYD Seal electric vehicle (known as "Seal EV" abroad) in Japan from June 25. The suggested retail price of the rear-wheel-drive version of the BYD Seal electric vehicle in Japan is 5.28 million yen (approximately 240,000 yuan).

Seres Responds to Stock Price Limit Down: Normal Market Fluctuation and Performance

On June 25, Seres' stock price hit the limit down. In response to the rare limit down of the company's stock price, a Seres insider stated: "It is a normal market fluctuation and performance, and the company will make another statement if necessary." Regarding the market rumor that the fund manager from GF Securities, Liu Ge, went bankrupt causing the decline of Seres' stock price, the person in charge said, "I am not aware of it."

Brilliance China: Chairman Wu Xiao'an Was Unconditionally Released on Bail, and the Case Is Closed

On June 25, Brilliance China Automobile Holdings Limited announced that the company's executive director and chairman Wu Xiao'an was informed by the ICAC on June 24, 2024, that the ICAC has completed the investigation of Wu Xiao'an and confirmed that no further action will be taken against him. Wu Xiao'an was unconditionally released on bail on June 24, 2024, and the case is now closed. The company is pleased to learn of this favorable outcome. In the announcement, Brilliance China reiterated that the investigation did not have a significant adverse impact on the group, and the group's business and operations have been maintained normally during the investigation period. At all important times, Wu Xiao'an has been dedicated to fulfilling the responsibilities of the chairman of the board and executive director.

ST Gaohong: The Jointly Developed Vehicle Network Chip Has Entered the MPW Production Stage

On June 25, ST Gaohong announced that in 2023, the company jointly developed the C-V2X chip (vehicle network chip) with ESWIN. Now the joint team of the C-V2X SoC chip has completed the design and development work of the vehicle network chip, and ESWIN has delivered all the phased results of the part it was responsible for to the company. The company recently received a notice that TSMC has completed the JDV review of the C-V2X project, confirming that the vehicle network chip has entered