Domestic news
Two departments: increase the subsidy standard for scrapping and renewal of automobiles
On July 25, the National Development and Reform Commission and the Ministry of Finance issued the "Several Measures on Supporting Large-scale Equipment Renewal and Consumer Goods Trade-in" to raise the subsidy standard for automobile scrapping and renewal. On the basis of the "Implementation Rules for Automobile Trade-in Subsidy" (Shang Ji Han [2024] No. 75), individual consumers scrap fuel passenger vehicles with emission standards of China III and below or new energy passenger vehicles registered before April 30, 2018 (including that date), and purchase new energy passenger vehicles or fuel passenger vehicles with displacement of 2.0 liters and below that are included in the "Catalogue of New Energy Vehicle Models Reduced or Exempted from Vehicle Purchase Tax", and the subsidy standard is increased to 20,000 yuan for the purchase of new energy passenger vehicles. The purchase of 2.0 liters and below displacement fuel passenger cars will be subsidized by 15,000 yuan. Consumers who apply for subsidies from the date of issuance of the "Detailed Rules for the Implementation of Car Trade-in Subsidy" shall be subsidized in accordance with the standards of this notice. Consumers apply for subsidies according to the standards of this notice, and the corresponding scrapped motor vehicles must be registered in their names before the date of issuance of this notice.
The Three-Year Action Plan for the Integration of the Yangtze River Delta (2024-2026) was released
According to CCTV News, on July 25, the "Three-Year Action Plan for the Integration of the Yangtze River Delta (2024-2026)" was released, proposing 165 key tasks. Among them, in terms of the collaborative construction of world-class industrial clusters in the Yangtze River Delta, there are 20 key tasks, mainly including: implementing high-quality development actions for key industrial chains in the manufacturing industry and jointly building a new energy vehicle industry chain system in the Yangtze River Delta; support the development of low-altitude economy, accelerate the layout of low-altitude industrial infrastructure construction, product research and development and manufacturing; Jointly promote the development of future industries, jointly strive to create a national-level future industry pilot area, and jointly release future product application scenarios and typical cases in the Yangtze River Delta.
Beijing's GDP has reached a trillion level for two consecutive quarters this year, and the output of new energy vehicles has increased by 3.5 times year-on-year
According to the news at the press conference on the interpretation of Beijing's economic situation and policies in the first half of the year, Beijing's GDP reached 1.12 trillion yuan in the second quarter, exceeding one trillion yuan for two consecutive quarters this year. In the first half of the year, Beijing's new energy vehicle production increased by 3.5 times year-on-year, driving the growth of the automobile manufacturing industry by 16.5%.
Shanghai: Encourage nuclear power equipment, automobiles and other enterprises to build a digital platform that connects the elements of the whole link
On July 25, Shanghai issued the "Shanghai Action Plan for Promoting the Upgrading of the Industrial Service Industry (2024-2027)". The plan proposes to encourage nuclear power equipment, automobiles, civil aviation, shipbuilding and marine engineering and other enterprises to build a digital platform that connects the elements of the whole link, and create an innovative product ecology that combines software and hardware. Focusing on the digital intelligence of industrial enterprises, we will build no less than 100 digital and intelligent transformation service platforms for small and medium-sized enterprises; Cultivate no less than 100 industrial Internet professional service providers with national influence.
Oil prices have dropped and you can save 5.5 yuan by filling up a tank of fuel
A new round of refined oil price adjustment window opened at 0:00 on July 26. The specific situation of this oil price adjustment is as follows: domestic gasoline and diesel are reduced by 145 yuan and 140 yuan per ton respectively. The national average is that No. 92 gasoline is reduced by 0.11 yuan per liter, No. 95 gasoline is reduced by 0.12 yuan per liter, and No. 0 diesel is reduced by 0.12 yuan per liter. According to a family car with a fuel tank capacity of 50L, for example, filling up a tank of 92 gasoline will cost 5.5 yuan less.
International News
The Korea government's proposed across-the-board tax cuts may affect Hyundai
On July 25, Korea announced a series of proposed tax incentives, including a reduction in onerous inheritance tax and extended support for chipmakers; Under the pressure of an aging population and slowing consumption, the government seeks to boost the stock market and stimulate economic growth. Korea's finance ministry said President Yoon Seok-yeol's government plans to reduce the top estate tax rate from 50 percent to 40 percent and remove the requirement for controlling shareholders to pay a higher rate. If Congress approves the change, it would mark the first reduction in the estate tax rate since 1995 and would affect the wealth of the families behind big companies from Samsung Electronics to Hyundai Motor.
Nissan Motor reported a net profit of 28.56 billion yen in the first quarter, well below expectations
On July 25, Nissan Motor released its financial report for the first quarter of fiscal 2025, showing a net profit of 28.56 billion yen, a sharp decrease of 73% from the same period last year and far lower than the market estimate of 97.08 billion yen. At the same time, the company raised its full-year net sales forecast to 14.00 trillion yen, up from its previous forecast of 13.60 trillion yen. However, Nissan expects full-year global car sales to fall slightly to 3.65 million units, compared with the previous forecast of 3.7 million units.
BMW will recall more than 290,000 vehicles in the United States
On July 24, the United States National Highway Traffic Safety Administration said that BMW will recall 291112 vehicles in United States due to the possibility that the internal cargo box railing may fall off in the event of a rear collision, increasing the risk of injury, and dealers will replace the connecting bolts of the rear cargo box railing free of charge.
Honda will shut down two joint ventures in China
On July 25, Honda Motor Co. announced that it would close one plant in China and suspend vehicle production at another plant amid fierce competition in China's electric vehicle market. In the following time, we will accelerate the adjustment of China's production layout to better meet market demand and accelerate the production of electric vehicles. Specifically, Honda will close one of its joint venture plants with the GAC Group, which is expected to close in October. The plant has been in operation for nearly two decades and has an annual production capacity of 50,000 vehicles, mainly for the Accord, a mid-size car. In November, Honda will suspend one of its joint venture plants with Dongfeng, which has an annual production capacity of 240,000 vehicles.
Ferrari began accepting cryptocurrency payments in Europe at the end of July
On July 24, local time, Ferrari announced that its European dealers will accept cryptocurrencies as a payment system from the end of July. It is working with several companies in the cryptocurrency payment space to develop its system, which will facilitate the acceptance of payments by dealers, will allow verification of the source of funds, and protect transactions from exchange rate-related price fluctuations. Ferrari says the move is aimed at supporting dealers to better meet the changing needs of their customers.
Corporate News
In the 2023 business performance assessment of the heads of central enterprises, China FAW was rated A
On July 25, according to the official account of China FAW, on July 24, the State-owned Assets Supervision and Administration Commission of the State Council announced the results of the 2023 business performance assessment of the heads of central enterprises, and China FAW was awarded the 2023 business performance assessment of the heads of central enterprises A, which is also the 16th consecutive year that China FAW has been rated A.
Guangqi Honda plans to close its fourth production line in October and start production of new energy production lines in November
On July 25, in response to the news that "Honda plans to close two vehicle plants in China", Guangqi Honda said that the company currently has 4 vehicle production lines (with an annual production capacity of 770,000 units) and 1 production line under construction (with a designed annual production capacity of 120,000 units), of which the fourth production line with an annual production capacity of 50,000 units is scheduled to be closed in October 2024, and the new energy production line under construction will be put into operation in November 2024.
Geely Automobile's exports in the first half of 2024 exceeded 197,400 units, a year-on-year growth rate that exceeded that of the "market".
Geely Automobile Group disclosed on July 25 that in the first half of this year, Geely Automobile's cumulative export sales reached 197428, a year-on-year increase of more than 67%. During the same period, China's automobile exports reached 2.93 million units, with an export growth rate of 25%. This means that Geely Automobile's export growth rate in the first half of the year is twice that of China's auto export "market".
JiHu issued a statement on the "overfire" incident of vehicles in Hangzhou
On July 25, Jihu Motors issued a statement on the "overfire" incident of vehicles in Hangzhou. It was pointed out that the company had cooperated with the fire department to extinguish the fire at the first time, and there were no casualties at the scene, and the fire department was investigating the specific cause of the fire. In the process of handling the accident, due to the improper handling behavior of the staff, it brought a very bad feeling to the owner of the car and the majority of friends who care about JiHu, and Jihu Auto hereby expresses its sincere apologies.
CATL's subsidiary won the bid for 294 acres of industrial land in Luoyang, with a transaction price of 76.42 million yuan
According to an announcement released on the website of the public service platform for public resources trading in Luoyang City, Zhongzhou Times New Energy Technology Co., Ltd., a wholly-owned subsidiary of CATL, successfully bid for an industrial land in Luoyang City at a transaction price of 76.42 million yuan. According to the announcement, the plot is located at the southeast corner of Sima Guang Road and Shuilianzhai Street in Yibin District, with a transaction area of 195,936.174 square meters (about 293.90 acres). The land transferor is Luoyang Natural Resources and Planning Bureau, and the transferee is Zhongzhou Times New Energy Technology Co., Ltd. The land use of the plot is industrial land, and the underground use is parking lot and civil air defense facilities, with a service life of 50 years.
Jiangling Motors: Driverless cargo vehicles have entered the pilot state of commercial operation
A few days ago, an investor asked Jiangling Motors when the road test of the driverless freight vehicle carried out by the company in Guangzhou in May this year in cooperation with WeRide was planned to be completed and start mass production? Jiangling Motors said on the interactive platform that the unmanned freight vehicles cooperated with WeRide are mainly used in intra-city freight scenarios on open roads. At present, it has entered the pilot state of commercial operation, and large-scale mass production still needs to be laid out according to the requirements of national/regional regulations and the demand of the freight market.
Cainiao has increased the investment in unmanned vehicles: obtaining the right of way in many places across the country has received a lot of orders
On July 25, rookie insiders revealed that the L4 unmanned vehicle developed by rookie has obtained the right of way in many regions and has begun large-scale operation. These unmanned vehicles are mainly responsible for the transportation of express parcels from outlets to Cainiao stations, aiming to improve transportation efficiency and reduce costs. Cainiao is currently negotiating with more than 90 districts and counties to obtain the right of way, and several cities have approved its operation. In addition, the company is about to launch a new model and has already received pre-orders.
Text: Yao Huifa Editor/Layout: Liu Xiaoye
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