Domestic news
The pilot of intelligent networked vehicle access and road access will soon enter the testing and evaluation process
On October 18, Guo Shougang, deputy director of the First Department of Equipment Industry of the Ministry of Industry and Information Technology and a first-level inspector, said that the Ministry of Industry and Information Technology, together with the Ministry of Public Security, the Ministry of Housing and Urban-Rural Development, and the Ministry of Transport, carried out the pilot work of intelligent networked vehicle access and road traffic. In the early stage, 9 consortiums have been identified to enter the pilot, and the industrial testing and safety assessment of the pilot consortium are currently being carried out, and the test plan of some conditional autonomous driving models has been confirmed, and will soon enter the test and evaluation link, and those who pass will be granted access permits according to the procedures.
A number of national standards in the field of intelligent networked vehicles will be released intensively from 2024 to 2026
On October 18, Gong Jinfeng, deputy general manager of China Automotive Technology and Research Center Co., Ltd., revealed that a number of national mandatory and recommended standards in the field of intelligent networked vehicles will be released intensively from 2024 to 2026. Among them, standards such as the "Vehicle Accident Emergency Call System (AECS)" (mandatory) and the "Technical Requirements and Test Methods for Vehicle Positioning System Part 1: Satellite Positioning" involving vehicle positioning have been submitted for approval and are scheduled to be released in 2025. Standards such as the Technical Requirements for the Application of Automotive Cryptography (mandatory) for information security and data security, and the Technical Requirements and Test Methods for Automatic Emergency Braking System for Light Vehicles (mandatory) for advanced driver assistance systems are in the application and drafting stages, respectively, and are scheduled to be released in 2026.
The "Implementation Rules for the Elimination and Renewal of Subsidies for Diesel Vehicles in Shanghai" was issued
On October 17, the Shanghai Municipal Bureau of Ecology and Environment, the Shanghai Municipal Development and Reform Commission, and the Shanghai Municipal Finance Bureau issued the "Implementation Rules for the Elimination and Renewal of Subsidies for Diesel Vehicles in Shanghai". The amount of the subsidy for the elimination of diesel vehicles in China IV is determined according to factors such as the type of diesel vehicle, the number of years of initial registration and the proportion of regression. The amount of the updated subsidy is determined according to the type of new energy vehicle, battery capacity, rebate ratio and other factors, with a maximum of 280,000 yuan per vehicle (up to 224,000 yuan after rebage), if the accounting amount exceeds the above limit, the subsidy amount will be calculated and issued according to the limit. The elimination subsidy will be paid in a lump sum. The renewed subsidy will be issued in two phases, 70% of the total subsidy amount will be paid for the first time after the subsidy is approved, and 30% of the total subsidy amount will be issued for the second time after the first payment has been issued for 12 months. If the transfer or transfer occurs within 12 months after the first payment, the second subsidy will not be issued.
Shenzhen has set up offices for pharmaceutical and medical devices, new energy vehicles, and artificial intelligence industries
On October 18, in the "Shenzhen Venture Capital Day" event, the Shenzhen Pharmaceutical and Medical Device Industry Office, the Shenzhen New Energy Vehicle Industry Office, and the Shenzhen Artificial Intelligence Industry Office made their first public appearances. The three offices are set up by the city's selected and capable cadres in Shenzhen, and the team has the characteristics of being younger, more knowledgeable and more professional. Among them, the Pharmaceutical and Medical Device Industry Office is affiliated to the Shenzhen Municipal Development and Reform Commission, and the New Energy Vehicle and Artificial Intelligence Industry Office is affiliated to the Shenzhen Municipal Bureau of Industry and Information Technology, which is relatively independent.
International News
Due to collision accidents United States investigates FSD software for more than 2.4 million Tesla vehicles
The United States National Highway Traffic Safety Administration's Office of Defective Investigations has launched an investigation into Tesla's Full Self-Driving (FSD) capabilities. According to the announcement, the office received reports that Tesla vehicles with FSD enabled collided in areas of reduced visibility, resulting in casualties. Therefore, the Office of Defect Investigation will assess the FSD's ability to detect engineering controls and respond appropriately to reduced road visibility. According to the announcement, the investigation involves about 2410002 vehicles, involving 2016-2024 Model X and Model S, 2017-2024 Model 3, 2020-2024 Model Y, etc.
Volvo's net sales in the third quarter were lower than estimated
On October 18, Sweden automaker Volvo announced its third-quarter financial results. Volvo's net sales in the third quarter were 117 billion Sweden kronor and 121.07 billion Sweden kronor estimated. Q3 EPS of 4.93 Sweden kronor versus estimate 5.57 Sweden krona. Adjusted operating profit for the third quarter was 14.07 billion Sweden kronor versus 15.05 billion Sweden kronor estimated. Adjusted operating margin was 12% in the third quarter, compared to an estimate of 12.3%. Operating profit for the third quarter was 14.07 billion Sweden kroon, compared to an estimate of 15.06 billion Sweden kroon.
Toyota Motor plans to make an additional investment in Japan semiconductor manufacturer Rapidus
Toyota Motor Corporation said on October 18 that it plans to make additional investments in Japan semiconductor maker Rapidus to fund its plans to mass-produce next-generation semiconductors by 2027. Rapidus previously called on existing shareholders and banks to help it increase its capital by about 100 billion yen (about 4.73 billion yuan), saying that it needs nearly 5 trillion yen to mass produce 2nm process chips.
Lucid expects to raise $1.67 billion from the sale of its shares
On Oct. 17, cash-strapped electric vehicle maker Lucid said a public offering of more than 262 million shares could bring it $1.67 billion. The company also signed an agreement with Ayar Third Investment, a subsidiary of Saudi Arabia's Public Investment Fund and the company's largest shareholder, to sell nearly 375 million shares in a private placement, with Ayar expected to continue to hold approximately 59% of the company's outstanding shares.
Corporate News
BYD: Plans to launch an employee stock ownership plan in 2024
On the evening of October 18, BYD released the 2024 employee stock ownership plan (draft), which is aimed at middle-level managers and core backbone employees of BYD Group, with a total number of no more than 150 people. The total share of the plan shall not exceed 220 million, and the total amount of funds involved shall not exceed 220 million yuan, and the source of funds shall be the legal remuneration of employees, self-raised funds, etc.
CATL: net profit in the third quarter was 13.136 billion yuan, a year-on-year increase of 25.97%
On October 18, CATL released its third quarterly report, and the company achieved operating income of 259.045 billion yuan in the first three quarters, a year-on-year decrease of 12.09%; net profit was 36.001 billion yuan, a year-on-year increase of 15.59%. Among them, the operating income in the third quarter was 92.278 billion yuan, a year-on-year decrease of 12.48%, and the net profit was 13.136 billion yuan, a year-on-year increase of 25.97%.
Chery released the Kunpeng battery in 2027, and the self-developed solid-state battery will be launched in batches
On October 18, Gao Xinhua, Executive Deputy General Manager of Chery Automobile Co., Ltd., announced that Chery has launched the Kunpeng battery brand, which is exclusive to Chery users, including three categories: prismatic lithium iron phosphate series, square ternary series and large cylindrical ternary series. In addition, Chery is developing solid-state batteries with an EV pure electric range of more than 1,500 kilometers, and Chery solid-state batteries will be put into directional operation in 2026 and launched in batches in 2027.
Citigroup: Maintain the "buy" rating of Fuyao Glass and raise the target price to HK$67
Citi issued a research report saying that it raised the target price of Fuyao Glass Hong Kong stocks and A-shares by nearly 20% and maintained a "buy" rating. The target price was raised from HK$56 to HK$67, an increase of 19.6%; The target price of A-shares was raised by 17.5% from RMB57 to RMB67. According to the research report, Fuyao Glass's performance in the third quarter exceeded expectations, due to the steady growth of automotive glass shipments, the continuous improvement of the average selling price, and the strong expansion of gross profit margin, up 2.5 percentage points year-on-year, due to higher efficiency, cost reduction, and better revenue channels. In addition, its Germany SAM and its United States company stocks announced earnings recovery. In addition, interest income grew strongly year-on-year and the effective tax rate also decreased year-on-year.
BMW and Zhejiang Haoqing are recalling some cars
A few days ago, BMW Brilliance Automotive Co., Ltd. and BMW (China) Automotive Trading Co., Ltd. filed a recall plan with the State Administration for Market Regulation, recalling some vehicles from March 1, 2025, due to the position and structural design of the 400W electric coolant pump equipped with it, which in extreme cases, increases the risk of vehicle fire. Zhejiang Haoqing Automobile Manufacturing Co., Ltd. is recalling some of the 2024-2025 domestically produced Volvo XC40 vehicles manufactured between November 6, 2023 and July 22, 2024, a total of 33 units.
Evergrande New Energy Automobile Investment Company and others were forced to hold on to more than 77.63 million yuan
Tianyancha legal litigation information shows that recently, Evergrande New Energy Automobile Investment Holding Group Co., Ltd. and its subsidiary Evergrande Hengchi New Energy Automobile (Shanghai) Co., Ltd. added 1 new information on the person subject to execution, with an enforcement target of more than 77.63 million yuan, involving a construction contract dispute, and the enforcement court is the Shanghai Songjiang District People's Court. Tianyan risk information shows that the company has more than 60 pieces of information on persons subject to execution, with a total amount of more than 2.335 billion yuan, in addition to a number of consumption restriction orders, dishonest judgment debtors (lai) and final case information.
Text: Hao Wenli Editor/Layout: Liu Xiaoye
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