GreenergyDaily

May. 9, 2024

1. Longi Green Energy has recorded $17.9 billion of operating revenue for 2023, up 0.39% year on year. Its net profit attributable to shareholders fell by 27.41% year on year to $1.49 billion. Longi addressed the impact of falling product prices and technological advancements by allocating $935 million for provisions in 2023. This includes $715 million for inventory decline and $216 million for fixed asset impairment throughout the year.

2. Japanese auto giant Toyota's joint venture in China has plans to introduce plug-in hybrid electric vehicle (PHEV) models in the next two to three years, and the probability is that it will no longer use Toyota's original Hybrid model, but may adopt BYD's DM-i technology, local media Caijing reported recently. 

3. Chinese battery giant CATL said yesterday it signed a deal with French shipping giant CMA CGM Group on greenhouse gas emission reduction solutions. The pair also plans to establish a JV to meet the growing needs for environmental protection and help energy transformation and industrial upgrading.

4. China's total goods trade rose to 13.81 trillion yuan ($2.16 trillion), up 5.7% year-on-year, during the first four months of 2024. Official data shows exports surged to 7.81 trillion yuan, up 4.9%, while imports hit 6 trillion yuan, reflecting a 6.8% increase. The growth rate outpaced that of the first quarter, reaching a historic high for the period.

5. During the Saudi Capital Market Forum in Hong Kong on May 9, Saleh Al-Khabti, the Deputy Minister of Investment of Saudi Arabia, announced that the country is planning to invest a massive sum of US$3.2 trillion by 2030 to promote economic transformation. Hong Kong, being a gateway to the Chinese mainland market, provides ample development opportunities for Saudi Arabia.

6. Jiqing Oilfield in northwest China hit historic highs with a shale oil production of 215,000 tonnes and a daily output of 2,800 tonnes in the first quarter of 2024. The oilfield is estimated to reach an annual production of 1.4 million tonnes by 2025.

7. Shell said it is gradually ceasing its operations related to the electricity power value chain in China, but the UK petrochemical titan will continue to run its local electric vehicle charging business. Shell yesterday said that it decided to start its exit from China's power market at the end of last year. The move includes its power generation, trading, and marketing businesses in the country, it added.

8. Hungary's largest solar power plant was built by China National Machinery Import and Export Corporation (CMC) near the southwestern city of Kaposvar, marking a success story of collaboration between the two countries. The Kaposvar solar power plant generates 130 million kWh of electricity per year, reducing carbon dioxide emissions by an estimated 120,000 tons.

9. China is very likely to support US vehicle maker Tesla's local testing of robotaxis, and may move to consider data compliance issues given that data regulators attended a recent top-level meeting that involved Elon Musk, the automaker's CEO, sources told China Daily on Wednesday.

10. Tesla Inc.'s job cuts are escalating in China, according to Bloomberg citing people familiar with the matter, as Elon Musk contends with growing pressure to win back share in the world's biggest auto market. Additional layoffs began earlier this week, extending cuts in mid-April that were part of the electric vehicle maker's pledge to slash global headcount by more than 10%, said the people, who asked not to be identified as they're not authorized to disclose the information publicly.