China basically is the largest manufacturer and consumer of EVs at this point in time. Rest of the world is catching up but a long way behind.. at this point in time. The Chinese have stopped their subsidies for EV buyers. This has caused a large drop off in EV sales. This has in turn caused a drop off in demand for EV metals ie Lithium and Rare Earths. These international spot prices are Chinese based. The drop off in the Spod price is reflected in SYAs SP. Possible reason why it's attractive to shorters ... at this point in time. Here is the article, apologies for all the ads and like ...China’s Provinces Offer EV Sweeteners as National Subsidies FadeAuto executives are watching closely for what, if any, new state support for the electric-vehicle sector may emerge from this week’s annual legislative conference.Source: BloombergByLinda Lew+Follow7 March 2023 at 21:30 GMT+11FromChina’s week-long annual legislative conference kicked off on Sunday. As the cavernous Great Hall of the People at Tiananmen Square packs full of the country’s political elite, auto industry executives are watching closely for what, if any, new state support for the electric vehicle sector may emerge.National subsidies that at one point handed as much as 60,000 yuan ($8,700) back to electric-car buyers were key to spurring uptake of EVs in China. For the most part, they’ve been a runaway success: China is the world’s biggest market for electric cars, with shipments of new-energy passenger vehicles almost doubling last year to 6.5 million.China’s Electric Car Capital Has Lessons for the Rest of WorldSAIC-GM-Wuling vehicles charging at a parking lot in Liuzhou, China.Photographer: Qilai Shen/BloombergBut national subsidies fell away at the end of the year, and while EVs are still selling at a pace that puts other countries to shame, growth has slowed. Auto executives have started to call for bringing subsidies back at the national level.Feng Xingya, president of state-backed Guangzhou Automobile Group Co., is a delegate at this year’s National People’s Congress and said last week that he would support reinstating a national purchase sweetener and extending a tax exemption.Beijing has said it’s working on new policies to support the industry. In the meantime, local governments have taken it upon themselves to stimulate demand.Views of Nio Showroom In Shanghai Ahead of Earnings AnnouncementsAn ET7 sedan at a Nio dealership in Shanghai.Photographer: Qilai Shen/BloombergHere’s a look at some of the goodies on offer around China for consumers going electric:Shanghai — Residents in China’s financial hub, which has one of the highest EV penetration rates in the country, can get one-time cash back of 10,000 yuan when they buy a new EV to replace an existing gasoline car.Beijing — The capital will continue a subsidy to reward those who trade their gasoline cars in for EVs. Owners who de-register internal combustion engine cars that are one to six years old can receive 8,000 yuan, while those who replace ICE vehicles older than six years get 10,000 yuan. The incentives helped stimulate 5 billion yuan of electric-car sales in the second half of 2022, according to the Beijing government.Expert insight into the future of carsGet Bloomberg.com's Hyperdrive newsletter.Enter your emailBloomberg may send me offers and promotions.By submitting my information, I agree to the Privacy Policy and Terms of Service.Hubei — The province that counts Wuhan as its capital kicked off “the biggest car-sale subsidy season” this month, with cash back offers starting from 5,000 yuan. Piggybacking off the campaign, state-backed Dongfeng Motor Group Co. has begun offering further discounts on several of its Citroën, Nissan and Honda models. The Citroën C6 gets the highest cash back amount at 90,000 yuan when the provincial subsidy and the Dongfeng promotion are included, according to local media reports.Sales SlowdownCitroen C6's unit sales in China have been weakening since last yearSources: China Automotive Technology and Research Center, Bloomberg IntelligenceMore fromBloombergHyperdriveGoldman Sees Biden’s Clean-Energy Law Costing US $1.2 TrillionFord Sees Electric-Vehicle Losses Growing to $3 Billion in 2023Renault Invites Bank Pitches for Listing Its Electric Vehicle ArmVW Recasts Seat Brand for Car Sharing and Subscription RoleShandong — The eastern province has said it will hand out 200 million yuan of shopping vouchers to buyers of new EVs, with people who trade in their old cars getting at least 7,000 yuan to spend.Zhengzhou — The manufacturing hub in central China has also gone the shopping-voucher route, offering around 150 million yuan of vouchers starting at the beginning of this year for residents who buy EVs. People can get vouchers between 4,000 and 6,000 yuan to use in local shops and supermarkets, as well as restaurants. There's an incentive to act fast, because once the 150 million yuan pool is gone, there's no guarantee there will be another batch.Hunan — This southern province will reimburse people 5,000 yuan if they de-register their used ICE car and purchase a new EV. The plan is part of a goal to produce more than 1 million EVs in Hunan, where companies including Berkshire Hathaway-backed BYD Co. and Zhejiang Geely Holding Group Co. have manufacturing facilities.— With assistance by Jinshan HongShare this articleGift this articleSubscriber BenefitBloomberg subscribers can gift up to 5 articles a month for anyone to read, even non-subscribers! Learn moreSubscribeSign InFollow the authors@Lindadalew+ Get alerts forLinda LewFor youBased on your reading history and topics you followTesla Started a China Price War That May Destroy Some CarmakersXi Just Bought Himself a Headache in MoscowWhy China Keeps Pulling the Rug on Putin’s PipelineUS Fears a War-Weary World May Embrace China’s Ukraine Peace BidAdd more topics to your feedElectric VehiclesEarningsStocksExecutivesShoppingEconomic GrowthGovernmentEmerging MarketsIn this articleCNYChina Renminbi Spot6.8232CNY-0.0582-0.8458%XB1Generic 1st 'XB' Future259.51USd/gal.-1.08-0.41%2238GUANGZHOU AUTO-H4.99HKD+0.13+2.67%489DONGFENG MOTOR-H3.66HKD+0.05+1.38%7201NISSAN MOTOR CO482.70JPY+3.10+0.65%Have a confidential tip for our reporters?Get in touchBefore it's here, it's on theBloomberg TerminalFrom The WebGround-breaking Unloan home loan unveiled by CBAMozoAre These Movies Too Excessive?FetchA $5 ticket could provide a $4.1M tree-changeRSL Art UnionNew Samsung Galaxy S23 Series.Telstraby TaboolaSponsored LinksCopy LinkTerms of Service Do Not Sell or Share My Personal Information Trademarks Privacy Policy ©2023 Bloomberg L.P. 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Last
4.3¢ |
Change
-0.001(2.27%) |
Mkt cap ! $442.6M |
Open | High | Low | Value | Volume |
4.4¢ | 4.5¢ | 4.2¢ | $1.954M | 45.04M |
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42 | 11174804 | 4.2¢ |
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4.4¢ | 6631986 | 19 |
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No. | Vol. | Price($) |
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42 | 11174804 | 0.042 |
46 | 9518485 | 0.041 |
110 | 12590706 | 0.040 |
30 | 7185671 | 0.039 |
45 | 10725152 | 0.038 |
Price($) | Vol. | No. |
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0.044 | 6631986 | 19 |
0.045 | 5926844 | 29 |
0.046 | 5615191 | 31 |
0.047 | 3640859 | 24 |
0.048 | 2986562 | 18 |
Last trade - 16.10pm 28/05/2024 (20 minute delay) ? |
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Last
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-0.001 ( 2.71 %) |
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4.5¢ | 4.5¢ | 4.3¢ | 21588799 | ||
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