28 °C Singapore, SG
July 22, 2021
Latest News
BlackRock Real Assets to back Korean offshore wind farm project CIP to sell minority stake in Taiwanese offshore wind cluster Nearly 76 Gigawatt-Hours of Battery Cells Produced in U.S.A 2010–2020 Melting tropical glaciers sound an early warning Enhanced cooperation on renewable energy transition between International Renewable Energy Agency and China Decarbonising industry is key to China’s net-zero strategy Carbon Brief’s China weekly digest. Rising seas could cost Asia’s biggest cities US$724 billion by 2030 Electric Vehicle Growth is Accelerating but its Given Rise to a New Social Faux Pas Southeast Asia PR industry launches working group to curb greenwashing Asia Pacific wind and solar spend to hit $1.3trn this decade How the next 5 years can buy us a decade to solve climate change G7 leaders urged to support SAF Uncrewed survey vehicles for offshore wind farm surveys Pathway to global climate catastrophe is clear Mohdi: India’s vision for a biofuels future EGAT to pilot flexibility in Thailand China Briefing, 3 June 2021: New climate ‘leaders group’; ‘Record-breaking’ electricity consumption; ‘Artificial sun’ Wärtsilä commissions first energy storage projects in the Philippines China’s first floating wind turbine ready for installation IEEFA Update: G7 coal finance exit and why it matters for India Accelerating Renewables in Asian Cities: Opportunities for Cleaner Air Iberdrola and Mitsubishi Power partner for renewable technologies Bundestag clears way for more climate protection in transport Analysis: China’s carbon emissions grow at fastest rate for more than a decade Ørsted forms alliance for Japanese offshore wind Hitachi ABB Power Grids selected for Thailand’s largest private microgrid Taiwanese company buys majority stake in ENGIE’s storage and EV arm US ethanol exports rebound on near-record shipments to China The Pacific calls Australia to Fund Our Future – NOT Gas.

Tesla cars built in China have been recommended for government subsidies, report says

Elon Musk attends the groundbreaking ceremony of the Tesla Gigafactory in Shanghai, east China, on January 7, 2019.

Ding Ting | Xinhua News Agency | Getty Images

China’s industry ministry has put Tesla Model 3 cars that are built inside the country on a list of vehicles recommended for government subsidies, according to a Reuters report on Friday.

Reuters, citing a document published by the Ministry of Industry and Information Technology, said the level of subsidy that Tesla would receive was not yet clear. Two types of the Model 3 were on the recommendation list for new energy vehicle subsidies, it said.

Tesla shares rose 1.5% in extended hours trade on the back of the news.

The Chinese city of Shanghai is home to Tesla’s Gigafactory 3, where groundbreaking on the facility took place in January 2019. In its third-quarter update toward the end of October, Tesla said trial production of the Model 3 in Shanghai had started ahead of schedule.

Elon Musk’s firm noted that the Chinese facility was, in terms of capital expenditure per unit of capacity, approximately 65% less expensive to construct than its U.S.-based Model 3 production system.

Worldwide electric car sales hit 1.98 million in 2018, according to the International Energy Agency (IEA), with global stock reaching 5.12 million.

China’s electric car market is the biggest on the planet — a little over 1 million electric cars were sold there last year — the IEA says, with Europe and the U.S. following behind.

Tesla is one of several automotive firms attempting to make inroads into the Chinese market.

Just last week, the BMW Group, together with China’s Great Wall Motor, announced it would construct a plant to produce fully-electric models of the Mini car brand.

The facility’s construction phase is slated to take place between 2020 and 2022, and it will be located in the city of Zhangjiagang, Jiangsu Province, the BMW Group said last week.

The two firms have set up a joint venture called Spotlight Automotive Limited and the combined investment in the plant will amount to approximately 650 million euros ($721 million).

Once up and running, the factory line will have the capacity to produce as many as 160,000 vehicles annually.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *