Report: Beidou Auto to invest 20 billion yuan in NEV production

Since the market capitalization of BYD (002594; 1211) exceeded 800 billion yuan, it is now growing toward the 900 billion yuan milestone. Currently, the company’s A-share total market value stood at 881.5 billion yuan, more than that of the Bank of China and CNPC (China National Petroleum Corporation) and among the top ten A-share tickets in terms of total market capitalization.

Sales of NEVs recorded 217,900 units in June, up 181.7% on the year and 22.8% on the month, achieving positive growth for the second consecutive month.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

A weekly update on the trending stories from the New Energy sector.

Sales of new energy passenger vehicles with Compulsory Traffic Insurance were 188,000 units in March, up 99.1% month-on-month and 288.4% year-on-year.

A summary of the trending news of the New Energy sector. Will Xiaomi’s EV business venture be able to compete with Tesla and BYD?

The Development Plan for the New Energy Vehicle Industry (2021-2035) suggests that average power consumption of new pure electric passenger vehicles should be reduced to 12 kwh/100 km, sales of new NEVs should reach 20% of total new vehicle sales

China's new energy vehicle (NEV)  industry  is currently facing tough challenges as it enters a “painful period” after being affected by the decline of the NEV subsidy policy in 2019 and COVID-19. The development of the NEV industry remains as a focus of the Chinese government after the "two sessions” annual meetings chaired by the National People’s Congress (NPC). Various regions in China have introduced stimulus policies on the NEV market. 

This followed the wholesale deliveries of new energy passenger cars nearly quadrupled from a month ago to 56,000 units in March, as the business recovered from the fallout from the coronavirus crisis. 

Over the next 2 years, all newly registered or replacement taxis within Beijing have to be fully electric vehicles.