Jiangsu: further boost Automobile and other bulk consumption * FAW Red Flag New Energy vehicle Factory in Changchun: annual production capacity of 200000 vehicles

[Jiangsu: further boost bulk consumption such as automobiles] on April 14, the General Office of the Jiangsu Provincial Government issued a number of measures to actively deal with the impact of the epidemic and promote consumption compensation and potential release. It mentioned encouraging local governments to formulate policies to promote automobile consumption in accordance with local conditions. We will encourage all localities to formulate policies and measures to promote automobile consumption in accordance with local conditions, and guide automobile sales enterprises registered in the province to provide consumers with concessions such as price reduction, financial support, and after-sales service, and support car-free families to buy the first new energy vehicle or the sixth national emission standard fuel vehicle.

The FAW Red Flag New Energy vehicle Factory was built in Changchun with an annual production capacity of 200000 vehicles. China's FAW Red Flag New Energy vehicle Factory project, with a total investment of 7.8 billion yuan, officially started on the 15th. After the completion of the factory, the main production of red flag brand new energy vehicles, intelligent network vehicles, etc., the annual production capacity of the vehicle will reach 200000.

[Ningde Times sued Tafel New Energy Patent infringement case involving 80 million yuan] following the explosion-proof valve patent lawsuit involving 120 million yuan, Ningde Times, the world's largest power battery manufacturer, sued Jiangsu Tafel New Energy Technology Co., Ltd. Ningde Times said that its lawsuit with Tafel in the Fuzhou Intermediate Court had begun, involving four cases corresponding to four patents, a total of 80 million involved in the case.

[Guangdong Province to promote cars to rural residents to buy new energy vehicles to give subsidies] on April 15, the Guangdong Provincial Development and Reform Commission and other 10 departments jointly issued "Guangdong Province on promoting rural consumption a number of measures." Among them, in promoting cars to go to the countryside and promoting rural car consumption, it is proposed to encourage automobile enterprises to cede profits to rural residents in Guangdong Province. On the basis of enterprise profits, provincial finance gives subsidies to new energy vehicles or fuel vehicles purchased by rural residents in the province. Subsidies are given to the use of new energy vehicles or the purchase of fuel vehicles.

Jiangsu is expected to achieve full coverage of charging piles and townships within the year. Jiangsu National Grid Jiangsu Electric Power Co., Ltd., on the 14th, announced eight service measures to promote the construction of charging piles. This year, it will invest about 370 million yuan to speed up the construction of charging facilities. It is expected to take the lead in achieving full coverage of charging piles in villages and towns this year, ensuring that there is an average of one electric car charging pile per 10 kilometers in township areas. The service measures launched by National Grid Jiangsu Electric Power Co., Ltd. cover increasing the scale of investment in charging network, reducing the service cost of charging facilities, strengthening the protection of power supply of charging facilities, carrying out the construction of charging piles in old residential areas, and so on.

[Tesla registered 12709 new cars in China in March] according to LMC, the auto industry market forecaster, Tesla registered 12709 vehicles in China in March, up from 2314 in February. Tesla sold 10160 vehicles in China in March, the highest in a month, according to the latest figures from the China passenger Association. Tesla already accounts for 30% of electric car sales in China.

[Beijing Auto: expected profit decline in the first quarter of 2020 due to the epidemic] on April 16, Beijing Automobile released its "first quarter 2020 earnings Forecast" on the Hong Kong Stock Exchange, in which Beijing Automobile said it was affected by the epidemic. Net profit in the first quarter of 2020 is expected to fall by about 95 per cent year-on-year. Beijing Automobile said the decline was mainly due to the impact of the epidemic on China's auto industry as a whole, and its production and sales were also greatly affected, with vehicle sales falling sharply compared with the same period last year, resulting in a decline in its efficiency.

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Hu Yan 021-51666809

Qin Jingjing 021-51666828

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