[SMM Metal Breakfast] Metal generally rose * the start-up of aluminum profile enterprises declined sharply in January * the impact of the decline in hot coil production in February was limited.

[macro outlook] pay attention to China's CPI and PPI in January

[overnight market] Metal continues to rise, Lun Zinc is up 2.36%, and the dollar index has tumbled again.

Yesterday, the US index fell sharply, and the outer disk metal rose generally. Us stocks were mixed, with the Dow down 0.03% at 31375.83, the NASDAQ up 0.14% at 14007.7 and the S & P 500 down 0.11% at 3911.23%.

In terms of crude oil, oil prices remained high and fluctuating, with Brent crude continuing to exceed $61. The US Energy Information Administration ((EIA)) said it cut its forecast for global crude oil demand growth in 2021 by 180000 b / d to 5.38 million b / d. Global crude oil demand is expected to grow by 3.5 million b / d in 2022, up 190000 b / d from the previous forecast.

In terms of precious metals, the rise of comex gold narrowed, while precious metals fell slightly in the inner market. The market had expected Congress to pass the Biden 1.9 trillion stimulus package, coupled with the continued decline in the dollar index against bullish gold and silver, but at the same time market expectations for future economic recovery and growth partially limited gold and silver gains.

LME inventory

Macro focus

[Xi Jinping: China is willing to expand imports from Central and Eastern European countries] President Xi Jinping hosted the China-CEE leaders' Summit and delivered a keynote speech in Beijing on the 9th. Xi Jinping pointed out that in the next five years, China plans to import more than US $170 billion worth of goods from Central and Eastern European countries, expand imports from Central and Eastern European countries, and strive to double China's agricultural imports from Central and Eastern European countries in the next five years. the agricultural trade volume between the two sides increased by 50%.

[Xi Jinping: cooperation between China and Central and Eastern European countries "17.1 > 18] President Xi Jinping hosted the China-CEE leaders' Summit and delivered a keynote speech in Beijing on the 9th. Xi Jinping stressed that China and CEE countries adhere to mutual respect, cooperation without political conditions, equality of all countries, large and small, and joint discussion, building and sharing. In line with the belief that "17.1 is greater than 18", we have established a three-dimensional cooperation framework led by the leaders' meeting mechanism and covering more than 20 areas, and formulate plans and projects in the light of the actual conditions of various countries. countries are encouraged to find a position and give full play to their advantages in cooperation in the light of their own endowments.

Xi Jinping stressed that China will speed up the construction of a new development pattern in which the domestic cycle is the main body and the domestic and international cycles promote each other. We will strive to promote institutional openness such as rules, regulations, management and standards, and continue to create a market-oriented, legalized and international business environment. China's sustained development and opening up will inject strong momentum into the recovery and growth of the world economy, and will also open up a broader space for cooperation between China and CEE countries.

Liu he, member of the political Bureau of the CPC Central Committee and vice premier of the State Council, had a video call with Georgiyeva, managing director of the International Monetary Fund, on the 9th. The two sides had an in-depth exchange of views on macroeconomic, trade, climate change financing, and support for the development of low-income countries. Liu he said that China is willing to strengthen communication and coordination with the International Monetary Fund to jointly promote the stable recovery of the world economy because of its good economic recovery, strong sustainability of the financial system and great resilience of the main body of the market.

[new loans hit an all-time high in January, due to hot consumption, property market and exports] RMB loans in China increased by 3.58 trillion yuan in January, an all-time high. In that month, the loans are mainly invested in medium-and long-term loans for enterprises and medium-and long-term loans for residents, mainly personal housing mortgage loans. A number of South China branches of large banks said credit lines were under control at the end of January.

The people's Bank of China: at the end of January, the balance of broad money (M2) was 221.3 trillion yuan, an increase of 9.4 percent over the same period last year, and the growth rate was 0.7 percentage points lower than that at the end of last month and 1 percentage point higher than that of the same period last year; the balance of narrow money (M1) was 62.56 trillion yuan, up 14.7 percent from the same period last year. The balance of currency in circulation (M0) was 8.96 trillion yuan, down 3.9% from the same period last year. The net cash put in that month was 531 billion yuan.

[House Democrats released the first draft of the stimulus bill] House Democrats released the first draft of the key elements of the epidemic relief bill. The text shows that the federal minimum hourly wage will be raised to $15 by 2025 and will pay for a new round of bailouts, with plans to provide billions of dollars for aviation workers, airports and train transportation industries. Twelve committees will meet in the coming days to enact a stimulus bill so that the House of Representatives can vote in the week of February 22. Once the bill is submitted to the Senate, Democrats can quickly pass it with 50 votes plus the vote of Vice President Harris.

[Georgia Election Commission begins to investigate Trump] the Georgia Election Commission officially launched an investigation into Trump on the 8th local time. The investigation began after a law professor filed a formal complaint, ABC reported. In his complaint, the law professor said Trump had broken the law in a phone call asking Georgia election officials to overturn the election results. The investigation could last for months, the report said. Walter Jones, a spokesman for the Georgia secretary of state's office, confirmed that the investigation had been launched. "this is a state election commission investigation," he said. "We have received complaints and will deal with them in the same way as all complaints."

Today's focus

[SMM analysis: when will cable companies resume working cable consumption in late February to usher in the "highlight moment"? This week is the last three trading days of the year, the dollar index fell back and crude oil rose, copper futures rose constantly, while wire and cable companies also entered the final stage of the year this week, and most enterprises will resume production between 2.18 and 2.20 in the coming year, but enterprises said that February orders are still not optimistic. In this week's cable market, orders continued to decline in the strong atmosphere of the Spring Festival, while finished product inventory and raw material inventory did not change much compared with last week. We think the reasons are as follows: the market transaction is flat in the week before the festival, logistics is basically out of operation, and the terminal industry is on holiday. Only a very small number of cable factories have only 2-3 days off during the Spring Festival in order to match the order of the national network. The enterprise said that it is unwilling to increase the inventory of finished products in the case of high copper prices. "check the details."

[SMM survey: operation rate of recycled aluminum alloy enterprises in various regions in January 2021] February is about to enter the Spring Festival holiday. Most recycled aluminum alloy enterprises will have a holiday on February 9, that is, the 28th day of the twelfth lunar month. The holiday duration varies from 7 to 12 days. The output is bound to decrease, and the supply of raw materials is expected to be relatively tight after the festival. February start-up rate is expected to decline. "check the details.

[SMM analysis: the start-up of aluminum profile enterprises declined greatly in January, and the inventory level of raw materials and finished products increased month-on-month] SMM, February 9: according to SMM research, the operating rate of aluminum profile enterprises in January was 50.27%, down 5.45% from December. According to the scale of enterprises, the operating rates of large enterprises, medium-sized enterprises and small enterprises are 51.64%, 52.70% and 23.69%, respectively. The start-up of enterprises of all sizes declined to varying degrees in January, with the largest decline of 14.73 percentage points in small enterprises, 1.68 percentage points in medium-sized enterprises and 5.75 percentage points in large enterprises. However, the overall start-up of enterprises of all sizes is better than that of the same period last year, up 12-18 percentage points from the same period last year. "check the details.

[SMM special topic: aluminum price rising consumption strengthening 2020 performance of listed aluminum companies] A few days ago, listed companies in the aluminum industry have disclosed their 2020 performance reports one after another. It can be seen from the arrangement table that the net profit of listed companies in the aluminum sector is generally pre-increased, and the net profit is expected to rise sharply compared with the same period last year. Among them, Hesheng shares and Jiaozuo Wanfang net profit soared by more than 400% compared with the same period last year, Yiqiu Resources net profit increased by nearly 300%, and Xinjiang Zhonghe net profit increased by more than 135%. However, at the same time, some enterprises reported losses for the whole year. For example, the net profit of Huafeng Holdings plunged more than 1000% from the same period last year.

[SMM research: galvanizing orders gradually decrease in the festive atmosphere and the operating rate continues to decline] the reason why the operating rate of galvanizing enterprises continued to decline in January compared with December is that in January, due to the influence of the novel coronavirus epidemic in the north, enterprises in Hebei and Northeast China have successively entered a state of blockade, production and logistics are limited, and the impact is long, and in view of the impact of the epidemic, some enterprises have had a holiday ahead of time. Lead to a decline in overall start-up. "check the details."

[SMM brief comment: Indonesia Wanxiang RKEF Nickel Iron installation Project "," Furnace Shell hoisting has been successfully completed] recently, the Indonesia Wanxiang RKEF Nickel Iron installation Project Department of China Liuxi Mechanical and Electrical Company sent another good news. Under the circumstances that the current epidemic in Indonesia is serious and other personnel are unable to enter the field normally, the project department reasonably organizes existing construction personnel under the premise of ensuring construction safety and quality. It took one month to complete the group welding of the bottom plate of the electric furnace and the electric furnace, and on this basis, it took 2.5 days to complete the hoisting of the shells of the two electric furnaces. The electric furnace in Indonesia Wanxiang RKEF nickel iron installation project is designed by Dalian Science and Technology heavy Industry. The diameter of the furnace body is 18 meters, a single set is composed of 16 pieces, the height of the furnace shell is 7.45m, the weight of the single piece is 5.7842 tons, the hoisting height needs to jump over the steel structure crossbeam of the workshop, and the working radius from the lifting support point to the final installation distance is more than 24 meters. "check the details.

[MMi Iron Ore Port spot Index report (9th)] according to SMM tracking data, a total of 96 ships arrived at China's main ports from 1.31 to 2.6 days, and the incoming cargo volume is expected to be 13.63 million tons, which is 3.45 million tons lower than the previous period and 3.38 million tons higher than the same period last year. The decline in arrivals in this period is mainly due to the low level of Australian departures since mid-January. "check the details.

[SMM hot rolling scheduling report: the actual profit impact of the decline in hot coil production in February is limited] according to the latest tracking of SMM, the planned hot rolled commodity production of 35 mainstream hot rolled steel mills surveyed totaled 10.2955 million tons in February 2021, a decrease of 3.7% compared with January 2021. During the Spring Festival, the production of steel mills does not stop, while the downstream demand stagnates, so even if the steel mills reduce production in an appropriate amount, the actual profitable impact on the market is relatively limited. It is expected that the accumulation of storage during the Spring Festival will cause a certain degree of pressure on the market. "check the details.

[KuaiBao of SMM magnesium ingot spot] yesterday, the mainstream price of 999 magnesium ingot factory in Fugu area was 14000-14100 yuan / ton, and the mainstream ex-factory price of 95B magnesium ingot was 14350-14550 yuan / ton. Wenxi area mainstream transaction price 14400-14600 yuan / ton; 95B magnesium ingot mainstream transaction price 14850-15000 yuan / ton. The price rose slightly, but the price recognized by the basic market remained at around 14100 yuan / ton. The overall festive atmosphere in the market is strong, and all factories have basically entered the rhythm of holidays. In some factories, except for the production departments to maintain daily production, other departments have had holidays to check the details.

[SMM research: magnesium ingot smelting industry Spring Festival holiday plan] SMM conducted a survey on the plan to stop production of the domestic magnesium ingot smelting industry during the Spring Festival holiday. A total of 39 enterprises were surveyed. Magnesium ingot enterprises generally maintain production, the sales and administrative departments of the largest enterprises have a holiday between the 27th day of the lunar calendar and the eighth day of the lunar calendar, and some enterprises go to work in advance to the fourth day of junior high school. Freight is expected to stop on the 28th of the 12th lunar month, resume on the fourth day of junior high school

[SMM analysis: lithium carbonate production fell by 15% in January 2021, and lithium salt prices will still rise in February! In January, the market for lithium carbonate and lithium hydroxide continued to go to storage. Farewell to the New year and welcome the New year to the Spring Festival, the market lithium salt products transactions sporadic, logistics limited freight increases, only a small number of signatures. According to SMM research, starting from February 20, the downstream will continue to purchase raw materials from March to May; about 30% of upstream suppliers are expected to start signing orders in March. The overall market will continue the phenomenon that supply falls short of demand before the end of the year, and the prices of lithium products such as lithium carbonate and lithium hydroxide will obviously rise. "check the details.

[SMM analysis: electrolytic cobalt prices rise 21% post-holiday cobalt prices continue to rise] according to SMM research, shipping delays in African transport and South African ports are still normal in the short term, some transit ports are suspended, affecting the arrival of cobalt raw materials to the port in February, although they may be concentrated in March, but the overall raw material imports in March or even the second quarter, the market still holds a skeptical attitude, and the whole is worried about the shortage of raw materials inventory. As a result, SMM expects the purchase of raw materials in the post-holiday market from March to April and an increase in inquiry orders. If during the Spring Festival, overseas prices are still upward, after the festival, considering the cost of cobalt intermediate products, the smelter quotation continues to rise. The purchase volume of downstream rigid demand is still there, and the price is expected to rise. The price of battery raw materials is higher than that of electrolytic cobalt. Take cobalt sulfate as an example, the mainstream transaction price will be converted into metal price will exceed 400000 yuan / ton.

Important news of metals and industry

[the overall operation of the non-ferrous industry in 2020] A few days ago, the Ministry of Industry and Information Technology released the operation of the non-ferrous metals industry in 2020. In 2020, the non-ferrous metals industry will comprehensively promote the prevention and control of COVID-19 's epidemic situation and the resumption of work and production, continue to deepen supply-side structural reform, promote traditional industries to control production capacity and promote transformation, speed up the strong foundation and make up for shortcomings of high-end industries, and promote the high-quality development of the industry. The overall operation of the industry is stable. The output increased steadily. According to the National Bureau of Statistics, the output of ten non-ferrous metals was 61.68 million tons, an increase of 5.5 percent over the same period last year, or an increase of 2 percentage points. The China Nonferrous Metals Industry Association released a business confidence index of 50.1 in the fourth quarter, keeping it above the critical point for two consecutive quarters.

[LME copper at an one-month high helped by a weaker dollar] LME copper for three-month delivery hit an one-month high on Tuesday, helped by a weaker dollar. Investors are also optimistic that the Biden administration's $1.9 trillion novel coronavirus rescue plan may be passed by Congress, analysts said. Copper for delivery in three months rose 1 per cent to $8118 a tonne, the highest since January 8 and the highest since hitting $8238 a tonne in 2013. Macroeconomic factors are pushing copper prices higher, sentiment is optimistic and the stock market has hit record highs, the report said.

On the afternoon of February 4, a container alumina train loaded with 2700 tons left Huangchengao Station under the jurisdiction of Guangxi Coastal Railway Fangchenggang Station, and the first alumina container train "Guangxi Fangchenggang-Yunnan Zhaotong" was officially opened. This train transports alumina into the electrolytic aluminum plant of Yunnan Aluminum Industry by means of combined transportation of public and railway containers, which forms a strong support for Guangxi and Yunnan provinces to build a new pattern of domestic circular development.

[Rusal: despite the continuation of the epidemic, aluminum demand remains healthy] A senior official of Rusal said on Monday that aluminum demand has continued to recover so far this year, despite the second wave of blockade of the COVID-19 epidemic. "demand, especially in areas such as automobiles, packaging and construction, remains strong," said Roman Andryushin, head of marketing. "We replenished inventory in the fourth quarter of 2020 to fill the gap in the supply chain, and there have been more and more new orders since then," he said. " He added that aluminium demand was hit in April 2020 with the outbreak and a decline in economic activity, but then began to recover in July and August.

[U.S. primary aluminum imports fell 27% to 230187 tons in December 2020.] U.S. primary aluminum imports fell 27% year-on-year to 230187 tons in December, according to the International Trade Commission ((ITC)). Shipments of unalloyed primary aluminum from Canada exceeded the month's quota. Us primary aluminum import production in December hit the second lowest level in 2020, up from 214429 tons in September 2020 and down from 241 tons in November. Us primary aluminium imports fell 13.8 per cent to 3.28 million tonnes in 2020, according to ITC. Canadian shipments of primary aluminum to the United States plummeted to 161993 tons in December 2020, compared with 228703 tons in the same period in 2019.

[Russia's aluminum exports fell in 2020, nickel and copper exports increased] Russia's aluminum exports declined in 2020, while nickel and copper exports increased. Russia exported 2.693 million tons of aluminum in 2020 and 2.7368 million tons in 2019, 775800 tons of copper in 2020 and 702200 tons in 2019, and 135500 tons of nickel in 2020 and 134200 tons in 2019.

[Mingtai Aluminum: the company's order is sufficient and the capacity utilization rate is 100%] Mingtai Aluminum said on the interactive platform that the company had sufficient orders and the capacity utilization rate reached 100%. There is a strong demand for 5-series and 6-series medium and heavy plates in 2021, and production has been scheduled for the next two months, and there continue to be new orders. In addition to BYD and Lulai, the company's products are directly or indirectly supplied to well-known automobile companies such as Yutong, Dongfeng, Sinotruk, Shaanxi Automobile and so on.

[Asia-Pacific Technology: revenue in 2020 increased by 12.68% year-on-year "Aluminum Ingot Price + processing fee" pricing principle) Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. released its 2020 results KuaiBao showed that during the reporting period, the company's total operating income increased by 12.68% year-on-year, operating profit decreased by 0.5%, and net profit belonging to shareholders of listed companies increased by 0.06% year-on-year. The stability of the demand side has played a role in promoting the company's production and operation; the company's production capacity has increased steadily, and it has firmly seized the industrial opportunity of lightweight vehicles and new energy through continuous product innovation. continue to develop and supply aluminum in the automotive sector, including new energy vehicles, at the same time actively develop non-automotive markets such as civil-military integration, and further increase market share through the adjustment of sales strategies, and steady growth in production and sales.

How to interpret the rapid decline of thermal coal prices in the future? The analysis predicts that the spot price of thermal coal still has a lot of room to fall, while the futures price will oscillate after entering the blue price range of 570 won 600 yuan / ton, waiting for the return of the spot price. At present, the spot side is mainly to clear inventory, the futures side is mainly short, coal production enterprises and traders can use thermal coal futures and options tools for short hedging. When the thermal coal futures price enters the blue range, with the recovery of the economy and the further growth of demand, the futures price may fluctuate in a wide range, but the serious deviation pattern will be completely improved, so pay attention to grasp the investment opportunities.

In order to do a good job in the carbon peak carbon neutralization work in the iron and steel industry, on February 7, 2021, Gao Yunhu, director of the Department of Energy Saving and Comprehensive Utilization, led a team to the Metallurgical Industry Planning and Research Institute for investigation and exchange. At the meeting, the Metallurgical Planning Institute focused on the development strategy of "one body and two wings" from the point of view of being a good staff headquarters of government agencies, a leader in industry development and a think-tank for enterprise planning. as well as the overall situation of promoting energy-saving business, low-carbon business and standardization work. Subsequently, the two sides discussed the work of low carbon, energy conservation and standardization, and had in-depth exchanges on the next step of cooperation.

[ICRA: India's reduction in import tariffs will reduce its domestic steel prices by 10 per cent] the rating agency ICRA said that in the 2021-22 budget, the Indian government proposed to lower import tariffs on steel products, which would make imports more competitive, thereby putting short-term price pressure on domestic steelmakers. In the report on the impact of tariff changes on the steel industry, the agency said that due to several positive statements in the budget, India's domestic steel demand is likely to remain favourable in the coming months, which in turn may keep domestic steel prices rising. unless international prices are substantially revised at current levels. "tariff reductions will not affect imports from countries such as South Korea and Japan, with which India has signed free trade agreements," said Jayanta Roy, senior vice president and group director of corporate ratings at ICRA. However, imports from China and other non-FTA countries will become more cost competitive. China's hot-rolled coil (HRC) exports fell in January due to a drop in domestic demand in India from November to March. At current prices, China's HRC price under the new tax rate is 10% off from India's HRC price. "

[iron ore exports to China through Port Hedland in January fell 11% month-on-month] according to data released by the Port Hedland Authority in Australia, iron ore shipments from Port Hedland fell 9.2% in January compared with December last year, but increased 4.3% over the same period last year, totaling 42.23 million tons. Iron ore shipped to China from Port Hedland in January totaled 35.55 million tonnes, down 11 per cent from the previous month and up 4.6 per cent from a year earlier. South Korea and Japan ranked behind China, receiving 3.77 million tons and 1.62 million tons, respectively. Port Hedland handles production from mines owned by BHP Billiton, Atlas Iron and Fortescue Metals Group in the iron ore-rich Pilbara region of Western Australia.

[medium tungsten high-tech: start a new journey to build a world-class tungsten industry group with global competitiveness] on January 25, the company's 2021 annual working meeting was held in Zhuzhou. The work report comprehensively reviews the development of the company's production and management reform in 2020, summarizes the achievements made during the 13th five-year Plan period, scientifically studies and judges the current situation, and builds new competitive advantages around building a solid new foundation for development. "arrangements for key work in 2021 are arranged from seven aspects." check the details.

Spot gold rose 0.57 per cent to $1841.13 an ounce yesterday, while the dollar index fell 0.28 per cent to 90.695, breaking a six-day low of 90.687. [gold prices hit a new one-week high of $1850. Biden has achieved "grand ambition" without resistance.) spot gold rose 0.57 per cent to $1841.13 an ounce yesterday, while the dollar index fell 0.28 per cent to 90.695. Michael Langford, director of AirGuide, a corporate consultancy, said: "the main drivers of gold prices are confidence in President Biden's stimulus bill and expectations that the dollar will weaken further as a result of the stimulus package." President Joe Biden's $1.9 trillion anti-epidemic relief plan is expected to be passed by Congress by March 15, even without Republican support. Investors are focusing on Federal Reserve Chairman Colin Powell's online speech at the New York Economic Club at 3:00 on Thursday.

Terminal information

[Ministry of Industry and Information Technology: discussion with relevant enterprises on the shortage of automotive chips] yesterday, the first Department of equipment Industry and the Department of Electronic Information of the Ministry of Industry and Information Technology held a discussion and exchange with representatives of major automotive chip supply enterprises. The participants exchanged the latest situation of the recent shortage of automotive chips and analyzed and judged the future development trend. The first Division of equipment Industry and the Department of Electronic Information suggested that automotive chip supply enterprises should attach great importance to the Chinese market, increase the allocation of production capacity, improve the efficiency of circulation, strengthen coordination with upstream and downstream enterprises, and strive to alleviate the shortage of automotive chip supply, so as to provide strong support for the stable and healthy development of China's automobile industry.

[the first meeting of the China-Malaysia Automobile Cooperation working Group] on February 8, 2021, the first meeting of the China-Malaysia Automobile Cooperation working Group was held by video. The meeting held that China and Malaysia have long-term friendly relations of cooperation, and that automobile is a key area of industrial cooperation between the two countries and has broad prospects for development. The two sides have set up a China-Malaysia automobile cooperation working group, which has set up a good exchange platform for the industry, and will continue to organize industry organizations and enterprises of both sides to carry out close communication, support the landing of investment cooperation projects as soon as possible, and promote new results in automobile cooperation between the two countries.

[C round financing has exceeded the target horizon by US $900 million] Horizon completed US $350 million in C3 round financing. It has not only won the investment of state investment, funds of CICC capital, public capital and other institutions, but also obtained the strategic blessing of enterprises in the upper and lower reaches of the automobile industry chain, including BYD, Great Wall Automobile, Changjiang Automotive Electronics and so on.

[China Automobile Association: insufficient supply of automotive chips affects the pace of enterprise production] China Automobile Association: in January 2021, automobile production and sales completed 2.388 million and 2.503 million respectively, down 15.9% and 11.6% respectively from the previous month, and an increase of 34.6% and 29.5% respectively over the same period last year. There are two reasons for the sharp increase in production and sales this month compared with the same period last year, one is that the current market demand is still recovering, and the other is that the 2020 Spring Festival holiday is in January, coupled with the impact of the epidemic at the beginning of last year, so the base level is low. From a month-on-month point of view, the rapid decline in production reflects that the insufficient supply of automotive chips affects the production rhythm of enterprises.

[Wuling Motor (0305.HK) rose more than 25% Hongguang MINIEV once again topped the list of new energy vehicle sales in January] Wuling Motor (0305.HK) rose further in the afternoon, rising more than 25% at one point in intraday trading, with a market capitalization of HK $7.8 billion. SAIC GM Wuling released its latest sales on Feb. 5, KuaiBao showed that SAIC GM Wuling's overall sales reached 159063 vehicles in January, an increase of 45% over the same period last year, which is also the 10th consecutive month of year-on-year growth of SAIC GM Wuling. Among them, SAIC GM Wuling has also had a bumper harvest in the new energy market. The miniature pure electric vehicle represented by Hongguang MINIEV has become a new force in the new energy market. In January this year, Hongguang MINIEV sales reached 36762 vehicles, once again topping the list of new energy vehicle sales in China. Hongguang MINIEV has been on the market for six months, and its sales have exceeded 150000, making it the first national new energy vehicle to sell in 2020.

Matsui Co., Ltd.: recent cooperation with BYD, Chery and other brands is expected to obtain its qualified supplier qualification. Matsui said on the interactive platform that the company has made great efforts to lay out the automotive paint market and continue to develop the market. At present, the core customers who have supplied or entered the customer supply system include: Geely, Guangzhou Automobile, SAIC GM Wuling, Valeo and other well-known domestic and foreign vehicle and auto parts manufacturers. Recently, the company's cooperation with BYD, Chery and other brands is under way, and it is expected to obtain its qualified supplier qualification.

[Tesla's income in China in 2020 increased by 123.6% compared with the same period last year. Tesla's income in the Chinese market reached US $6.662 billion in 2020, a sharp increase of 123.6% over the same period last year. Tesla earned $4.044 billion in the Chinese market in the first three quarters of last year, while Tesla earned $2.618 billion in China in the fourth quarter of last year. Tesla's revenue in China was $2.979 billion in 2019 and $1.757 billion in 2018, and the Chinese market accounts for a growing share of Tesla's revenue structure, according to the documents.