Automobile Industry 02 (Oct 15 - Apr 23)

[winston]

More than half of US car sales will be electric by 2030 — report

by Ira Boudway

Consumer incentives included in the US$374 billion in new climate spending enacted by President Joe Biden.

Point-of-sale tax credit of up to US$7,500 for a new EV purchase.

In 2021, electric vehicles accounted for less than 5% of sales in the US, below the global rate of nearly 9% and well below the adoption rate in countries like China, where plug-ins currently account for roughly 24% of new car sales.

Norway became the first country to see electric overtake combustion engine vehicle sales last year.

Tesla, GM, and Ford, are set to benefit most from the new law.

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... %94-report

[winston]

CN Tax Waive on NEV Purchases Stretched to End-23

China's Ministry of Finance (MOF), State Taxation Administration (STA) and Ministry of Industry and Information Technology (MIIT), issued an announcement on tax exemption policy on new energy vehicle (NEV) purchases.

With effect from 1 January 2023 to 31 December 2023, NEV purchases in China will be waived from taxes.

The General Administration of Customs (GAC) and other departments jointly published the the "New Energy Vehicle Tax-Free Purchase List" for enforcement.

On the day of the publication of the list, pure electric trains, rechargeable hybrid trains, fuel cell trains, and new energy trains with tax-free conditions were rolled out.

Source: AAStocks Financial News

[winston]

MOC: CN Keeps Implementing Policies to Expand Car Consumption, Support NEV Purchases

With the effect of various policies of China being further unleashed, the country's overall consumption is hopefully to pick up growth, Ministry of Commerce (MOC) spokesperson Shu Jueting was quoted as saying by Chinese media.

Among the policies, China will continue to promote the implementation of a series of initiatives to expand automobile consumption, support the purchase and use of new energy vehicles (NEVs), and accelerate the activation of the used car market.

Related News - CICC: Xpeng Dented by Product Cycle Shift, Low Season; Short-term Mkt Pessimism Not Yet Released

Also, China will enforce policies to fuel the consumption of green and smart home appliances, allow trade-in for old home appliances, and encourage green and smart home appliances to go to the countryside.

The recovery and development of catering, accommodation and other industries will also be fostered.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[behappyalways]

These Are The Top 10 EV Battery Manufacturers In 2022
https://www.zerohedge.com/technology/th ... urers-2022

[behappyalways]

Used Car Prices Record First Annual Drop In Two Years; Luxury Car Prices Take Beating
https://www.zerohedge.com/markets/used- ... ke-beating

[winston]

CPCA: CN Sep Pax Car Retail Sales Rise 21% YoY

In preliminary statistics, China tracked retails sales of 1.908 million vehicles on passenger vehicle market in September, up 21% YoY or 2% MoM, reported China Passenger Car Association (CPCA).

The related wholesales reached 2.249 million units, up 29% YoY or 7% MoM.

Source: AAStocks Financial News

[winston]

CPCA Foresees CN NEV Wholesale Vol. to Hit 6.5M Units This Yr

China's wholesale volume of new energy vehicles (NEVs) this year was expected to reach 6.5 million units, with a penetration rate of about 28%, said China Passenger Car Association (CPCA) Secretary-General Cui Dongshu today (11th), who attributed the figure to market performance in 1-3Q22 and amplified sprint of automakers in 4Q22.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[behappyalways]

Chinese two-seater ‘flying car’ makes first public flight in Dubai
https://m.youtube.com/watch?v=hUhzk8lCtL4

[behappyalways]

Morgan Stanley Says Auto Estimates For 2023 Must Fall "Significantly" On "Demand Destruction"
https://www.zerohedge.com/markets/morga ... estruction

[winston]

Automobile – China
Weekly: Takeaways From Marketing

From our recent discussion with ASEAN investors, their greatest concerns for China’s
EV sector include:
a) slowdown of EV sales in 2023 after the expiry of subsidies;
b) intensifying competition;
c) sustained high lithium prices; and
d) the US’ chip restriction on China.

BYD, Fuyao Glass and Ganfeng posted upbeat 3Q22 earnings.

We raise 2022-24 EPS by 50-60% and lift BYD’s target price to HK$440.00.

Maintain OVERWEIGHT. Top picks: CATL, Fuyao Glass and Xusheng.

Source: UOBKH

https://research.uobkayhian.com/content ... 1a9fa5b213