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looks to boost flagging EV sales as Shanghai lockdown eases","china-looks-to-boost-flagging-ev-sales-as-shanghai-lockdown-eases","article/china-looks-to-boost-flagging-ev-sales-as-shanghai-lockdown-eases",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":681,"featured":51,"reporter":682,"_editable":686,"component":687,"seo_title":553,"categories":688,"visibility":695,"author_company":49,"featured_image":696,"seo_description":681,"author_full_name":49,"author_job_title":49,"formattedDate":701,"formattedArticleDate":702},"bcba4873-917c-483a-8999-bfac436ff983","2022-05-31 00:00",[560],{"slug":561,"name":562},"china","China",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,588,593,598,603,610,615,626,631,636,641,646,651,656,661,666,671,676],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Shanghai has pledged to boost sales of electric vehicles as the city prepares to open up following two months in lockdown, as authorities across the country try to resuscitate demand in the world’s largest car market.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The city said it would offer 10,000 RMB（$1,500) in subsidies for people who exchange their car for a pure electric version, as part of a 50-point action plan to stimulate economic growth as the city comes out of lockdown on Wednesday.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"The news comes as the Chinese government unveiled multiple policies to stimulate economic growth following a sharp contraction in industrial production and automotive sales this year due to the country’s zero-covid policies.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"The cities of Shenzhen and Guangzhou have also said they would offer 10,000 RMB in subsidies to buyers of electric vehicles.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"Sales of new energy vehicles (including plug-in hybrid) vehicles in China fell by 38% in April from a month earlier to 299,000 vehicles. Not a single vehicle was sold in Shanghai, as residents remained confined to their apartments.",{"type":604,"attrs":605,"content":607},"heading",{"level":606,"textAlign":49},4,[608],{"text":609,"type":582},"EV startups report rising sales",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"Despite the covid restrictions Chinese electric vehicle startups Xpeng, Nio and Li Auto all reported an increase in sales in May. Xpeng said it delivered 10,125 vehicles in the month, an increase of 12.5% from April, while Li Auto said it delivered 11,496 vehicles, an increase of 176% from the previous month.",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618,620,622,624],{"text":619,"type":582},"Xpeng said it had resumed “",{"text":621,"type":582},"double-shift production” at its  plant in Zhaoqing in mid-May while Nio said it “",{"text":623,"type":582},"plans to further ramp up the production ",{"text":625,"type":582},"capacity to a higher level” as Covid restrictions ease. ",{"type":577,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":582},"Li Auto said, however, that it “continued to encounter challenges” due to shortages of parts from suppliers in the Yangtze delta.",{"type":604,"attrs":632,"content":633},{"level":606,"textAlign":49},[634],{"text":635,"type":582},"Battery metal prices",{"type":577,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":582},"Shanghai’s policy, as well as those of other cities, could provide a boost to lithium and other battery material prices, if authorities can convince consumers to spend on new electric vehicles despite the economic uncertainty.",{"type":577,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":582},"A spokesman for Chinese electric vehicle producer Nio told the National Business Daily that he was confident that more and more consumers would choose electric vehicles “with the overall improvement of the product capability of electric vehicles.”",{"type":577,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":582},"Shares of Chinese lithium producers have rallied in recent weeks on hopes that government stimulus will refresh demand. Shares in Ganfeng Lithium are up by 10 % this month, while Tianqi Lithium has risen by 26%.",{"type":577,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":582},"Pricing for lithium chemicals in China only marginally softened at the end of May as Shanghai and other cities remained under lockdown, according to Benchmark’s Lithium Price Assessment.",{"type":577,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":582},"Buyers in Europe and North America are employing “a watch-and-wait strategy for spot market purchasing” in response to the situation in China, according to the Lithium Price Assessment. That has pushed international prices for both carbonate and hydroxide into the $65,000-75,000/tonne range, according to the assessment.",{"type":604,"attrs":662,"content":663},{"level":606,"textAlign":49},[664],{"text":665,"type":582},"Subsidies",{"type":577,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":582},"Still, China is set to end subsidies for electric vehicles at the end of this year. The Ministry of Finance said this week it would also “reasonably control” the easing off of national subsidies for electric vehicles, but confirmed they would still finish at the end of 2022.",{"type":577,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":582},"“The Ministry of Finance and relevant departments will continuously improve the new energy vehicle subsidy policy, and increase the technical threshold for subsidies, and reasonably control the intensity and pace of easing off, to promote the high quality development of the industry,” it said.",{"type":577,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":582},"The government is also looking to stimulate sales of petrol cars to revive the broader auto industry, which could provide more competition for electric vehicle sales. On Thursday the government cut the purchase tax on passenger vehicles in half, for vehicles not more than 300,000 RMB.","Shanghai has pledged to boost sales of electric vehicles as the city prepares to open up following two months in lockdown, as authorities across the country try to resuscitate demand in the world’s largest car market. The city said it would offer 10,000 RMB（$1,500) in subsidies for people who exchange their car for a pure […]",[683],{"slug":565,"name":566,"content":684},{"job_title":568,"image":685,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bcba4873-917c-483a-8999-bfac436ff983\", \"id\": \"\"}-->","article",[689,692],{"slug":690,"name":691},"batteries","Batteries",{"slug":693,"name":694},"ev","EV","private",{"id":49,"alt":697,"name":697,"focus":697,"title":697,"source":697,"filename":698,"copyright":697,"fieldtype":699,"meta_data":700,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/c5d0bf565c/bm-shanghai-lockdown-2.jpg","asset",{"alt":697,"title":697,"source":697,"copyright":697},"May 31, 2022","31st May 2022",[],[],1792688588331]