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rebound? NEV Subsidies extended as supply chain shows tentative signs of recovery","chinese-rebound-nev-subsidies-extended-as-supply-chain-shows-tentative-signs-of-recovery","article/chinese-rebound-nev-subsidies-extended-as-supply-chain-shows-tentative-signs-of-recovery",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":633,"featured":50,"reporter":634,"_editable":638,"component":639,"seo_title":553,"categories":640,"visibility":647,"author_company":49,"featured_image":648,"seo_description":633,"author_full_name":49,"author_job_title":49,"formattedDate":653,"formattedArticleDate":654},"9012646d-1bc5-487e-9f22-d7845205393a","2020-04-17 00:00",[],[561],{"slug":562,"name":563,"content":564},"matthew-bird","Matthew Bird",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Senior Editor - Supply Chains & Data Visualisation",{"filename":567},"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":571,"content":572},"doc",[573,588,593,598,603,608,613,618,623,628],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577,586],{"text":578,"type":579,"marks":580},"Having signalled at the start of the year that it would not make further reductions to New Energy Vehicle (NEV) subsidies","text",[581],{"type":582,"attrs":583},"link",{"href":584,"uuid":49,"anchor":49,"target":49,"linktype":585},"https://source.benchmarkminerals.com/article/china-suggests-no-significant-nev-subsidy-cut-in-2020-but-the-industry-must-prepare-regardless","url",{"text":587,"type":579},", it was confirmed by Chinese Premier Li Keqiang that China would extend NEV subsidies and certain tax exemptions for an additional 2 years as the country further adjusts to the fallout from the coronavirus pandemic.",{"type":574,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":579},"The initial fears of a supply shock to the Chinese-centred lithium ion supply chain have now been compounded by concerns of a global fall in auto and electric vehicle demand. It is in this environment, which follows 2019’s lower than expected NEV demand, in which China has decided to continue to support the world’s largest electric vehicle market.",{"type":574,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":579},"After a disappointing year for NEVs in 2019, the slowdown in China’s economy following the coronavirus lockdown saw NEV production fall 83% and sales 76% in February, although Benchmark expects these numbers to rebound from Q2 onwards. While we expect an improvement after Q2, it’s important to note that total 2020 production will still be lower than what we expected at the start of the year.",{"type":574,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":579},"However, as the infection rate in China has fallen, the country’s NEV stimulus programmes have continued to boost the domestic EV outlook. While the government have not yet specified the level of subsidy and tax breaks which will now extend into 2022, it is expected that any changes to the current scheme will be minimal.",{"type":574,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":579},"Regional governments will likely play an integral role in support of China’s industry as the central government has urged local governments to introduce new policies to promote electric vehicle demand. A number of provinces — including Guangdong, Shandong, Jilin, Hainan; and cities including Shenzhen and Hangzhou — have already introduced new subsidies and it is expected for this to be followed by other regions.",{"type":574,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":579},"As part of its stimulus efforts to recover following Q1, the Chinese government has announced plans to invest heavily in infrastructure targeting its 5G network, data centres, high speed train network, and NEV charging stations.",{"type":574,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":579},"We expect this directive to bolster energy storage (ESS) demand to power 5G base stations, where lead-acid batteries are expected to be replaced by lithium iron phosphate (LFP) battery technology. For instance, China Mobile and China Tower have subsequently announced bids to purchase LFP batteries, totalling over 4 GWh capacity.",{"type":574,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":579},"Albert Li, Senior Analyst – China, said of the latest developments: “Subsidies started in 2010 and kept increasing until beginning to decrease in 2017. China’s plan was to withdraw subsidies in 2020, but in 2019, NEV sales had a year-on-year drop, which was the first time in the last decade. Therefore, entering 2020, the Automobile Association and other stakeholders proposed extending the subsidy period. These pressures ultimately worked and the subsidy policy was extended for two years. At its core, this policy is to push environmental protection, and will bolster NEV sales and the NEV industry’s sustainable development.”",{"type":574,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":579},"“More detailed subsidy policies will soon be announced. It’s been rumoured that the 2020 subsidy policy from the central government might be reduced by 10%, but local governments will announce their own subsidies to ensure the support of its NEV industry and consumers.”",{"type":574,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":579},"With regards to China’s supply chain rebound following the country-wide lockdowns, Li said: “China’s entire NEV industry supply chain has showed some signs of recovery after the lockdowns. Suppliers have resumed production with help from local governments, for example, Jixi government have pushed for over seven new graphite projects to start construction in April. Even in Jingmen, Hubei, close to the epicentre of the coronavirus outbreak, its local government pushed to restart EVE Energy’s megafactory project at the end of March. Additionally, suppliers continued to receive new orders during and after the lockdowns, with Huayou Cobalt and Posco signing an N65 precursor agreement at the end of March, and Shanshan Energy agreeing to purchase battery material from Fujian Evergreen New Energy.”","Having signalled at the start of the year that it would not make further reductions to New Energy Vehicle (NEV) subsidies, it was confirmed by Chinese Premier Li Keqiang that China would extend NEV subsidies and certain tax exemptions for an additional 2 years as the country further adjusts to the fallout from the coronavirus […]",[635],{"slug":562,"name":563,"content":636},{"job_title":565,"image":637,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"9012646d-1bc5-487e-9f22-d7845205393a\", \"id\": \"\"}-->","article",[641,644],{"slug":642,"name":643},"batteries","Batteries",{"slug":645,"name":646},"ev","EV","private",{"id":49,"alt":649,"name":649,"focus":649,"title":649,"source":649,"filename":650,"copyright":649,"fieldtype":651,"meta_data":652,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/ab0d46fc6c/bm-china-traffic-credit-arend-kuester.jpg","asset",{"alt":649,"title":649,"source":649,"copyright":649},"Apr 17, 2020","17th April 2020",[],[],1792773940972]