China targets 20pc NEV share by 2025: Correction
Corrects target date in headline, first paragraph
China's state council has announced a development plan for the new energy vehicle (NEV) industry during 2021-35, targeting a 20pc share of NEVs in the country's total vehicles sales by 2025.
China aims to lower the average power consumption of a new battery electric passenger car to 12kWh/km by 2025, according to the plan, which also makes clear the country's ambitions to fully electrify public vehicles, commercialise fuel cell vehicles and realise the scale application of highly autonomous vehicles.
Battery electric vehicles (EVs) by 2035 will become the mainstay of new vehicle sales in the country, the plan said.
The government also wants to strengthen innovations to improve the industry's infrastructure of key components such as power batteries and new generation automotive motors, while promoting integration and a co-ordinated development of electric, network and intelligent technologies.
The plan is also designed to accelerate the development and application of automotive operating systems, build an efficient power battery recycling system and speed up the development of infrastructure such as power and hydrogen charging and battery replacing facilities.
The plan calls for the merger and reorganisation of competitive enterprises to strengthen industry integration. The government will implement preferential tax policies for NEVs, optimise traffic management and financial services, provide financial support for building charging points as public facilities, while providing preferential policies for parking and charging of NEVs.
The government is aiming for at least 80pc of NEVs by next year to be used in areas such as public transport, taxi services and logistics in the country's "ecological civilisation" pilot zones and key areas for air pollution prevention and control.
The plan comes after Beijing announced new development plans for strategic industries, including EVs, new energy resources and technology infrastructure, in response to the impact of the Covid-19 economic downturn and trade tensions with the US.
Chinese NEV output totalled 738,000 during January-September, down by 18.7pc from a year earlier. Sales fell by 17.7pc to 734,000, with higher output in recent months outweighed by the overall impact from the Covid-19 pandemic.
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China raises EV, ICE vehicles trade-in subsidies
China raises EV, ICE vehicles trade-in subsidies
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Refining, LNG segments take Total’s profit lower in 2Q
Refining, LNG segments take Total’s profit lower in 2Q
London, 25 July (Argus) — TotalEnergies said today that a worsening performance at its downstream Refining & Chemicals business and its Integrated LNG segment led to a 7pc year-on-year decline in profit in the second quarter. Profit of $3.79bn was down from $5.72bn for the January-March quarter and from $4.09bn in the second quarter of 2023. When adjusted for inventory effects and special items, profit was $4.67bn — slightly lower than analysts had been expecting and 6pc down on the immediately preceding quarter. The biggest hit to profits was at the Refining & Chemicals segment, which reported an adjusted operating profit of $639mn for the April-June period, a 36pc fall on the year. Earlier in July, TotalEnergies had flagged lower refining margins in Europe and the Middle East, with its European Refining Margin Marker down by 37pc to $44.9/t compared with the first quarter. This margin decline was partially compensated for by an increase in its refineries' utilisation rate: to 84pc in April-June from 79pc in the first quarter. The company's Integrated LNG business saw a 13pc year on year decline in its adjusted operating profit, to $1.15bn. TotalEnergies cited lower LNG prices and sales, and said its gas trading operation "did not fully benefit in markets characterised by lower volatility than during the first half of 2023." A bright spot was the Exploration & Production business, where adjusted operating profit rose by 14pc on the year to $2.67bn. This was mainly driven by higher oil prices, which were partially offset by lower gas realisations and production. The company's second-quarter production averaged 2.44mn b/d of oil equivalent (boe/d), down by 1pc from 2.46mn boe/d reported for the January-March period and from the 2.47mn boe/d average in the second quarter of 2023. TotalEnergies attributed the quarter-on-quarter decline to a greater level of planned maintenance, particularly in the North Sea. But it said its underlying production — excluding the Canadian oil sands assets it sold last year — was up by 3pc on the year. This was largely thanks to the start up and ramp up of projects including Mero 2 offshore Brazil, Block 10 in Oman, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Absheron in Azerbaijan. TotalEnergies said production also benefited from its entry into the producing fields Ratawi, in Iraq, and Dorado in the US. The company expects production in a 2.4mn-2.45mn boe/d range in the third quarter, when its Anchor project in the US Gulf of Mexico is expected to start up. The company increased profit at its Integrated Power segment, which contains its renewables and gas-fired power operations. Adjusted operating profit rose by 12pc year-on-year to $502mn and net power production rose by 10pc to 9.1TWh. TotalEnergies' cash flow from operations, excluding working capital, was $7.78bn in April-June — an 8pc fall from a year earlier. The company has maintained its second interim dividend for 2024 at €0.79/share and plans to buy back up to $2bn of its shares in the third quarter, in line with its repurchases in previous quarters. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Mercado mexicano de turbosina evalúa cambios de Pemex
Mercado mexicano de turbosina evalúa cambios de Pemex
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