Commodities Update – Gold Falls; The grains rise; Copper pulls back from 8-week high
China In-Focus — CATL to Develop New Battery Materials; Industrial profits down in July
RIYADH: China’s CATL is working on new battery materials that can improve energy density by 10-20% compared to iron phosphate batteries, the company’s chairman said, as the battery giant s strives to maintain its leading position in the face of competition.
The new hardware technology known as M3P can enable an electric vehicle to travel 700 km per charge combined with CATL’s next-generation battery technology, Zeng Yuqun said Saturday at the World New Energy Vehicle Congress in Beijing. .
The new materials will also reduce costs compared to nickel- and cobalt-based batteries, he added.
Zeng, however, did not specify which metals the M3P batteries will use or when mass production might begin.
CATL, whose customers include Tesla, Volkswagen, BMW and Ford, is the world’s largest battery maker, accounting for more than a third of electric vehicle battery sales worldwide.
Global electric vehicle battery market
The global electric vehicle battery market is expected to reach $250 billion by 2030, with demand exceeding 3.5 terawatt hours, said Wan Gang, president of the World New Energy Vehicle Congress of China, speaking on Saturday. in Beijing.
Industrial profits drop in China in July
Profits at Chinese industrial companies fell in July, reversing previous gains as new COVID-19 restrictions lowered demand and squeezed factory margins, while power shortages due to heatwaves threatened production.
Profits at China’s industrial enterprises fell 1.1% in January-July from a year earlier, erasing the 1.0% growth recorded in the first six months, the National Bureau of Statistics said on Saturday.
The bureau did not report standalone numbers for July.
Factory production and operations in major manufacturing hubs like Shenzhen and Tianjin were hit during the month as new COVID restrictions were imposed.
In July, China’s industrial production growth slowed to 3.8% year-on-year from 3.9% in June.
Industrial company liabilities jumped 10.5% from a year earlier in July, matching the 10.5% increase in June, the statistics office said.
US and China reach historic audit agreement
Beijing and Washington took a major step on Friday toward ending a dispute that threatened to drive Chinese firms, including Alibaba, out of US stock exchanges, by signing a pact allowing US regulators to vet accounting firms in China and Hong Kong. .
U.S. regulators have demanded access to U.S.-listed Chinese companies’ audit documents for more than a decade, but Beijing is reluctant to let foreign regulators inspect its accounting firms, citing national security concerns.
The deal marks a partial thaw in U.S.-China relations amid tensions over Taiwan and will relieve hundreds of Chinese companies, investors and U.S. exchanges, giving China the chance to retain market access of the deepest capitals in the world if it works in practice. .
Otherwise, some 200 Chinese companies could be banned from US stock exchanges, said US Securities and Exchange Commission Chairman Gary Gensler. The agency previously identified Alibaba Group, JD.Com Inc. and NIO among those at risk.
(Contributed by Reuters)