Sales of electric vehicles in China hit a record in June with nearly 596,000 EVs sold, surpassing the previous best of 531,000 EVs in December 2021, according to China Association of Automobile Manufacturers (CAAM).
June sales were up almost 133 per cent on an annual basis and more than 33 per cent on the month.
This brings the total EVs sold in the country to 2.51 million units in the first half of the year, close to a 130 per cent year-on-year increase, said Abhishek Murali, senior analyst at Rystad Energy.
“This is a massive jump given the poor performance in April and highlights the ability of the Chinese market to sharply bounce back and bring production to pre-coronavirus-lockdown levels quite quickly,” Mr Murali said.
“China is expected to sell close to 6 million EVs for the year and this bounce back indicates a strong H2 for the country.”
Overall, sales of all passenger vehicles in China reached 2.5 million units in June, up 344.4 per cent on the month and 23.8 per cent on the year, according to CAAM data.
In the EV category, the Tesla Model Y was the best-selling model for the month, with close to 52,000 sales.
“This is, however, to be expected as Tesla’s deliveries within China occur at the end of each quarter while the first two months are prioritised for exports mainly to Europe,” Mr Murali said.
“However, Tesla’s delivery struggles in the second quarter allowed Chinese car maker BYD to take the number one spot in EV sales year-to-date … BYD sold 134,000 EVs in June and [its] H1 deliveries stood at 638,000, already surpassing the total sales of the company in 2021.”
BYD is expected to sell nearly 1.3 million EVs this year. It will make the company only the second car maker after Tesla to cross the 1 million EV sales mark in a year.
Globally, there is a move towards the use of EVs that are charged from the electric grid as more consumers choose transport powered by “clean” energy.
EV shipments are expected to rise almost 35 per cent on an annual basis this year as governments introduce regulations and incentives to help the industry's growth, according to Gartner.
Nearly 6.4 million EV units are expected to be sold this year, 1.6 million more than in 2021, the US research agency said.
Earlier this week, Ganfeng Lithium, the world’s third-largest and China’s largest lithium producer, announced that it will buy Argentina-based Lithea for nearly $962 million.
Lithea owns rights of two lithium salt lakes in Argentina's mineral-rich Salta province, namely Pozuelos lithium salt lake asset and Pastos Grandes lithium salt lake asset.
“The new deal took place when the lithium prices maintained its momentum at the highest level in the history, having grown by 60 per cent since the start of this year,” said Susan Zou, senior analyst at Rystad.
Battery-grade lithium carbonate costs about 480,000 Chinese yuan ($71,290) per tonne in the domestic Chinese market, according to Rystad.
“With recent recovering EV sales … we estimate the lithium carbonate price in China has room to move up further,” said Ms Zou.
Lithium is needed to produce almost all power batteries currently used in EVs as well as consumer electronics.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
RESULTS
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7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
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First Person
Richard Flanagan
Chatto & Windus
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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7.05pm: Maiden (TB) Dh165,000 1,400m.
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'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
UAE currency: the story behind the money in your pockets
Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
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8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
