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China’s auto industry went through a prosperous and exciting year in 2009 and became a powerful engine for the GDP growth of China. In 2010, the auto industry is ignited by the new energy policy.
During the National People’s Congress (NPC) held in Beijing from March 5-10, Chinese Prime Minister Wen Jiabao presented the “Government Work Report”, in which the auto industry was mentioned for 23 times. The Report also told that the new energy will be more and more popular with the low-carbon economy. BYD, Geely and some other Chinese domestic automakers responded actively to the new policy and put great efforts in developing the new energy automobiles. The securities companies are also bullish on the opportunity new energy brings about to auto industry.
Automakers Flock into New
Energy Industry
During the NPC, many representatives submitted the proposals of developing new energy automobiles to the central government and demanded the government to issue relevant policies to promote its development.
Wang Fengying, president of Great Wall Motor Co., Ltd submitted a proposal, requiring the government to establish standards for the low-emission vehicles. Li Fujian, board chairman of Geely proposed that the government should give support to the new energy automobiles by formulating policies based on the market supply and demand. According to Li Fujian, the subsidies should be temporary and it is necessary to get long-term solutions which conform to the discipline of market economy.
How Charming Is This Market?
According to the estimation of US-based McKinsey & Company, if the electric vehicles account for 20% to 30% of the passenger vehicles in 203, the market value of China’s electric vehicle can reach 700 billion to 1.5 trillion yuan (USD 102.55 billion to 219.75 billion). Attracted by the big cake, the Chinese automakers made intensive investments in the electric vehicle market one by one.
On March 2, 2010, BYD published an announcement, confirming that it had reached an agreement with the Germany-based Daimler on the development of electric vehicles which will come out with a new brand. On the same day, China South Locomotive & Rolling Co., Ltd and Liaoning Shuguang Motor Co., Ltd set up a joint venture in Hunan, aiming to build the largest manufacturing base of new energy buses. This base, once completed, can produce 10,000 more electric buses each year.
Following the two companies’ actions, Geely’s president Li Shufu told the media that “Geely is developing the new energy vehicles and daily progress could be seen”.
Subsidies for Purchasing
New Energy Vehicles
During the NPC, Zhang Xiangmu, head of equipment department, Ministry of Industry and Information Technology (MIIT), said that the MIIT and other relevant government departments had already formed the detailed support program for the development of new energy vehicles and submitted it to the State Council (Cabinet) for examination and approval.
Last year China chose Beijing, Shanghai and the other 11 cities as the pilot cities for spreading the use of new energy vehicles and gave subsidies to the consumers who bought the new energy vehicles. At that time the subsidies were mainly given to the electric urban buses with the length of more than 10 meters, of which the buyers of hybrid buses pure electric buses and fuel cell buses could respectively get the maximum subsidies of 420 thousand yuan (USD 61.5 thousand), 500 thousand yuan (USD 73.3 thousand) and 600 thousand yuan (USD 87.9 thousand).
“The pilot has already seen positive achievements with thousands of new energy vehicles being sold. We plan to enlarge the scope of pilot and encourage individuals to buy the new energy vehicles,” said Zhang Shaochun, Vice Minister of Finance.
It was known that the Ministry of Finance and MIIT have already listed 20 cities as the pilot areas for the use of new energy buses and the other public vehicles. In 2010 the government will issue policies about the subsidies for the individuals buying new energy vehicles. These government departments have already submitted the detailed plan and will establish five pilot cities in which the individual buyers of electric vehicles can maximally get 60,000 yuan (USD 8,790.2) as subsidies.
In Zhang Xiangmu’s opinion, there are several goals of setting up pilot cities: the first one is to let the manufacturers know feedback of consumers for the functions and performance of vehicles; the second one is to find the problems as well as the solutions; the third one is to give time for the public to get used to the electric vehicles which are quite different from the traditional vehicles.
Securities Dealers Bullish on
Relevant Stocks
In addition to the increasing efforts of the automakers in the research and development of new energy vehicles, the stock price of new energy vehicle or components manufacturers continued to go upward from the beginning of March. The battery manufacturers saw the biggest increase of their stock prices in this period. Shenzhen Auto Electric Power Co., Ltd which is the leading company of recharging electric autos in China saw its stock price increase by 13.98% in the first three days of March.
After the NPC, more and more development plans of new energy industry will come out. The new energy vehicles are also listed into the national development plan. China plans to increase the proportion of new energy vehicles in the total number to one half by 2020 and the whole country is striving to realize this goal.
The relevant securities dealers said that the core value of new energy chain is the battery, where they focus on right now. In the future they will extend their attention to the power system, vehicle assembly and the after-sale service. They will also help the new energy auto manufactures during their process of going public.
During the National People’s Congress (NPC) held in Beijing from March 5-10, Chinese Prime Minister Wen Jiabao presented the “Government Work Report”, in which the auto industry was mentioned for 23 times. The Report also told that the new energy will be more and more popular with the low-carbon economy. BYD, Geely and some other Chinese domestic automakers responded actively to the new policy and put great efforts in developing the new energy automobiles. The securities companies are also bullish on the opportunity new energy brings about to auto industry.
Automakers Flock into New
Energy Industry
During the NPC, many representatives submitted the proposals of developing new energy automobiles to the central government and demanded the government to issue relevant policies to promote its development.
Wang Fengying, president of Great Wall Motor Co., Ltd submitted a proposal, requiring the government to establish standards for the low-emission vehicles. Li Fujian, board chairman of Geely proposed that the government should give support to the new energy automobiles by formulating policies based on the market supply and demand. According to Li Fujian, the subsidies should be temporary and it is necessary to get long-term solutions which conform to the discipline of market economy.
How Charming Is This Market?
According to the estimation of US-based McKinsey & Company, if the electric vehicles account for 20% to 30% of the passenger vehicles in 203, the market value of China’s electric vehicle can reach 700 billion to 1.5 trillion yuan (USD 102.55 billion to 219.75 billion). Attracted by the big cake, the Chinese automakers made intensive investments in the electric vehicle market one by one.
On March 2, 2010, BYD published an announcement, confirming that it had reached an agreement with the Germany-based Daimler on the development of electric vehicles which will come out with a new brand. On the same day, China South Locomotive & Rolling Co., Ltd and Liaoning Shuguang Motor Co., Ltd set up a joint venture in Hunan, aiming to build the largest manufacturing base of new energy buses. This base, once completed, can produce 10,000 more electric buses each year.
Following the two companies’ actions, Geely’s president Li Shufu told the media that “Geely is developing the new energy vehicles and daily progress could be seen”.
Subsidies for Purchasing
New Energy Vehicles
During the NPC, Zhang Xiangmu, head of equipment department, Ministry of Industry and Information Technology (MIIT), said that the MIIT and other relevant government departments had already formed the detailed support program for the development of new energy vehicles and submitted it to the State Council (Cabinet) for examination and approval.
Last year China chose Beijing, Shanghai and the other 11 cities as the pilot cities for spreading the use of new energy vehicles and gave subsidies to the consumers who bought the new energy vehicles. At that time the subsidies were mainly given to the electric urban buses with the length of more than 10 meters, of which the buyers of hybrid buses pure electric buses and fuel cell buses could respectively get the maximum subsidies of 420 thousand yuan (USD 61.5 thousand), 500 thousand yuan (USD 73.3 thousand) and 600 thousand yuan (USD 87.9 thousand).
“The pilot has already seen positive achievements with thousands of new energy vehicles being sold. We plan to enlarge the scope of pilot and encourage individuals to buy the new energy vehicles,” said Zhang Shaochun, Vice Minister of Finance.
It was known that the Ministry of Finance and MIIT have already listed 20 cities as the pilot areas for the use of new energy buses and the other public vehicles. In 2010 the government will issue policies about the subsidies for the individuals buying new energy vehicles. These government departments have already submitted the detailed plan and will establish five pilot cities in which the individual buyers of electric vehicles can maximally get 60,000 yuan (USD 8,790.2) as subsidies.
In Zhang Xiangmu’s opinion, there are several goals of setting up pilot cities: the first one is to let the manufacturers know feedback of consumers for the functions and performance of vehicles; the second one is to find the problems as well as the solutions; the third one is to give time for the public to get used to the electric vehicles which are quite different from the traditional vehicles.
Securities Dealers Bullish on
Relevant Stocks
In addition to the increasing efforts of the automakers in the research and development of new energy vehicles, the stock price of new energy vehicle or components manufacturers continued to go upward from the beginning of March. The battery manufacturers saw the biggest increase of their stock prices in this period. Shenzhen Auto Electric Power Co., Ltd which is the leading company of recharging electric autos in China saw its stock price increase by 13.98% in the first three days of March.
After the NPC, more and more development plans of new energy industry will come out. The new energy vehicles are also listed into the national development plan. China plans to increase the proportion of new energy vehicles in the total number to one half by 2020 and the whole country is striving to realize this goal.
The relevant securities dealers said that the core value of new energy chain is the battery, where they focus on right now. In the future they will extend their attention to the power system, vehicle assembly and the after-sale service. They will also help the new energy auto manufactures during their process of going public.