China’s new energy vehicle (NEV) tax exemption has been extended to the end of 2023, it has been jointly announced by the Ministry of Industry and Information Technology, the Ministry of Finance and the State Administration of Taxation. Of the 2.1 million vehicles produced during August, 7% were hybrids and 24% electric-operated vehicles. Retail sales amounted to 1.87 million units for an increase of 2.9% over July.
With EVs gradually emerging as the future for the vehicle sector, the recycling of lithium batteries is also becoming a hotspot. In April this year, China’s Ministry of Industry and Information Technology added crude nickel-cobalt hydroxide made from lithium batteries to non-ferrous industry standards. Besides domestic business opportunities, leading recyclers are exploring global markets, with new recycling facilities designated for South Korea, Indonesia and Europe.
China’s economy is still being challenged by the country’s COVID policy while the weaker Yuan has not helped export volumes in recent months. According to National Bureau of Statistics data, the manufacturing PMI rebounded above 50 points in September - a good sign of economic recovery.
Data show that China’s primary aluminium imports totalled 43,200 tonnes during August - a slight drop from the previous month but 59% down on the same month last year. Some 85% of the imports originated from Russia.
The 22nd Annual Convention of the China Nonferrous Metals Industry Association Recycling Metal Branch (CMRA) is to be held from November 7 to 9 in the city of Hunan, Changsha province.