This post is an extract from the Danwei Bulletin, a briefing of company and market news collected from the Chinese news and social media before the information appears in English language reporting and sent to premium subscribers of the ...
This post is an extract from the Danwei Bulletin, a briefing of company and market news collected from the Chinese news and social media before the information appears in English language reporting and sent to premium subscribers of the FT’s China Confidential and Danwei. Please click here for more information.
The Beijing municipal government has announced initiatives to install charge points for electric cars around the city and to promote electric vehicles for public transport and rental.
The Beijing Science & Technology Commission (BSTC) launched an initiative this week to encourage the private use of electric cars, selecting twelve areas across the city to equip with charge points, parking spots, and rental offices, to grow to 20 major areas by 2015. Beijing will also add 2,000 electric taxis this year to the existing fleet of 750. Xu Xinchao, director of the BSTC’s New Energy and New Materials Department, mentioned Ecar (a leasing company under China Automotive News ???? ?) and China Auto Rental as agencies that would be rental partners in the city’s electric car initiative. Zhan Jingjing, general manager of Ecar, told China Business News ?????? that the first batch of 15 E150 EV electric cars would be provided to customers in the pilot area of Tsinghua Science Park, which has been equipped with ten slow charging stations and one quick-charge point. The vehicles will rent for 49 yuan an hour or 99 yuan a day, Beijing Daily ???? reported.
Lin Yi, director of E150 EV manufacturer New Energy Auto (a BAIC subsidiary), told the Legal Mirror ???? that the company will put at least 5,000 electric vehicles on the road this year, including more than 3,000 sales to the private sector.
The new charging stations might go some way towards alleviating some of the teething problems facing China’s electric car industry. As the chart above illustrates, the stock price in Hong Kong of one of the companies set to profit from the new charging stations, namely BYD, has been on the up in the last month.
Companies and brands affected
BYD (????? HKG:1211)
Beijing Automotive Industry Holding Co. Ltd. (BAIC ???? Not listed)
New Energy Auto (????? BAIC subsidiary)
Ecar (???? Privately held. Note: also spelt as Yika in English media)
China Auto Rental (???? Privately held)