Cango Newsletter 20210107
The Caixin China General Manufacturing Purchasing Managers’ Index (PMI) came in at 53 in December. While the latest reading was slightly lower than the November reading of 54.9, which was the highest since November 2010, the December figure still remained in expansionary territory by standing above the benchmark of 50, signaling a solid improvement in the health of China's manufacturing sector. The Caixin figure mirrors the manufacturing PMI data released by the National Bureau of Statistics on Dec 31, which saw the reading edge down by 0.2 percentage point on a monthly basis to 51.9.Chinese Yuan's Spot Exchange Rate Rose above 6.46 against US Dollar
On the first trading day of 2021, the yuan's spot exchange rate against the US dollar briefly surged more than 800 basis points. On January 4, after opening at 6.5195, the spot exchange rate of yuan against the US dollar appreciated to 6.4579 at the highest and closed at 6.4628, up 770 basis points compared to the official closing price of the previous trading day. The offshore yuan traded at as high as 6.4417 per US dollar in intraday on January 4, up more than 600 basis points, or more than 1%.Shanghai Will Promote Comprehensive Digital Transformation of "Economy, Life, Governance"
The Shanghai Municipal Commission of Economy and Information Technology released the “Opinions on Comprehensively Promoting the Digital Transformation of Shanghai's Urban Areas", requiring a deep understanding of the great significance of comprehensively promoting the digital transformation of Shanghai as the city enters the new development stage, and clarifying the overall requirements of this digital transformation. The Opinions pointed out that focusing on the wide application of new technologies, and vigorously enhancing the level of urban innovation, Shanghai will promote the comprehensive “economic, life, and governance” digital transformation.
In December 2020, the sales volume of the automobile industry is estimated to reach 2.8 million units, with a MoM growth of 1.2% and a YOY growth of 5.4%.In terms of segment models, passenger vehicle sales rose 5.9% YOY, while commercial vehicle sales fell 4.4%. For the full year 2020, the accumulative sales volume of the automobile industry is estimated to be 25.3 million units, down 1.9% YoY.In terms of segment models, passenger vehicle sales fell 6.1% YoY, while commercial vehicle sales rose 18%.Secretary-general of CPCA: Tesla Model Y Prices Plunged RMB160,000, Hitting Luxury Car Brands
Tesla has started recently taking orders for its China-made Model Y sport-utility vehicles (SUVs), with a 30 percent price markdown. The starting price for Tesla Model Y's Long-Range version, built in its Shanghai gigafactory, is set at RMB339,900, down RMB148,100 compared to the price quoted for presale orders six months ago. The Performance Range of Model Y will start from RMB369,900, 31% cheaper than the presale quotation. “The markdown could escalate the competition among Model Y and its rivals, mainly including Audi Q5L, Mercedes-Benz GLC and BMW X3. Model Y is showing signs of grabbing a big market share with its competitive price,” said Cui Dongshu, secretary-general of CPCA. “In addition, Model Y is likely to have a higher sales volume in mega cities, as it’s easier to acquire license plate for new energy cars.”
Articles from the latest Corporate Bimonthly Magazine "CANGO Auto View"(CANGO车视界):