Cango Newsletter 20210107

Date: 2021-01-07
Happy New Year!

Below please find our latest Cango newsletter. Cango (NYSE: CANG) is a leading automotive transaction service platform in China, connecting dealers, financial institutions, car buyers, and other industry participants.

Our goal is to share the most newsworthy articles in today’s macro economy, auto industry, as well as our recent developments. Below please find the abstract and news link for more details. We hope you’ll find it helpful. Thanks.

Cango Newsletter 20210107

2020年12月财新中国制造业PMI为53 价格指数涨幅强劲

Manufacturing PMI Eases to 53 in December

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.

Cango Newsletter 20210107


CAAM: December Vehicle Sales volume is estimated to be 2.8 million units and the annual volume totals 25.3 million units

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%.

乘联会秘书长:特斯拉Model Y暴降16万 BBA豪华车将受冲击

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.”

Cango Newsletter 20210107

Cango Inc. to Participate in Upcoming January Conferences

Cango Ranks among “2020 China’s Top 10 Innovators in Auto Marketplaces, Platform and Services”

Cango Ranks among Caijing Annual Conference's Top 10 Fastest-Growing US-Listed Chinese Stocks

Cango Won the China Auto Golden Engine Award for "The Best Auto Finance Service Provider" for the Third Consecutive Time

Cango Won 2020 China Automobile Dealers Industry's Award for "Innovative Enterprise in Auto Financial Services"

Articles from the latest Corporate Bimonthly Magazine "CANGO Auto View"(CANGO车视界):

Opportunities and Challenges in Technology and Channel Abound on the Eve of Major Changes for the Century-Old Auto Industry

What’s Next for 5G? An Accelerator for the Internet of Vehicles!