Trouble for Europe’s supply of Chinese EVs: The global shortage of car-moving ships has affected the exports of EVs from China to Europe, pushing up shipping prices to record levels and limiting the supply of Chinese EV brands in the European market, The Financial Times writes. Many older ships were scrapped during the pandemic and many replacement carriers are not expected to be ready for another three years. Chinese automakers — which increased exports due to overcapacity in their domestic factories — have been particularly affected by the shortage, as about one in four EVs sold in Europe comes from mainland China. The shipping shortages have also seen daily charter prices rise to USD 115k, which is 10% higher than in 2022, the report adds. Many Chinese companies plan to build local European factories, but these will not begin producing vehicles until later this decade.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • France expands nuclear power: France intends to construct eight new nuclear reactors in addition to the six already planned. This comes ahead of a parliamentary debate on the country’s energy strategy, which includes extending the lifespan of existing reactors and increasing renewable energy capacity. (Reuters)
  • Norway to invest EUR 6 bn in hydro + wind power:Norway's state-owned renewables company Statkraft is set to invest EUR 6 bn to upgrade existing hydro and wind power facilities and construct new onshore wind farms. This initiative will double the company’s current wind farm output and enhance hydro power effectiveness, resulting in an additional 3 TWh of electricity output. (Reuters)
  • Qcells to supply Microsoft with 12 GW of US-made solar panels: Korean PVmanufacturer Qcells will provide Microsoft with 12 GW of panels by 2032, to-be manufactured at Qcells' new USD 2.5 bn factory in Georgia. Microsoft aims to become fully renewable-powered by 2025, while mitigating its supply chain risks. (Reuters)
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