SMM

【Ministry of Commerce: Local Governments Are Accelerating the Compilation of Pilot Work Plans for Automobile Circulation and Consumption Reform】Li Gang, Director of the Department of Consumption Promotion at the Ministry of Commerce, stated on March 25 that the ministry is currently guiding local commerce departments to work with relevant authorities to carry out the application process for the pilot reform of automobile circulation and consumption in an orderly manner, and is accelerating the compilation of pilot work plans. Subsequently, the list of pilot cities will be determined based on the principle of "launching batches as they mature."

【Ministry of Commerce: As of March 24, the Total Number of Applications for Automobile Trade-ins Nationwide Exceeded 1.5 Million】Li Gang, Director of the Department of Consumption Promotion at the Ministry of Commerce, stated that since the beginning of this year, the Ministry of Commerce, in collaboration with various regions and relevant departments, has intensified efforts to expand the implementation of consumer goods trade-ins, with the support fund increasing significantly from 150 billion yuan last year to 300 billion yuan this year. The supported categories and subsidy scope have been further expanded, and the policy's effectiveness is gradually becoming evident. As of March 24, the total number of applications for automobile trade-ins nationwide exceeded 1.5 million; consumers purchased over 28 million home appliances through trade-in programs, and more than 45 million consumers applied for subsidies for over 56 million new digital products such as mobile phones. The number of e-bike trade-ins has exceeded 2.2 million. We will ensure the effective implementation of the policy, closely monitor and guide, optimize convenience services, streamline the recycling chain, and intensify promotional efforts to make the "real money" reach consumers more efficiently and conveniently.

【Rio Tinto CEO Jakob Stausholm: Global Annual Lithium Demand May Increase to 4-5 Million mt in the Future】Rio Tinto CEO Jakob Stausholm stated that global annual lithium demand may increase to 4-5 million mt in the future. Despite the current low lithium prices, Rio Tinto continues to expand its lithium business. On March 7 this year, Rio Tinto officially announced the completion of the acquisition of Arcadium Lithium Co., Ltd. for $6.7 billion. Arcadium Lithium will be renamed Rio Tinto Lithium and will integrate Rio Tinto's Rincon lithium project.

【Toyota Delays Construction of EV Battery Plant in Fukuoka Prefecture, Japan】Toyota has delayed the plan to build a pure electric vehicle (EV) battery plant in Fukuoka Prefecture, Japan. The project was originally scheduled to start in 2025, but it has not yet been finalized. Additionally, Toyota is coordinating to postpone the launch of next-generation EV production. Although Toyota, which started late in the EV field, has continuously announced new investment plans, it has made adjustments due to reduced global demand.

【Trump Considers Introducing a Two-Step Tariff System on April 2】According to the Financial Times, US President Donald Trump is considering introducing a two-step tariff plan on April 2, which includes immediately imposing tariffs of up to 50%. The Financial Times cited lawyers and insiders as saying that Trump may immediately impose tariffs on automobiles. Trump's team is also discussing launching a so-called 301 investigation on trading partners. Another option under discussion is linked to Section 122 of the 1974 Trade Act, which allows temporary tariffs of up to 15%.

【European New Car Registrations Fell 3.1% YoY in February, Tesla's New Car Registrations Plunged 40%】The European Automobile Manufacturers Association stated on Tuesday that new car registrations fell 3.1% YoY to 963,540 units, the largest decline in five months. Spain was the only major market in the region where sales increased, with EV registrations growing by 61%. In February, Tesla's new car registrations in Europe fell by 40%.