Monster coal profits, Dongfeng fires its chairman, Xiaomi’s car is ahead of schedule

Coal companies declared huge profits as Li Keqiang discussed coal at the NPC: Earlier today, Yanzhou Coal Mining 兖矿能源 reported 2022 annual revenue of 203.18 billion yuan ($29.41 billion), an increase of 33.68% year-on-year, and net profit of 30.76 billion yuan ($4.45 billion), an increase of 89.2%. Shaanxi Coal and Chemical Industry Group 陕西煤业 reported 2022 revenue of 169.20 billion yuan ($24.49 billion), an increase of 11.1%, and net profit of 35.14 billion yuan ($5.08 billion), an increase of 64.1%. In his work report presented at the NPC, outgoing Premier Lǐ Kèqiáng 李克强 underlined the fundamental importance of coal in China’s energy infrastructure, but also mentioned the importance of developing the clean and efficient use of coal.

State-owned automaker Dongfeng fired its chairman after slow transition to electric vehicles: On Friday, the official WeChat account of Dongfeng Motor Corporation announced that Zhú Yánfēng 竺延风 has left his position as company chairman and Party secretary after almost eight years at the company. Zhu, a former chairman of FAW Group and vice governor of Jilin Province, led Dongfeng to record annual sales in 2016, but from then onwards sales declined precipitously, from 4.12 million units in 2017 to 2.46 units in 2022. The likely main reason for Zhu’s fall, however, is that Dongfeng’s electric vehicle brands have failed to achieve any kind of respectable sales numbers.

The Xiaomi car is ahead of schedule, according to Lei Jun: Léi Jūn 雷军, NPC deputy and chairman of Xiaomi, stated earlier today that Xiaomi’s car manufacturing is “exceeding expectations,” and the company has successfully completed winter testing. Mass production is expected to commence in the first half of 2024. Lei also revealed that he is currently spending half of his time on the car business, and the Xiaomi car research and development team consists of more than 2,300 people. On March 4, Lei suggested at the NPC that the data security management system for cars should be improved. Xiaomi is aiming to be the world’s first smartphone company to launch an electric car.