Jinko’s new project in Saudi Arabia

JINKO Solar will establish a photovoltaic joint venture with a total investment of 3.69 billion Saudi riyal (US$985 million) with two local partners in Saudi Arabia, the company announced Tuesday.

Jinko will set up the solar joint venture (JV) with Renewable Energy Localization, a subsidiary of the Public Investment Fund of Saudi Arabia, and Vision Industries. The two parties will each own 40% of the JV, with VI holding the rest. The project will likely have an annual capacity of 10 gigawatts of photovoltaic cells and solar modules each after it becomes fully operational. It will be the largest overseas manufacturing base for China’s photovoltaic industry and Jinko’s largest investment project abroad.

IMF lifts China GDP forecast

THE International Monetary Fund has raised its prediction for China's gross domestic product growth in 2024 to 5%, due to the strong rebound in consumption and exports in the first quarter, according to its latest World Economic Outlook report.

The IMF has lifted its forecast by 0.4 percentage point from the April World Economic Outlook. The Washington D.C.-based organization has also upped its expectations for 2025 by 0.4 percentage point to 4.5%.

NIO shares charging piles

NIO announced yesterday that its charging network will open to Huawei’s Harmony Intelligent Mobility Alliance, including Aito, Luxeed, and Stelato vehicles. NIO Power has 3,904 charging stations and 22,822 charging piles across China.

NIO delivered 57,373 vehicles in the second quarter of 2024, up 143.9% year-over-year. NIO reported a loss of US$409.8 million in the second quarter, representing significantly widening losses, despite deliveries that surpassed year-ago levels and exceeded its own guidance.