Sinopec's Large-scale Refining and Chemical Integration Project Commences

On December 23, Volvo Car (China) Investment Co., Ltd. completed an important industrial and commercial change, with the legal representative changing from Yuan Xiaolin to Hu Yanhang. At the same time, several core executives of the company also underwent simultaneous adjustments. Volvo Cars stated that this change in the legal representative of Volvo China is a procedural industrial and commercial change and does not involve any personnel adjustments in the management of the Asia-Pacific region, nor does it involve changes in the actual business leadership. It will not affect the company's daily operations or involve changes in the management team.

On December 23, Cui Dongshu, Secretary-General of the China Passenger Car Association, stated that in November 2025, China achieved automobile exports of 810,000 units, a year-on-year increase of 48% and a month-on-month decrease of 2%. From January to November, China exported 7.33 million automobiles, a year-on-year increase of 25%. In November 2025, China exported 350,000 new energy vehicles, a year-on-year increase of 156%. From January to November, the export volume of new energy vehicles reached 3.01 million units, a year-on-year increase of 62%, performing better than expected.

On December 23, the National Energy Administration released data on electric vehicle charging facilities for November. According to the data from the National Charging Facility Monitoring Service Platform, by the end of November 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 19.322 million, a year-on-year increase of 52.0%. Among them, the number of public charging facilities (guns) was 4.625 million, a year-on-year increase of 36.0%. The total rated power of public charging piles reached 210 million kilowatts, with an average power of approximately 45.34 kilowatts. The number of private charging facilities (guns) was 14.697 million, a year-on-year increase of 57.8%, and the installed power capacity of private charging facilities reached 12.9 million kilovolt-amperes.

On December 23, the unveiling ceremony of the SAIC-GM-Wuling and Tsinghua University Automotive Artificial Intelligence Joint Research Center was held at Tsinghua University. In the future, both parties will focus on intelligent drive chassis, smart power, intelligent driving, and smart mobility technology directions, continuously deepening industry-university-research collaborative innovation.

On December 24, 2025, Shanghai Automotive Group Co., Ltd. announced a significant change regarding its participation in the establishment of Shanghai Yuanjie Intelligent Technology Equity Investment Fund Partnership (Limited Partnership). The core decision is to simplify the shareholding structure of Zhiji Automobile Technology Co., Ltd., transferring the shares previously held indirectly through the Yuanjie Fund to be directly held by SAIC Group. According to the arrangement, the Yuanjie Fund will allocate its registered capital of RMB 5,399 million in Zhiji Automobile to the company, with the allocation benchmark date set for January 31, 2025. After this change, SAIC Group will exit from the Yuanjie Fund while maintaining its shareholding ratio in Zhiji Automobile. The total subscribed capital of the Yuanjie Fund will be reduced from RMB 7.2 billion to RMB 1.801 billion, its general partner will change to Shanghai Zhangjiang Haoke Technology Development Co., Ltd., and it is planned to appoint Shanghai Zhangjiang Haocheng Venture Capital Co., Ltd. as the new fund manager. SAIC Group stated that this adjustment will not affect the company's normal operations or financial status, will not create new related transactions or form industry competition, and aims to optimize the shareholding management structure.