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BEIJING Chinas economic growth in 2022 slumped to one of its worst levels in nearly half a century as the fourth quarter was hit hard by stringent Covid-19 curbs and a property market slump, raising pressure on policymakers to unveil more stimulus this year.

The quarterly growth and some of the December indicators such as retail sales beat market expectations, but analysts noted that the overall economic impulse across China remained weak and highlighted the challenges facing Beijing after it abruptly dropped its zero-Covid policy last month.

Gross domestic product (GDP) grew 2.9 per cent in the October-to-December period from a year earlier, data from the National Bureau of Statistics (NBS) showed on Tuesday, slower than the third quarters 3.9 per cent pace. The rate still exceeded the second quarters 0.4 per cent expansion and market expectations of a 1.8 per cent gain.

Beijings sudden relaxation of stringent anti-virus measures has boosted expectations of an economic revival this year, but it has also led to a sharp rise in Covid-19 cases that economists say might hamper near-term growth. A property slump and weak global demand also mean a rebound in growth will be heavily reliant on shell-shocked consumers.

Chinas 2023 will be bumpy; not only will it have to navigate the threat of new Covid-19 waves, but the countrys worsening residential property market and weak global demand for its exports will also be significant brakes, Mr Harry Murphy Cruise, an economist at Moodys Analytics, said in a note.

For 2022, GDP expanded 3 per cent, badly missing the official target of around 5.5 per cent and braking sharply from the 8.4 per cent growth in 2021. Excluding the 2.2 per cent expansion after the initial Covid-19 wave hit in 2020, it is the worst showing since 1976 the final year of the decade-long Cultural Revolution that wrecked the economy.

Asian shares dropped after the Chinese data, while the renminbi skidded to a one-week low.

Activity data in December surprised broadly to the upside but remains weak, particularly across demand-side segments such as retail spending, Ms Louise Loo, a senior economist at Oxford Economics, said in a note.

(The) data so far supports our long-held view that Chinas reopening boost will be somewhat anaemic at the beginning, with consumer spending being a key laggard in the initial stages.

A Reuters poll forecast growth to rebound to 4.9 per cent in 2023 as Chinese leaders move to tackle some key drags on growth the zero-Covid policy and a severe property sector downturn. Most economists expect growth to pick up in the second quarter.

On a quarterly basis, GDP stalled, coming in at zero growth in the fourth quarter, compared with growth of 3.9 per cent in July to September, highlighting underlying weakness across many sectors.

Beijings lifting of Covid-19 curbs has seen businesses struggling with surging infections, suggesting a bumpy recovery in the near term.

The ongoing exit wave on the back of Chinas faster-than-expected reopening has taken a heavy toll on economic activity in recent months due to surging infections, a temporary labour shortage and supply chain disruptions, economists at Goldman Sachs said, noting the annual contractions in output of both steel products and cement in December.

Factory output grew 1.3 per cent in December from a year earlier, slowing from the 2.2 per cent rise in November, while retail sales, a key gauge of consumption, shrank 1.8 per cent last month, extending Novembers 5.9 per cent drop. More On This Topic Chinas population shrinks for first time in over 60 years Chinas boost for flagging world economy looms as reopening starts Chinas top leaders have pledged to prioritise consumption expansion to support domestic demand and the broad economy this year, at a time when local exporters struggle in the wake of global recession risks. The central bank is also expected to steadily ease policy this year.

China is likely to aim for economic growth of at least 5 per cent in 2023 to keep a lid on unemployment, policy sources said.

Chinas property industry was among the biggest drags on growth. Investment in the sector fell 10 per cent year on year in 2022, the first decline since records began in 1999, and property sales slumped the most since 1992, NBS data showed, suggesting that government support measures were having minimal impact so far.

The authorities have rolled out a flurry of support policies targeting home buyers and property developers in recent weeks to relieve a long-running liquidity squeeze that has hit developers and delayed the completion of many housing projects.

Adding to the challenges facing the economy and the government, Chinas population in 2022 fell for the first time since 1961, the NBS data showed, a historic turn that is expected to mark the start of a long period of decline in its citizen numbers and see India become the worlds most populous nation in 2023.

The population will likely trend down from here in the coming years. This is very important, with implications for potential growth and domestic demand, said Pinpoint Asset Management chief economist Zhang Zhiwei.

Going forward, demographics will be a headwind. Economic growth will have to depend more on productivity growth, which is driven by government policies. REUTERS More On This Topic China exports and imports tumble sharply in December, cloud 2023 growth outlook Xis plan to reset Chinas economy and win back friends

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Rove breaks ground on 2nd ‘full-service’ EV charger, this time in Costa Mesa, CA

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Rove breaks ground on 2nd 'full-service' EV charger, this time in Costa Mesa, CA

Rove, a company founded to improve the EV charging experience by building “full service” EV charging centers with access to amenities you can use while charging, has just broken ground on its 2nd charging center, to be open in October/November of this year.

Rove’s first charging center opened last October, and features 40 DC charging stalls, with 28 V4 NACS/Tesla Superchargers and 12 CCS (2 of the CCS chargers also include a CHAdeMO cable, for the few cars out there that still need one of those). 2 of the CCS chargers are 350kW, with the rest capable of 184kW.

The concept doesn’t end there though – in addition to being able to charge every type of EV out there (well, except this writer’s Tesla Roadster, which has no DC charging capability), it also includes a lot of amenities that EV drivers don’t often get at their charging stops.

While lots of charging stations are located in areas like malls with nearby shops to go to, the actual charging area itself is usually just the chargers and nothing else, without the convenience items that you often find at a gas station.

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So, Rove includes all of those and more. It’s got air for your tires, a car vacuum, windshield cleaner stations, a canopy to keep you and your car shaded (and to generate electricity for the site with solar panels), and… get this… trash cans!

In addition, there’s also a 24/7 lounge on site, with security, clean bathrooms, indoor and outdoor seating (and standing tables, so you can stretch your legs after a drive), and wifi.

And, finally, Rove has partnered with upscale SoCal grocery chain Gelson’s to provide a grocery store experience – somewhere between the gas station convenience store and a full, fancy Gelson’s.

The chain calls these smaller stores “ReCharge by Gelson’s,” and they include an area for hot food (pizza and sandwiches), frozen food (like single-serving ice cream treats, an absolute necessity on the road, at least according to me), and even fresh sushi. The store also includes several convenience items, such that visitors can conceivably combine a charging stop with a small grocery shopping trip at the same time. Or, for those who live in the nearby apartments, it’s another walkable grocery stop.

The Santa Ana site has been operating for the better part of a year now, and has hosted several community events as well – which has been a great place to go EV spotting, as each time I’ve been there, I’ve seen an incredible variety of cars (including some of the newest EVs – that’s Southern California for you).

Now, Rove is making moves to open its second station in nearby Costa Mesa, with much the same setup of its first station.

The new site is at 2666 Harbor Blvd in Costa Mesa, about a mile South of the 405, between Adams and Merrimac. It’s a bit further from the freeway than the Santa Ana site, which is only a couple hundred yards away, but Harbor Blvd is a large street with a lot of traffic, and nearby several freeways (the 405, 55 and 73).

The building is shared with a Goodwill, so you might perhaps be able to even go clothes shopping at this one, if you’re all full up on groceries.

Costa Mesa will include mostly the same setup of chargers and amenities as the Santa Ana site, except it won’t have the car wash and small turf-covered dog area that they have in Santa Ana. It will also have solar and battery storage on site, just like Santa Ana.

While the last charger took about a year to open after its groundbreaking, Rove thinks it can get this site ready much more quickly. It expects to have it open somewhere around October/November, a pretty quick timeline given groundbreaking just happened today in June.

The groundbreaking was attended by Rove CEO Bill Reid and representatives from Gelson’s and the city of Costa Mesa, who posed for the ceremonial “shovel photo.”

We also got a short tour of the site showing us… well, nothing yet except some holes where cables will go and the inside of a building. But hey, at least the building is already up, and doesn’t need to be built like the last one did.

Rove is planning several other sites around Southern California, with locations identified in Corona, Torrance and Long Beach so far. Each will have slightly different amenities (like larger parking spots in Corona, to accommodate up to class 6 vehicles), and will open gradually over the coming years (the company is still a fairly small team, so give them time).

Electrek’s Take

I love what Rove is doing, and I think there’s a lot of room for locations like this in the EV charging space, and I think Rove is doing it as right as anyone else is. That’s why I like to cover them whenever they come up.

There’s a lot of talk about EV charging being difficult, but for those of us who have taken EVs on roadtrips, it’s often a pleasant experience anyway. As long as there are clean chargers with something to do nearby, you really don’t feel restricted by the time you spend charging.

For example, I went on a 2,200 mile roadtrip with no prep, and never felt like I had to wait on my car to charge. This is because I stopped at some excellent charging stops (shoutout to my favorite charging stop at the Supercharger in Harrisburg, Oregon, run by Olsen Run Winery) which really improved the process.

The thing is, EV charging could be such an opportunity for businesses to offer services to captive customers who are happy to have something to do, and often won’t mind spending a few bucks anyway. There are some businesses who have already learned to take advantage of this, but it’s been a bit of a patchwork so far.

Rove shows how a business could provide all of these services under one roof. And we think this concept would work in a wide variety of areas. Gas stations already have something similar, with Buc-ee’s style travel stops, and people enjoy stopping at those even though they’re not waiting for their car to fill up. So why not offer something similar for EVs, and kill off all the complaints about EV charging being somehow inferior or weird or different?


When you’re not out on the road, charge your electric vehicle at home using rooftop solar panels. Find a reliable and competitively priced solar installer near you on EnergySage, for free. They have pre-vetted installers competing for your business, ensuring high-quality solutions and 20-30% savings. It’s free, with no sales calls until you choose an installer. Compare personalized solar quotes online and receive guidance from unbiased Energy Advisers. Get started here. – ad*

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Pavel Durov warns France is experiencing societal collapse

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Pavel Durov warns France is experiencing societal collapse

Pavel Durov warns France is experiencing societal collapse

According to the Telegram founder, France’s political leaders continue to make poor choices regarding censorship.

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Nissan confirms its first EV with ‘game-changer’ solid-state batteries is still on track

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Nissan confirms its first EV with 'game-changer' solid-state batteries is still on track

Nissan is betting big on solid-state batteries to help power up a comeback. The automaker says the next-gen battery tech will be a “game-changer for EVs,” promising more range, faster charging, and lower costs. Nissan just confirmed its first EV with solid-state batteries is on track, but it may trail Toyota and Volkswagen to market.

When will Nissan launch its first solid-state battery EV?

After showcasing its all-solid-state battery pilot line at its Yokohama plant last year, Nissan is moving forward with the new tech.

In 2021, Nissan announced plans to launch its first EV with solid-state batteries by early 2029. The company said at the time that it was involved in “wide-ranging research and development,” including at the molecular level.

According to the latest update, it could be here slightly ahead of schedule. Nissan’s director of product planning in Europe, Christop Ambland, confirmed with Auto Express, saying, “Yes, we will be ready for SSB (solid-state batteries) in 2028.”

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Ambland added that Nissan “can’t rush the process” and wants to ensure the new battery tech is “reliable, and ready to meet our customers’ expectations.”

Nissan believes, like many, that solid-state EV batteries can increase energy density by up to 30% compared to traditional lithium-ion batteries, at a much lower cost.

Nissan-first-EV-solid-state-batteries
Nissan N7 electric sedan (Source: Dongfeng Nissan)

It also said they offer the potential to cut charging times by one-third. In October, Nissan unveiled the Hyper Force EV concept, an electric supercar (that looks a bit like the GT-R meshed with a Tesla Cybertruck), boasting over 1,300 hp (1,000 kW).

Nissan hinted the new battery tech could be used to power its upcoming electric sports cars, like an electric GT-R. Although it’s blurred the Hyper Force concept wore a GT-R logo up front.

Nissan-first-EV-solid-state-batteries
Nissan Hyper Force EV concept (Source: Nissan)

It will initially be used for EVs, but Nissan could also utilize the new tech for its plug-in hybrids. Amberland hinted, “We are not sure where the technology could lead, but we are actively exploring all potential applications.”

Toyota, Volkswagen, and Stellantis are aiming to release their first solid-state battery-powered electric vehicles around 2027.

BYD and CATL, which are already dominating global EV battery sales, plan to launch their first EVs with solid-state batteries around 2027. It looks like Nissan could be late to the party once again.

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