China's Oil Imports Exceed Saudi Arabia's Production; New Technologies in EV Batteries and Hypersonic Missiles
China's oil imports have reached 11 million barrels daily, exceeding Saudi Arabia's production and impacting global oil prices. Meanwhile, advancements in technology include a surge in heavy truck sales powered by batteries, the mass production of hypersonic missiles with AI capabilities, and the testing of the world's first production line for large all-solid-state EV batteries. Additionally, the U.S. Navy has opted to terminate four ships from its Constellation-class frigate program.
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China imports 11 million barrels of oil daily, surpassing Saudi Arabia's production, affecting global oil prices. Batteries powered 22% of new heavy truck sales in H1 2024, a 9.2% increase year-on-year, with projections of 46% market share this year and 60% next year.
A private company has begun mass production of $200,000 containerized hypersonic missiles with advanced AI capabilities. The world's first production line for large all-solid-state EV batteries has started tests.
Notably, a desktop-sized EUV light source is producing 14-nm chips for industrial automation and electric vehicles. In AI, 2,000 contracts worth ¥10 billion were awarded in Q3, primarily in education, government, and finance.
Meanwhile, the U.S. Navy has decided to terminate four ships from its Constellation-class frigate program.
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