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Guangzhou Automobile Group
China / Hong Kong Company Guide Guangzhou Automobile Group Version 6 | Bloomberg: 2238 HK Equity | 601238 CH Equity | Reuters: 2238.HK | 601238.SS Refer to important disclosures at the end of this report DBS Group Research . Equity 7 May 2019 Japanese JCEs leading growth H: BUY Last Traded Price (H) ( 7 May 2019):HK$8.14(HSI : 29,363) More clarity on JVs future strategy. Guangzhou Auto (GAC) and its Price Target 12-mth (H):HK$9.60 (17.9% upside) (Prev HK$17.86) Japanese JCE partners have agreed on key priorities to grow the business. The medium-term plans include capacity expansion and new A: HOLD model development (both traditional and new energy vehicles). Last Traded Price (A) ( 7 May 2019):RMB11.61(CSI300 Index : 3,721) Price Target 12-mth (A):RMB11.30 (2.7% downside) (Prev RMB21.71) Another key factor is that both partners have agreed to maintain the current shareholding structure, hence removing uncertainties. The Analyst Rachel MIU+852 36684191 [email protected] Japanese auto brands have gained market share from 15.6% in December 2016 to 19% in February 2019 aided by their product What’s New range, pricing, and proactive business strategy. Despite the tough • More clarity on development of Japanese JCEs, key 1Q19 auto market, GAC’s Japanese JCEs managed to chalk up strong earnings driver in the future volume sales growth and decent profit contributions to the group. • Self-brand going through short-term adjustment and Where we differ? We expect normalisation of Trumpchi sales to have should start to normalise in 2H19 a meaningful impact on earnings, on anticipation of a recovery in • Maintain BUY, TP revised down slightly to HK$9.60 the PV market in 2H19. -
MG3 That We Give It a 7-Year Manufacturer’S Warranty
mg.co.uk A 95 year reputation built on sporty and distinctive cars, MGs are both affordable and a joy to drive. Built to the highest standards in our state-of-the-art manufacturing plants, we are so confident of the quality and reliability of MG3 that we give it a 7-year manufacturer’s warranty. mg3, THE BEST VALUE HATCHBACK MONEY CAN BUY! 7 YEAR MANUFACTURER’S WARRANTY WELL-BUILT & RELIABLE SPORTY LOOKS, SPORTY DRIVE LOW INSURANCE GROUP PACKED WITH KIT SPACIOUS INTERIOR mg3mg3 inner beauty in the detail Get behind the wheel of the sporty 106PS petrol engine with five-speed manual transmission… nip, zip and turn up the MG3. Our engineers have also designed an innovative chassis to improve dynamics and make driving your MG3 more fun than the average small car. Enjoy the detail, enjoy the drive, safe in the knowledge that your MG was built to the highest quality standards in one of our state-of-the-art Fun on the outside, fun on the inside. Pop open the door and manufacturing plants. the MG3 gives you must-have tech, a ride big enough for five MG3 Exclusive Nav now includes iGO Sat Nav on its 8” colour and a sporty driving position. Comfort, connected, conspicuous. touchscreen, which is super easy to update, adapts to traffic conditions including traffic detours and includes all of those useful places of interest, allowing you a seamless drive wherever you’re going! Amazing Value The head-turning price tag gets you oodles of features, practicality and clever safety stuff. -
MG ZS EV Brochure
mgzsev A famous reputation built on sporty and distinctive cars, MGs are both affordable and a joy to drive. Built to the highest standards in our state- of-the-art manufacturing plants, we are so confident of the quality and reliability of the new MG ZS EV that we give it a 7 year manufacturer’s warranty, which includes the lithium-ion battery as well. feelthe energy The new MG ZS EV is the family friendly electric car, designed for those who want all the advantages of a zero emissions vehicle without compromising on practicality or style. Benefitting from our extensive experience Managed by MG’s Intelligent Battery Housed underneath the passenger in the manufacture of electric cars and Temperature Control system, the battery compartment as part of the ZS EV’s flat-floor batteries, the ZS EV pairs beautiful design pack is insulated from external temperature architecture, the balanced distribution of with outstanding technology. variations, delivering the optimum power weight keeps the ZS EV planted to the and range whatever the weather. road through the corners. Powered by a 44.5kWh, water-cooled lithium-ion battery, you can enjoy a driving Designed to achieve dynamic handling and The ZS EV delivers 353Nm of instant torque range of up to 263 kilometres from a single chassis feel, the ZS EV’s powertrain has been and with 105kW of power, the equivalent charge* on the WLTP combined cycle. intelligently packaged to achieve a low centre of 143PS. of gravity. € low running family 263 KM costs sized *From a single charge on the WLTP combined cycle: Combined Range: 263 km; City Range: 372 km; Combined Driving Efficiency: 18.6 kWh/100km. -
2333 a Share Stock Code: 601633
(a joint stock company incorporated in the People's Republic of China with limited liability) H Share Stock Code: 2333 A Share Stock Code: 601633 * For identification purpose only IMPORTANT NOTICE I. The Board, the Supervisory Committee and the directors, supervisors and senior management of the Company warrant that the contents of this annual report are true, accurate and complete and do not contain any false representations, misleading statements or material omissions, and jointly and severally take legal liability for its contents. II. All the directors of the Company attended the Board meeting. III. Deloitte Touche Tohmatsu Certified Public Accountants LLP has issued the standard audited report for the Company without qualified opinion. The financial information in the annual report was prepared in accordance with China Accounting Standards for Business Enterprises and the relevant laws and regulations. IV. Wei Jian Jun, person-in-charge of the Company, Li Hong Shuan, person-in-charge of the accounting affairs and Lu Cai Juan, person-in-charge of the accounting department (head of the accounting department), declare that they warrant the truthfulness, accuracy and completeness of the financial report in this annual report. V. Proposal of profit distribution or capitalization of capital reserve during the Reporting Period reviewed by the Board As audited by Deloitte Touche Tohmatsu Certified Public Accountants LLP, the net profit of the Group and net profit attributable to shareholders of the Company in 2020 amounted to RMB5,362,490,194.32 and RMB5,362,490,194.32 respectively. The Company has implemented the profit plan for the first three quarters of 2020, pursuant to which it distributed a cash dividend of RMB0.28 (tax inclusive) per share to all shareholders, with a total cash dividend of RMB2,569,266,924.00 (tax inclusive) distributed. -
新周期新市场,开启新征途 投资评级 增持-A ■新平台新市场,Suv 量价齐升。国内乘用车市场迎来换购周期,首购比例将 维持评级 持续下降,竞争加剧致尾部自主不断出清,头部自主集中度提高,消费升级有 望带动中高端 Suv 快速扩容。面对龙头自主的竞争和合资下探的威胁,公司坚 6 个月目标价: 10.00 元
Table_BaseI nfo Table_Title 2020 年 07 月 07 日 公司深度分析 长城汽车(601633.SH) 证券研究报告 乘用车 新周期新市场,开启新征途 投资评级 增持-A ■新平台新市场,SUV 量价齐升。国内乘用车市场迎来换购周期,首购比例将 维持评级 持续下降,竞争加剧致尾部自主不断出清,头部自主集中度提高,消费升级有 望带动中高端 SUV 快速扩容。面对龙头自主的竞争和合资下探的威胁,公司坚 6 个月目标价: 10.00 元 持研发“过度投入”,不断突破发动机和变速箱的技术瓶颈,提前布局电动化全 股价( ) 元 2020-07-06 8.95 产业链,加快实现智能网联功能升级。随着哈弗和 WEY 系列换代产品的密集上 Table_M ar ketInfo 交易数据 市,预测公司 2020 年国内总销量可达 81.3 万辆。此外,公司长期坚持全球化战 总市值(百万元) 82,130.32 略布局海外市场,随着未来新平台高性价比的产品向俄罗斯和印度导入,将进 流通市值(百万元) 53,948.17 一步满足当地 SUV 的需求,预测长城 2020 年全球总销量可达 86 万辆,2022 年 总股本(百万股) 9,176.57 突破 127 万辆,CAGR 为 14.4%。目前长城单车利润低于吉利,未来公司将从整 流通股本(百万股) 6,027.73 体销量结构、平台通用化水平和供应链三个方面进行降本增效,有望实现量价 12 个月价格区间 7.50/9.88 元 齐升,在存量博弈中赢得胜利。 Tabl e_Chart 股价表现 ■政策松绑,皮卡崛起势不可挡。受制于中国皮卡政策的桎梏、中外汽车文化 和生活方式的差异以及皮卡优质供给的缺乏,中国皮卡市场发展缓慢。自 2016 长城汽车 乘用车 上证指数 年中国首次提出“皮卡解禁试点”以来,皮卡解禁政策层出,皮卡的商乘两用 12% 8% 属性加速释放,乘用化、高端化和电动化趋势确定。考虑到皮卡对于微卡、微 4% 面的替代需求空间和乘用化需求,中性预计我国皮卡车市场每年增速可达 17.5% 0% -4%2019-07 2019-11 2020-03 左右,五年后的市场空间可达 121 万辆。我国皮卡市场集中度高,长城汽车一 -8% -12% 枝独秀,两极分化明显,长城皮卡综合实力最强,市场份额有望进一步提升。 -16% 在皮卡消费升级趋势下,随着皮卡向乘用化、高端化、电动化转型,主流皮卡 的价位将逐渐由 8-12 万元向 12-16 万元靠拢,单车售价的走高和销量的增长将 资料来源:Wind 资讯 有望带动单车盈利持续走高,我们预测皮卡的单车盈利将由目前的 0.72 万元提 升幅% 1M 3M 12M 升至 2023 年的 1.08 万元。 相对收益 -0.74 -7.33 -10.02 绝对收益 12.98 13.26 0.67 ■投资建议:国内乘用车行业进入换购周期,电动化智能化高端化叠加新品周 期,公司有望实现首换购两端开花,全球化战略布局扩容海外市场,皮卡解禁 袁伟 分析师 利好政策下,皮卡乘用化高端化电动化趋势释放增量。我们预计公司 2020 年 SAC 执业证书编号:S1450518100002 -2022 年的收入分别为 962.48、1104.65、1215.74 亿元,收入增速分别为 0.04%、 [email protected] 021-35082038 14.77%、10.06%,归母净利润分别为 40.13、50.91、55.58 亿元,维持增持-A 徐慧雄 分析师 的投资评级,受益于今年下半年新平台新产品的推出和皮卡炮的持续热销,我 SAC 执业证书编号:S1450520040002 -
Tappet Chatter Canberra Club Journalcar of the MG of Tappet Chatter Tappet
Number 458 August 2020 August 458 Number July 2020 Tappet Chatter ClubCanberra Journal Car the of MG of Tappet Chatter Tappet 0413 646 321 2 MG Car Club Canberra July 2020 Tappet Chatter Number 458 August 2020 Contents: Official Journal of the MG Car Club Canberra Inc Presidents Torque 6 ABN: 49 156 199 381 Editorial 8 Correspondence to: Torque 10 Post Office Box 4141 Committee Bits 13 Weston Creek ACT 2611 Satellite Selfie in Canberra 16 Monthly Meetings are held The T Type 17 on the second Thursday of Stuck Wire Wheels 19 each month, (except January), at St Peter's The Club Polishing Kit 21 Anglican Church Hall, cnr of Club Calendar 26 Parkinson St & Watling Pl, Weston at 7:45pm. Ladies Corner 29 Sporting Report 34 Banking Details MG ZS T Range in Australia 41 BSB: 633-000 Services Directory 44 Account: 144920741 Help Line 46 Account Name: MG Car Club Marquet 47 Canberra Inc Acknowledgments – the editorial team thanks all who contributed articles and photographs for this A ‘Lunchtime Natter’ is held at Weston Park, Yarralumla month’s magazine. (second picnic spot on the right) each Tuesday from 12.30pm. The MG Car Club Canberra Inc. accepts no responsibility for the accuracy or reliability of articles, correspondence, opinions and advertisements contained herein. Articles may be copied for publication by Car Clubs, but an acknowledgement and due accreditation is expected. Printed Post Approved 100003009 A ZT 220S and a ZT 190 thundering along the Hume Motorway. Reminiscent of the 1977 Ford 1 - 2 at Bathurst July 2020 Tappet Chatter 3 MG CAR CLUB CANBERRA INC. -
Lada Vesta at Volvo Xc90
ОН ВАМ АКУЛА НЕ КУПЕ! ИЗ КОРЕИ HAVAL F7X HYUNDAI SONATA № 1 (321) ЯНВАРЬ 2020 WWW.5KOLESO.RU КАТАЛОГ МОДЕЛЕЙ 2020 ТЕСТЫ LADA VESTA AT VOLVO XC90 SKODA RAPID МОТО HONDA CBR 1000RR-R СДЕЛАНО ДЛЯ РОССИИ FIREBLADE YAMAHA СРАВНЕНИЕ CITROEN C5 AIRCROSS ПРОТИВ PEUGEOT 3008 WOLVERINE Х2/Х4 ДВОЕ БЕЗ ТРЁШКИ JAGUAR XE ПРОТИВ VOLVO S60 ТАК ЛИ ХОРОША СТАБИЛЬНОСТЬ? АЛЕКСЕЙ ВОЖАКОВ, ГЛАВНЫЙ РЕДАКТОР КЛЮЧЕВЫМ ИНДИКАТОРОМ РАЗВИТИЯ ЭКОНОМИКИ ПРЕЗИДЕНТ РФ НАЗВАЛ ПОВЫШЕНИЕ РЕАЛЬНЫХ РАСПОЛАГАЕМЫХ ДОХОДОВ РОССИЯН. А ТАКЖЕ ОТМЕТИЛ, ЧТО ЭТА ЗАДАЧА ЯВЛЯЕТСЯ ВАЖНЕЙ- ШИМ НАПРАВЛЕНИЕМ РАБОТЫ ПРАВИТЕЛЬСТВА. ПРЕМЬЕР МЕДВЕДЕВ СКАЗАЛ, ЧТО ПО ИТОГАМ 2019 ГОДА ДОХОДЫ РОССИЯН ВЫРАСТУТ, НО ПЛЮС ОЧЕНЬ НЕЗНАЧИТЕЛЬНЫЙ, МОЖЕТ БЫТЬ 0,2–0,3 %. Ну а что же авторынок? Он, естественно, не может жить в отрыве от экономики всей страны. Или всё-таки может? Итоги продаж автомобилей в России за 2018 год по- казали, что чудеса иногда случаются, и не только под Новый год. Рост в 2017 году на 11,9 %, в 2018 году и того больше — продажи выросли на 12,8 %, а реальные дохо- ды россиян всё это время падали уже пятый год подряд. Как же так? За счёт чего два последних года продажи увеличивались после 4-летнего падения? Этому всегда можно найти логичное объяснение, опять же, разумеется, экономиче- ское. Многие говорят про отложенный спрос — пришла пора менять автомобиль, люди за это время средств подкопили и вложили их в новое средство передвижения. Большая часть автомобилей приобреталась в рассрочку, и пик кредитного бума пришёлся как раз на 2018 год. Ну и производители с дилерами успешно реализовывали программы ски- док при замене старых машин на новые. -
The Suv You've Never Seen Before
THE SUV YOU’VE NEVER SEEN BEFORE STYLE YOU’VE NEVER SEEN BEFORE MG signature grille With its distinctive British styling, diamond cut alloy wheels and chrome roof rails, the MG HS is not only beautifully proportioned, but an SUV designed with sporting heritage in mind. Sequential front and rear LED indicators, distinctive grille and the oversized panoramic sky roof offer a level of refinement that redefines style in the SUV space.* LED headlight 18” alloy wheel *Overseas model shown *Features available and shown depend upon model chosen. Top: MG Grille with chrome surround and satin silver Inlay highlight Left: LED headlight with manual height adjustment function Right: Diamond cut 18” alloy wheel LED indicators Bottom: Sleek continuous LED indicators Style comes standard: The HS comes fully loaded with an array of next generation features and inclusions. HS Excite interior shown. A MASTER-CLASS IN SPATIAL COMPOSITION The interior of the HS is intuitively designed to deliver a driving experience that is not only comfortable but light, spacious and enjoyable. The seamless connectivity to your work, play and entertainment via the class leading 10.1 Intelligent dashboard display Start/stop button inch touch display, ensures you won’t miss a beat all while surrounded by a level of luxury finishes to impress. Superior Seating Carefully designed seats provide comfort and support in all the right places. With a one-piece back, the sports seats are heated and include electric six-way adjustment.* Soft Touch Interior From interior door trim to the leather seats, rich, soft touch materials provide a luxurious Customisable ambient lighting / 10.1” infotainment touchscreen Cleverly integrated functional spaces feeling. -
MX-Sensor V5.5X 国内版功能列表(仅供参考)
MX-Sensor_V5.5X 国内版功能列表(仅供参考) 标注说明: ● 支持该功能。 ○ 不支持该功能。 颜色标注说明:红色:新增功能支持;黄色:功能有更新。 特别申明: 1)如果学习类型仅仅支持OBD学习,且OBD功能尚未发布的情况下,您仅仅能使用克隆的方式学习道通传感器; 2)所有自学习的操作步骤,开车时速建议控制在25km/h到100km/h。 学习类型(A=自学习, 道通传感器 道通设备支 车系 车型 年款范围 特征 模式号 OBD功能 编程支持情况 胎压类型选择 S=静态学习,O=OBD学 频率 传感器制造商 编程支持情 持情况 习,C=只克隆) 况 Abarth 124 Spider 2016/10-2019/06 ○ ● ○ A 433Mhz Continental ● ● Abarth 124 Spider 2016/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 4A Grande Punto 2007/01-2010/12 199 ○ ● ○ C 433Mhz TRW ● ● Abarth 4B Punto EVO 2010/01-2013/12 199 ○ ● ○ A 433Mhz TRW ● ● Abarth 500 2008/03-2017/12 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 500 2008/03-2019/06 ● ● ● O/A 433Mhz Schrader ● ● Abarth 500C 2010/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 500C 2011/08-2019/06 ○ ● ○ A 433Mhz Schrader ● ● Abarth 595 2014/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 695 Biposto 2015/01-2019/06 Indirect ○ ○ ○ A N/A N/A Indirect ● Abarth 81 Nuova Punto 2012/01-2013/12 199 ○ ● ○ C 433Mhz TRW ● ● Abarth Punto Evo 2013/01-2014/12 Indirect ○ ○ ○ A N/A N/A Indirect ● Acura CSX 2008/01-2012/12 315MHz ● ● ○ O 315Mhz TRW ● ● Acura ILX 2016/01-2019/06 315MHz ● ● ○ O 315Mhz Continental ● ● Acura ILX 2013/01-2015/12 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2018/01-2019/06 433Mhz ● ● ○ O 433Mhz Continental ● ● Acura MDX 2016/01-2019/06 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2013/06-2015/12 315MHz ● ● ○ O 315Mhz Continental ● ● Acura MDX 2007/01-2013/05 315MHz ● ● ○ O/A 315Mhz Pacific ● ● Acura MDX 2004/01-2006/12 315MHz ● ● ○ O 315Mhz TRW ● ● Acura NSX -
ELECTRIC VEHICLES: Ready(Ing) for Adoption
ELECTRIC VEHICLES Ready(ing) for Adoption Citi GPS: Global Perspectives & Solutions June 2018 Citi is one of the world’s largest financial institutions, operating in all major established and emerging markets. Across these world markets, our employees conduct an ongoing multi-disciplinary conversation – accessing information, analyzing data, developing insights, and formulating advice. As our premier thought leadership product, Citi GPS is designed to help our readers navigate the global economy’s most demanding challenges and to anticipate future themes and trends in a fast-changing and interconnected world. Citi GPS accesses the best elements of our global conversation and harvests the thought leadership of a wide range of senior professionals across our firm. This is not a research report and does not constitute advice on investments or a solicitations to buy or sell any financial instruments. For more information on Citi GPS, please visit our website at www.citi.com/citigps. Citi GPS: Global Perspectives & Solutions June 2018 Raghav Gupta-Chaudhary is currently the European Autos Analyst. He has been an Analyst for seven years and joined Citi's London office in July 2016 to cover European Auto Parts. Raghav previously worked at Nomura from 2011 to 2016, where he started off on the Food Retail team and later transitioned to cover the Automotive sector. He has an honours degree in Mathematics with Management Studies from UCL and is a qualified chartered accountant. +44-20-7986-2358 | [email protected] Gabriel M Adler is a Senior Associate in the Citi Research European Autos team. He is currently based in the London office and started with Citi in October 2017. -
PLNY TEXT (2.147Mb)
DIPLOMOVÁ PRÁCE Ekonomické aspekty vývoje elektromobility Economic Aspects of Electromobility Development STUDIJNÍ PROGRAM Projektové řízení inovací STUDIJNÍ OBOR - VEDOUCÍ PRÁCE doc. RNDr. Bohumír Štědroň, CSc. VANCLOVÁ VERONIKA 2020 VANCLOVÁ, Veronika. Ekonomické aspekty vývoje elektromobility. Praha: ČVUT 2020. Diplomová práce. České vysoké učení technické v Praze, Masarykův ústav vyšších stu- dií. Prohlášení Prohlašuji, že jsem svou diplomovou práci vypracovala samostatně. Dále prohlašuji, že jsem všechny použité zdroje správně a úplně citovala a uvádím je v přiloženém se- znamu použité literatury. Nemám závažný důvod proti zpřístupňování této závěrečné práce v souladu se záko- nem č. 121/2000 Sb., o právu autorském, o právech souvisejících s právem autorským a o změně některých zákonů (autorský zákon) v platném znění. V Praze dne: 14. 05. 2020 Podpis: Poděkování Mé poděkování patří vedoucímu práce panu doc. RNDr. Bohumíru Štědroňovi, CSc. za ochotu, odborné vedení a cenné rady. Poděkovat bych chtěla také svým blízkým za podporu při vypracování této práce. Abstrakt Diplomová práce se věnuje tématu elektromobility. V teoretické části je nejprve přiblí- žen pojem elektromobilita. Obsahem další kapitoly jsou pohony vozidel, kde je cha- rakterizován každý typ pohonu elektromobilu. Pro kompletní obrázek jsou v kapitole zahrnuty i spalovací motory. Po specifikaci druhů vozidel a jejich pohonů je krátká ka- pitola věnovaná historickým milníkům elektromobility počínajícím v 19. století vynále- zem elektromotoru. V práci je shrnut princip fungování baterie v elektromobilech, včetně odlišností mezi různými využívanými typy a následně je popsán postup jejich recyklace po skončení životního cyklu. Část kapitoly se věnuje dobíjení, ve které jsou popsány jednotlivé druhy konektorů a dobíjecích zařízení, se kterými se lze ve světě setkat. -
Middle and Highend Mpvs Emerging As Choice for Families
CHINA DAILY | HONG KONG EDITION Monday, April 20, 2020 MOTORING | 17 Hongqi looks to keep Short Torque Virus tanks auto sales momentum market in Europe European car sales tanked last month amid strict lockdown meas- with smart vehicles ures to contain the coronavirus that shut down dealerships for at least half of March and dried up con- By CAO YINGYING sumer spending. ACEA, the Euro- [email protected] 7.6 pean carmaker’s association, said billion yuan Friday that new car registrations Hongqi, the premium brand of “recorded a dramatic drop’’ of 55 investment for Hongqi’s new percent to 567,308 units. The drop FAW Group, broke ground on a plant in Changchun, is worse even than during the new energy vehicle factory on Jilin province Wednesday in Changchun, capital 2008-9 global financial crisis, which of Northeast China’s Jilin prov- triggered a six-year slump in car ince. purchases. The steepest losses dur- With a total investment of 7.6 200,000 ing that financial crisis occurred in billion yuan ($1.07 billion), the vehicles January 2009, when sales fell 27 new plant is expected to finish percent. Auto industry production are expected to be produced shutdowns have affected 1.1 million construction in 2022 and produce annually at the new plant 200,000 vehicles annually, includ- jobs and reduced production by at ing new energy vehicles and intel- least 1.2 million vehicles through ligent connected vehicles. the end of last month, according to Xu Liuping, chairman of FAW 21 ACEA statistics. Group, said that the move shows models FAW’s ambition of independent will be launched by Hongqi Tesla opens first innovation, strong ability and con- in the next five years flagship store on Tmall fidence to invest amid a depressed Buick's new SUV GL8 of GM is displayed during the media day for the Shanghai auto show last year.