Apple and Tesla stopped production in China because of the energy crisis

The shortage of electricity in China, which arose against the background of limited coal supplies and stricter emission standards, stopped production at many factories, including at some Apple and Tesla enterprises.

According to local media, since last week, rationing for electricity consumption during peak hours has been introduced in many parts of northeast China. China, as the world's largest consumer of energy and a source of greenhouse gases, aims to bring carbon emissions to zero by 2060. And for this, in 2021, the Chinese authorities intend to reduce the energy intensity by about 3%.

It is reported that the provincial authorities have strengthened measures to limit emissions in recent months. And this decrease in energy supply affects producers in the key industrial centers of the eastern and southern coasts. About 15 Chinese companies and 30 Taiwanese companies have already announced that production was stopped due to capacity restrictions. The steel, aluminum and cement industries suffered the most.

As a result, many analysts have come to the conclusion that they should revise their forecasts for China's GDP for 2021. In particular, Nomura lowered its forecast for the third and fourth quarters to 4.7% and 3.0%, respectively, from 5.1% and 4.4%, and the annual forecast-to 7.7% from 8.2%.