Chinese EV maker Xpeng joins Tesla, Seres in price cuts
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Citi bearish on XPeng (XPEV) following price cuts
January 18, 2023 8:06 AM ESTCiti reiterated a Sell rating on XPeng (NYSE: XPEV) after the company announced that the electric vehicle maker would be cutting the MSRP on it models. The price cut scale for G3i is at Rmb20k-25k while the P5 is cut by Rmb23k and the P7 by... More
Engineer testifies Tesla (TSLA) staged self-driving promotional video
January 17, 2023 1:28 PM ESTTranscripts from a previously unreported testimony by Ashok Elluswamy, director of Autopilot software at Tesla, regarding a video made to promote the EV makers self-driving technology shows that the company staged the event to make it look like the vehicle was operating on its own. The transcripts come from a July deposition taken as evidence in a lawsuit against Tesla for a 2018 fatal crash. The video, which remains archived on Teslas website, was released in October 2016 and promoted on Twitter by CEO Elon Musk as evidence that Tesla drives itself.
The video was supposed to show... More
Citi Reiterates Sell Rating on XPeng (XPEV), 'may never be able to break even'
January 17, 2023 12:34 PM ESTCiti analyst Jeff Chung reiterated a Sell rating and $8.92 price target on XPeng (NYSE: XPEV).
The analyst comments "Assuming lithium carbonate cost drops by Rmb300k/ton, G9s GPM at 20% and quarterly sales of G3i/P5/P7/G9 at 3.6k/6k/18k/18k, we estimate Xpengs blended vehicle GPM at around 11% after price cut, with GPM of G3i/P5/P7 alone close to 0%,... More
BofA cuts Tesla (TSLA) to $130 as demand concerns rise with competition
January 17, 2023 8:13 AM ESTBank of America reiterated a Neutral rating on Tesla (NASDAQ: TSLA) and cut their price target on the EV automaker to $130 (from $135) as the stock has s declined sharply since the end of 3Q22 amidst investor concerns on demand and increased competition in the market. These concerns have been further fed by price cut announcements across China, the US and Europe.... More
Morgan Stanley bullish as XPeng (XPEV) announces price cuts
January 17, 2023 7:40 AM ESTMorgan Stanley reiterated an Overweight rating and $12.00 price target on XPeng Inc. (NYSE: XPEV) after the company announced Tuesday that the electric vehicle maker will cut the prices of the G3i, P7, and P5 by Rmb20-36k. This announcement follows recent price cuts by Tesla... More
Analysts slash estimates, stock targets on Tesla (TSLA) stock after price cuts
January 17, 2023 6:27 AM ESTTesla (NASDAQ: TSLA) is again the center of analyst attention with several brokers offering their thoughts on the electric vehicle (EV) giant and the recently-announced price cuts. For some analysts, these actions point that Tesla is experiencing weakening demand.
Jefferies lowers Tesla stock target
Jefferies analyst Philippe Houchois, a long-time Tesla bull, reiterated a Buy rating on the electric vehicle (EV) maker but lowered the price target by nearly 50% to $180 per share after cutting 2023 revenue and EPS estimates.
The analyst sees Tesla delivering 1.7 million EV units in 2023 while slashing core... More
