XPENG Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results
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Slowing demand has BYD reducing shifts at China EV plants
March 21, 2023 8:21 AM EDTReuters reports Tuesday, citing people with knowledge of the matter, that BYD has reduced shifts at two auto assembly plants in China.
According to three of the sources and an internal memo sent earlier this month, BYD, which outsells Tesla (NYSE: TSLA) in China, asked some of the workers at its Xian plant, its biggest manufacturing hub, to work only four days a... More
Prepare for lower margins as Tesla (TSLA) price cuts become a 'feature' of EV market - Morgan Stanley
March 20, 2023 11:51 AM EDTMorgan Stanley reiterated an Overweight rating and $220.00 price target on Tesla (NASDAQ: TSLA) as analyst Adam Jonas believes that investors should anticipate further price cuts in EVs.
Jonas wrote in a note, We believe EV price cuts are not a fad, but a trend. While subject to volatility, investors should anticipate further price cuts in EVs with cost-leader Tesla setting the tone.
One of the reasons Jonas... More
Morgan Stanley cuts forecasts on China EVs reflecting headwinds
March 20, 2023 8:16 AM EDTMorgan Stanley has decided to cut earnings forecasts and price targets on Chinese electric vehicle companys, Nio Inc. (NYSE: NIO), Li Auto (NASDAQ: LI), XPeng (NYSE: XPEV) and BYD after Teslas (NASDAQ: TSLA) price cuts in the country triggered broader price competition. The price cuts, along with weaker YTD sales post stimulus, has pressured the Chinese EV segments 1H23 sales margin.
Carmakers continue to join the price competition by either lowering the MSRP directly,... More
Citi predicts challenges for XPeng (XPEV) in 2023; reiterates Sell
March 20, 2023 7:28 AM EDTCiti reiterated a Sell rating on XPeng (NYSE: XPEV) and cut the price target on the stock to $7.21 (From $8.92) after adjusting estimates to reflect the electric vehicle makers 4Q22 earnings results.
Citi analyst, Jeff Chung wrote in a note, We believe the companys... More
XPeng (XPEV) reports 4Q22 earnings miss; expects decreased deliveries in 1Q23
March 17, 2023 7:44 AM EDTShares of XPeng (NYSE: XPEV) are down 0.14% to $8.19 per share in pre-market trading Friday following the electric vehicle companys 4Q earnings miss.
The automaker reported 4Q EPS of (RMB2.57), RMB0.47 worse than the analyst estimate of (RMB2.10). Revenue for the quarter came in at RMB5.14 billion versus the consensus estimate of RMB5.59 billion, representing a decrease of 39.9% from the... More
