Slowing demand has BYD reducing shifts at China EV plants

Tesla (TSLA) expects to lose tax credit on standard Model 3

March 23, 2023 7:53 AM EDT

Electrek reports Thursday, citing people familiar with the matter, that Tesla (NASDAQ: TSLA) told employees they expect to lose the full $7,500 federal tax credit on their cheapest electric car, the Model 3 Standard range.

The communication to employees appears to have been done to prepare buyers of those vehicles,... More

Baidu’s (BIDU) Apollo gains approval to test autonomous vehicles in Shanghai

March 22, 2023 2:00 PM EDT

Apollo, Baidus (NASDAQ: BIDU) smart car business, announced Wednesday that the Chinese tech giant has received approval to be among the first companies to test fully autonomous vehicles in Shanghai.

Apollo currently operates driverless robotaxi services in specially designated areas of... More

VW aiming for 3M small EVs produced in Spain between 2025-2030

March 22, 2023 8:48 AM EDT

Wayne Griffiths, the chairman of Volkswagen's Spanish unit SEAT, said on Wednesday that the German carmaker plans to produce 3 million small electric vehicles at its two plants in Spain between 2025 and 2030.

Griffiths said in a news conference that SEAT aims to assemble 500,000 electric cars a year in the... More

Nio (NIO) surges as CFO is 'very confident' in 250k vehicle sales target

March 22, 2023 7:59 AM EDT

Shares of NIO Inc. (NYSE: NIO) are up 2.80% in pre-market trading on Wednesday following comments by CFO Steven Feng where he said the company is very confident of meeting its target of doubling sales to 250,000 electric vehicles this year. The comments, made during a Bloomberg interview, provoked a surge in the companys Hong Kong shares.

We are very confident to achieve our sales target in 2023, Feng... More

Data suggests a very strong Q1 for Tesla (TSLA) in China

March 21, 2023 9:05 AM EDT

Brokerage data surrounding Tesla (NASDAQ: TSLA) shows that the EV company is poised to report one of its best quarters in China.

According to data from China Merchants Bank International, the U.S. EV maker's retail sales in China totaled 106,915 units from Jan. 1 to March 19, or 1,371 units per day on... More

Tesla to deliver strong Q1 retail sales in China - brokerage data

March 21, 2023 8:14 AM EDT

SHANGHAI (Reuters) - Tesla is poised to report one of its best quarters in China, the latest retail sales data showed, after becoming the first electric vehicle maker in the country to cut prices in a bid to defend its market share.

The U.S. EV maker's retail sales in China totaled 106,915 units from Jan. 1 to March 19, or 1,371 units per day on average, according to data from China Merchants Bank International, which tracks car insurance registrations.

That was slightly higher than the 1,327 units it sold... More

Tesla's (TSLA) key Chinese rival BYD said to cut shifts as EV demand softens

March 21, 2023 6:10 AM EDT

BYD Co, one of China's biggest car makers and a key competitor of Tesla (NASDAQ: TSLA) in the local market is making shift cuts at two of its EV plants in China, as reported by Reuters early Tuesday.

According to an internal memo,... More

Tesla's competitor BYD reduces shifts at two EV assembly plants in China - Reuters

March 21, 2023 5:40 AM EDT

BYD reduces shifts at two EV assembly plants in China - Reuters

BYD, a Chinese EV maker that outsells Tesla in the local market, has reportedly reduced shifts at two key plants in China. No specifics on how long reduced shifts would last for were provided.... More

Tesla (TSLA) Receives Baa3 Investment-grade L-T Issuer Rating from Moody's

March 20, 2023 4:42 PM EDT

Tesla (NASDAQ: TSLA) Receives Baa3 Investment-grade L-T Issuer Rating from Moody's

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Polestar (PSNY) launches electric SUV in China with $29k price cut

March 20, 2023 2:52 PM EDT

Swedish electric automaker, Polestar (NASDAQ: PSNY) officially launched their Polestar 3 electric SUV in China on Friday. However, the EV maker has slashed its starting price by roughly $29,000.

When the Polestar 3 was first advertised to Chinese... More

Active options: TSLA AAPL CS NVDA AMZN AMD BAC MSFT FRC META

March 20, 2023 2:29 PM EDT

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Prepare for lower margins as Tesla (TSLA) price cuts become a 'feature' of EV market - Morgan Stanley

March 20, 2023 11:51 AM EDT

Morgan 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

Tesla (TSLA) price cuts 'not a fad, but a trend' - Morgan Stanley

March 20, 2023 11:17 AM EDT

Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $220.00 price target on Tesla (NASDAQ: TSLA), saying price cuts are "rational" and "not a fad, but a trend."

"We believe EV price cuts are not a fad, but a trend," Jonas commented. "While subject to... More

XPeng (H-Shares) (9868:HK) (XPEV) PT Lowered to HK$28.14 at Citi

March 20, 2023 11:12 AM EDT

Citi analyst Jeff Chung lowered the price target on XPeng (H-Shares) (9868:HK) (NYSE: XPEV) to HK$28.14 (from HK$34.78) while maintaining a Sell rating.... More

BOCOM Int'l Downgrades XPeng (XPEV) to Neutal

March 20, 2023 11:06 AM EDT

BOCOM Int'l analyst Angus Chan downgraded XPeng (NYSE: XPEV) from Buy to Neutal.

For an analyst ratings summary and ratings history on XPeng click here. For more ratings news on XPeng click here.

Shares of XPeng closed at $8.84 yesterday.

... More

Active options: TSLA CS NVDA AMD AMZN MSFT AAPL BAC LAZR

March 20, 2023 9:56 AM EDT

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Active options: TSLA CS NVDA AMD AMZN MSFT AAPL BAC LAZR

March 20, 2023 9:55 AM EDT

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Morgan Stanley cuts forecasts on China EVs reflecting headwinds

March 20, 2023 8:16 AM EDT

Morgan 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 EDT

Citi 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

Active options: TSLA NVDA AAPL MSFT AMD AMZN BAC GOOGL META

March 20, 2023 5:39 AM EDT

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XPeng (XPEV) PT Raised to $12.50 at Morgan Stanley

March 20, 2023 5:07 AM EDT

Morgan Stanley analyst Tim Hsiao raised the price target on XPeng (NYSE: XPEV) to $12.50 (from $12.00) while maintaining a Overweight rating.... More

Li Auto (LI) PT Raised to $30 at Morgan Stanley

March 20, 2023 5:07 AM EDT

Morgan Stanley analyst Tim Hsiao raised the price target on Li Auto (NASDAQ: LI) to $30.00 (from $23.00) while maintaining a Overweight rating.... More

NIO (NIO) PT Lowered to $12 at Morgan Stanley

March 20, 2023 5:07 AM EDT

Morgan Stanley analyst Tim Hsiao lowered the price target on NIO (NYSE: NIO) to $12.00 (from $16.10) while maintaining a Overweight rating.... More

XPeng (XPEV) PT Lowered to $7.21 at Citi

March 20, 2023 4:59 AM EDT

Citi analyst Jeff Chung lowered the price target on XPeng (NYSE: XPEV) to $7.21 (from $8.92) while maintaining a Sell rating.

... More

Active options: TSLA NVDA AAPL MSFT AMD AMZN BAC GOOGL META

March 17, 2023 3:14 PM EDT

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Midday movers: First Republic, FedEx, Newmont and more

March 17, 2023 1:26 PM EDT

By Liz Moyer

Investing.com -- Stocks were under pressure again as investors worried about the state of the banking system given dramatic events this week. Here are the midday movers for March 17.

First Republic Bank... More

XPeng (XPEV) reports 4Q22 earnings miss; expects decreased deliveries in 1Q23

March 17, 2023 7:44 AM EDT

Shares 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

XPeng Inc. (XPEV) Misses Q4 EPS, Revenue

March 17, 2023 6:09 AM EDT

XPeng Inc. (NYSE: XPEV) reported Q4 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.

Management Commentary

We have comprehensively reviewed our strategy and took decisive... More