XPENG Announces Vehicle Delivery Results for August 2023

German Chancellor reveals plans for EV expansion law at IAA Munich

German Chancellor, Olaf Scholz took a tour of this years IAA car show in Munich on Tuesday where he revealed a groundbreaking initiative to expand the electric vehicle industry in his country.

In his address, he praised the German car industry's dedication to electrification while expressing his disapproval of ongoing protests. Scholz announced a new law, expected in the coming weeks, designed to significantly increase the number of electric vehicle charging stations across the country.

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Chinese EV rivals shine in August, Li Auto (LI) hits record sales

Teslas (NASDAQ: TSLA) Chinese rivals reported impressive August delivery numbers on Friday with Li Auto (NASDAQ: LI) achieving an all-time high in sales. XPeng (XPEV) reported its strongest month in over a year, while Nio (NYSE: NIO) came close to achieving a new delivery record.

Li Auto (LI)

Li Auto recorded a 2.3% increase in deliveries, with 34,914 vehicles delivered in August compared to the previous record of 34,134 vehicles in July and an astonishing 664% surge... More

UBS cuts estimates on Renault and Volkswagen as Chinese competition rises

UBS downgraded French automaker, Renault to a Sell rating (From Neutral) and cut their 12-month price target on the automotive stock to 31.00 (From 42.00) as competition from Chinese rivals intensifies.

UBS anticipates continued robust financial performance in the upcoming quarters with the potential for additional positive surprises. However, it is noteworthy that most indicators have ceased to show improvement. An analysis by UBS, including the examination of the BYD teardown Q-Series, leads analyst David Lesne to believe that legacy automakers... More