Jefferies names their top EV picks in China

Tesla (TSLA) trades down following price cuts in China

January 12, 2024 7:53 AM EST

Shares of Tesla (NASDAQ: TSLA) are down more than 3% in pre-market trading Friday morning after the electric automaker officially reduced the price of their Model 3 and Model Y in China, with cuts ranging from Rmb6.5k to Rmb15.5k.

According to channel checks conducted by Morgan Stanley, the reduction was more moderate than what the... More

China 2023 vehicle sales rise 12% - industry association

January 11, 2024 1:16 AM EST

BEIJING (Reuters) - China's 2023 vehicle sales rose 12% year-on-year to 30.1 million vehicles, the China Association of Automobile Manufacturers (CAAM) said on Thursday.

Vehicle sales in December including exports jumped 23.5% on the year, CAAM said.

(Reporting by Beijing newsroom; Editing by Edmund Klamann)

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Bank of America names Li Auto (LI) a 'Top Pick' in 2024

January 10, 2024 8:37 AM EST

Bank of America named Li Auto (NASDAQ: LI) as one of their Top Picks for 2024, reiterating a Buy rating and $55.00 price target on the Chinese auto stock.

Looking ahead to 2024, Li Auto has set ambitious targets, aiming to achieve sales volume between 650,000 to 800,000 units, marking a substantial increase of 72% to 113% year-on-year.

The company has also unveiled plans for its flagship family BEV MPV,... More

Data shows VW, Toyota lose market share in 2023

January 10, 2024 8:22 AM EST

In the latest industry data out of China revealed on Wednesday, Volkswagen and Toyota Motor (NYSE: TM)) witnessed a decline in their share of the world's largest auto market. This decrease occurred as established global carmakers yielded ground to their Chinese counterparts.

Specifically, VW's two joint ventures in China with FAW and SAIC collectively held a 14.2% share in sales for the year 2023. This figure marks a decrease from their... More

Midday movers: Boeing, Meta Platforms and more

January 10, 2024 8:11 AM EST

(Updated - January 10, 2024 12:08 PM EST)

Investing.com -- Main U.S. indexes were slightly higher as investors adopted a wait-and-see approach ahead of the release of the key monthly inflation data later in the week.

Here are some of the biggest U.S. stock movers today:

Boeing (NYSE: BA) stock rose 1.5%, attempting to rebound after a drop of 9% over the last two sessions in the wake of the mid-air blow-out of a door panel on one of its 737 Max aircraft last week, even as Chief Executive Dave Calhoun... More

Bank of America downgrades Nio (NIO) as shares sink more than 5%

January 9, 2024 3:00 PM EST

Bank of America has downgraded Nio Inc (NYSE: NIO) to a Neutral rating (From Buy) with a 12-month price target of $9.00 on the Chinese auto stock following lower than expected sales growth and valuation.

Bank of America expects, emerging electric vehicle maker, Nio... More

BofA Securities Downgrades NIO (NIO) to Neutral

January 9, 2024 12:35 PM EST

BofA Securities analyst Ming Hsun Lee downgraded NIO (NYSE: NIO) from Buy to Neutral.

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

Shares of NIO closed at $7.93 yesterday.

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'Only Chinese OEMs are likely to grow in 2024' - UBS

January 9, 2024 9:30 AM EST

Car production hit nearly 90 million in 2023, growing 9% year-on-year. But for 2024, the industry faces challenges with high inventories and muted demand, leading to intense pricing competition that squeezes profits.

European manufacturers expect a significant 20-25% drop in earnings in 2024. Meanwhile, suppliers could suffer due to destocking after chip shortage... More