XPeng (XPEV) Announces Comprehensive Organizational Restructuring
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Bank of America Remains Positive on Xpeng (XPEV) Following Technology Day
October 25, 2022 8:01 AM UTCBank of America reiterated a Buy rating and $31.00 price target on XPeng (NYSE: XPEV) following the electric vehicle companys Technology Day where the company gave more details on its XNGP assisted driving program.
XPeng has made its City NGP gradually available to P5 users... More
Deutsche Bank Unsurprised Following Tesla (TSLA) Price Cuts
October 25, 2022 7:21 AM UTCShares of Tesla (NASDAQ: TSLA) are down 0.73% in pre-market trading on Tuesday after price cuts saw the electric vehicle stock close at 211.25 on Monday, down 1.49%. Chinese electric vehicle stocks followed suit with declines averaging 15% compared to the NASDAQs +1%. Deutsche Bank attributes this weakness to negative surprise around the new Chinese leadership selection, lack of updates surrounding COVID zero policies, and concerns following Teslas price cuts.
Tesla lowered the domestic China price for their Model 3 and Model Y by around 5% on Monday. The cuts were not unexpected and should not come... More
Tesla (TSLA) Falls 3% After Cutting Prices in China, Analyst Expects Volume Sales to Improve
October 24, 2022 6:17 AM UTCTesla (NASDAQ: TSLA) announced today it slashed prices of China-made basic Model 3 and Model Y.
Model 3 will now start from 265,900 yuan (down from 279,900) while Model Ys new price is 288,900 yuan, down from 316,900. These cuts partly offset price hikes imposed earlier this year.
Lower prices may be a result of the slowing demand for EVs in China after recent media reports suggested wait... More
China ADRs tumble as Xi's new team sparks worries over economy's path
October 24, 2022 5:59 AM UTCBy Medha Singh
(Reuters) -U.S.-listed shares of Chinese companies slumped on Monday after President Xi Jinping's new leadership team sparked investor concerns that ideology-driven policies would be prioritized at the cost of private sector growth.
Ecommerce giants Alibaba, JD.com as well as internet behemoth Baidu crashed between 14% and 17%, even as the benchmark S&P 500 edged higher.
The iShares MSCI China ETF tanked 10%, tracking its steepest one-day drop ever.
"The concern... More
