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☆ China sets mid-July for highly anticipated ‘Third Plenum’ meeting to discuss 'deepening reform'
▼ + stars: | 2024-06-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

NINGBO, China — China's top leaders will gather from July 15 to 18 for a highly anticipated meeting known as the Third Plenum, state media said Thursday. He said his analysis of an annual government meeting in December found the readout had twice as many mentions of policy implementation than the prior year, highlighting its importance. The Communist Party of China selected a new group of leaders in October 2022 at its 20th National Party Congress. Its third plenary session will run from July 15 to July 18, state media said. The plenum will discuss "further comprehensively deepening reform and advancing Chinese modernization," English-language state media said.

Persons: Pang Ming Organizations: Communist Party of, National Party Congress Locations: NINGBO, China, Communist Party of China

☆ The yuan's status as a global currency might be gaining ground. But top CEOs see more hurdles to clear
▼ + stars: | 2024-06-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A bank employee count China’s renminbi (RMB) or yuan notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, January 26, 2023. Beijing has long touted its ambitions for increasing global use of the Chinese yuan — also known as the "renminbi" or "RMB" — in an international financial market where the U.S. dollar is the dominant currency. watch nowLast year, the HKEX announced a "Dual-Counter" program that allows investors to trade Hong Kong-listed securities in Hong Kong dollars or Chinese yuan. The euro was slightly higher at 5.6%, while the U.S. dollar dominated with a nearly 85% share, the data showed. A maturing financial marketDeveloping more Chinese yuan-denominated investment products also requires a maturation of the local financial sector.

Persons: China’s renminbi, Athit Perawongmetha, Bonnie Chan, Chan, We're, SWIFT, Fred Hu, Hu, it's, Patience, Kenny Lam Organizations: Reuters, Hong Kong Exchanges, U.S ., International Monetary Fund, U.S, Primavera Capital, Sigma Asia Locations: U.S, Bangkok, Thailand, Reuters DALIAN, China, Beijing, Russia, Dalian, Hong Kong, Shanghai, Pacific

☆ China's EV architect says investing in Europe is a way forward
▼ + stars: | 2024-06-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

HEFEI, China — The man who spearheaded China's electric car strategy on Wednesday said that Chinese investment in the European electric vehicles industry could be a way forward for both sides amid trade tensions. Spokespersons for China's foreign ministry and the European Commission were not immediately available when contacted by CNBC. China's Ministry of Commerce said over the weekend that it was launching consultations with the EU over the bloc's probe into the role of subsidies in Chinese electric cars. The EU said earlier this month that it would increase tariffs on imports of the vehicles. "Even though we are not exporting a large number of EVs, perhaps the Chinese companies can try investing in Europe," Wan said, noting that such funding could create local jobs.

Persons: Wan Organizations: Wan Gang, China Association for Science, Technology, European Commission, CNBC, China's Ministry of Commerce, EU Locations: HEFEI, China, EU, Dalian, Europe

☆ China's premier defends national competitiveness as trade tensions simmer
▼ + stars: | 2024-06-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

China's Premier Li Qiang speaks during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024. Denis Balibouse | ReutersDALIAN, China — Chinese Premier Li Qiang on Tuesday defended the country's technological development while criticizing efforts to restrict global cooperation. His remarks, at the opening of the World Economic Forum's "Summer Davos" meeting in Dalian, China, came amid rising tensions with the EU over imports of Chinese electric cars. Andrzej Duda, president of Poland, and Pham Minh Chinh, prime minister of Vietnam, gave remarks after Li. The Chinese premier held state-level meetings in China with the two leaders ahead of the "Summer Davos."

Persons: Li Qiang, Denis Balibouse, Li, Andrzej Duda, Pham Minh Chinh, Duda Organizations: Economic, Reuters, EU Locations: Davos, Switzerland, Reuters DALIAN, China, Dalian, U.S, Poland, Vietnam, Beijing, Washington

☆ Cisco is 'very optimistic' about its expanding business with China EVs
▼ + stars: | 2024-06-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

DALIAN, China — Cisco is "very optimistic" about its growing business with Chinese electric car companies as they expand overseas, the company's Greater China head told CNBC on Tuesday. The EV segment is the U.S. tech giant's second-largest for the region — Cisco generates most of its revenue in Greater China from manufacturing companies, and within that, electric cars form the largest category, said Ming Wong, vice president and CEO of Cisco Greater China. Chinese EV-makers have ramped up their global expansion in the last year as domestic competition intensified. However, trade tensions have escalated, with the U.S. and likely the European Union, increasing tariffs on imports of Chinese electric cars. "At least as of now, we don't hear anything from the [EV] customers saying that, 'Oh, because of this, we need to stop investing, or we need to slow down,'" he added.

Persons: Ming Wong, Wong, It's Organizations: Cisco, CNBC, U.S, European Union Locations: DALIAN, China, U.S, Greater China, Cisco Greater China

☆ China growth worries have hit a big alcohol stock. Why some analysts see a buy opportunity
▼ + stars: | 2024-06-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"Flying Fairy," a 53% alcohol from Shanghai-listed Kweichow Moutai , saw wholesale prices drop by more than 5% in a week. He agreed the drop in wholesale prices won't have a big impact on Moutai's immediate earnings. What's also different about Moutai's stock decline is that investors aren't rushing in to bottom fish as they have in the past, Ye said. "The recent wholesale price drop we think is mostly triggered by the arbitragers in the market," Morningstar's Song said. She expects wholesale prices to increase in coming months given major Chinese holidays in the fall.

Persons: stoking, That's, Jennifer Song, Song, Kweichou Moutai, Ye Yuhua, What's, Ye, Moutai, Huatai, Moutai's, Goldman Sachs Organizations: Nomura, Morningstar, Stock, Capital, Financial Holdings, JPMorgan, Macquarie Locations: Shanghai, Guangzhou, Hainan

☆ China has spent at least $230 billion to build its EV industry, new study finds
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China spent $230.8 billion over more than a decade to develop its electric car industry, according to analysis published Thursday by the U.S.-based Center for Strategic and International Studies. Last month, the U.S. announced it was raising duties on imports of Chinese electric vehicles to 100%. There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough. But he also noted that the U.S. has not created conditions that are as attractive as China's for developing its own electric car industry. "There are some exceptions, but in general Western automakers and governments have dilly dallied and not been aggressive enough," he said.

Persons: Scott Kennedy, Kennedy, Tesla Organizations: Workers, SAIC, GM, Future Publishing, Getty, Strategic, International Studies, CSIS, U.S, Ministry of Finance, Bank of America, Western, EV Locations: Qingdao, Shandong, BEIJING, China, U.S

☆ China talks up support for IPOs. Investors are watching the speed of approval
▼ + stars: | 2024-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Mike Segar | ReutersBEIJING — Chinese authorities this week announced new policy for supporting venture capital, raising hopes for faster approvals of initial public offerings in the near future. The new policy included a section on expanding exit channels for venture capital, with an emphasis on supporting companies with technological breakthroughs. Investors, especially those who put U.S. dollars into China-based venture capital funds, have preferred IPOs in the U.S. as the largest and most liquid market. Separately, the U.S. has increased its scrutiny of U.S. capital going into China, especially military-related entities. The China Securities Regulatory Commission has increased fines for misleading investors and clarified requirements for overseas IPOs.

Persons: Mike Segar, Marcia Ellis, Morrison Foerster, Ellis, Winston Ma, Ming Liao, Didi, Morrison Foerster's Ellis, Fang Xinghai, Fang Organizations: New York Stock Exchange, Reuters, State Council, U.S, Venture, NYU School of Law, Investors, Prospect, CNBC, China Securities Regulatory Commission Locations: Manhattan, New York City , New York, U.S, Reuters BEIJING, China, Prospect Avenue, Hong Kong, London

☆ Fitch pushes back China rate cut expectations to next year as Fed holds interest rates steady
▼ + stars: | 2024-06-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. BEIJING — Ratings agency Fitch no longer expects China to cut its policy rate this year, and has pushed back its expectations for a reduction to next year as the U.S. Federal Reserve keeps its interest rates high. Next year, "as the Fed begins to cut policy rates we think that should give a bit more space for the PBOC to maneuver," he said. The Fed last week held steady on its key interest rate and indicated just one cut by the end of the year. That contrasts with investor expectations heading into 2024 that the Fed would soon ease monetary policy after aggressively hiking rates.

Persons: Fitch, Jeremy Zook, Zook Organizations: People's Bank of China, BEIJING —, U.S . Federal Reserve, U.S ., People's Bank of, Fed Locations: Beijing, China, BEIJING, People's Bank of China, Asia Pacific

☆ Chinese official slams EU probe into EV subsidies as 'selective'
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

"The Commission considers that the sample was selected in accordance with the WTO rules and the corresponding EU legislation in this regard," he said. "The Volkswagen Group confidently accepts the growing international competition, including from China, and sees this as an opportunity. The NDRC's Jin added that the EU anti-subsidy probe does not appear to be based off an industry or business complaint. "Consequently, the Commission has reached out to Chinese authorities to discuss these findings and explore possible ways to resolve the issues identified in a WTO-compatible manner," the EU statement said. The Biden administration in May announced it would raise tariffs on imports of Chinese electric cars from 25% to 100%.

Persons: Olof Gill, Gill, BEV, Oliver Zipse, Elon, Jin, EU's Gill, BEV producers, Biden Organizations: CNBC, WTO, Major, Volkswagen Group, EU, Volkswagen, U.K, BMW Group, BMW, SAIC, EV, EVs Locations: Union, China, Germany, Europe, Western Europe, Shanghai, EU, WTO

☆ Google's Android apps are coming in 3D via Xreal as competition with Apple's Vision Pro heats up
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images. Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm 's Snapdragon spatial computing platform. A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion. That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. The Beam Pro launched in China in late May.

Persons: Apple, Chi Xu, Xu, Xreal, Rokid, Ramon, Xreal Xu Organizations: BEIJING — Games, Google, Apple, CNBC, Apple Vision, Beam, Nvidia, Qualcomm, Amazon Web Services, IDC Research, Vision, The Locations: BEIJING, U.S, China, Hong Kong, Japan, Singapore

China's retail sales beat expectations in May, climbing 3.7% compared with a year ago, beating expectations of a 3% rise from a Reuters poll of economists. However, other economic metrics, such as industrial output and fixed asset investment, missed Reuters forecasts. Industrial output grew by 5.6% year-on-year, compared to the 6% increase expected, while fixed asset investment rose 4% compared to last May, just shy of the 4.2% forecast by the Reuters poll. On the other hand, the miss in fixed asset investment was dragged by a steeper drop in real estate investment. NBS said that excluding real estate, total fixed asset investment was 8.6% higher compared to last May.

Organizations: Reuters, National Bureau, Statistics, NBS Locations: Hangzhou, Zhejiang Province, China

☆ Japan did it first. Chinese stocks with some of the biggest global upside
▼ + stars: | 2024-06-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

If the international expansion of Japanese companies is any guide, Chinese companies still have significant potential left in the global market. The company did not break out overseas revenue for the first quarter, but said overall revenue grew by 14% from a year ago to 3.8 billion yuan. When compared to Japanese companies, the contribution of overseas revenue to the total for Chinese businesses is low across industries. "We believe Zhejiang Dingli will benefit from strong boom lift sales growth, especially in the US market," the HSBC report said. I think the conversation has moved now more toward being tough on global trade or free trade," David Chao, global market strategist, Asia Pacific (ex-Japan), at Invesco, said during a webinar Thursday.

Persons: Steven Sun, Christine Peng, Anker, Dingli, Snibe, David Chao, — CNBC's Michael Bloom Organizations: HSBC, CSI, Japan's Nikkei, HSBC Qianhai Securities, UBS Asia Pacific, Companies, Amazon, Apple, Google, U.S . Commerce Department, Shenzhen New Industries Biomedical Engineering, Asia Pacific, U.S, Association of Southeast Asian Nations, Union Locations: China, Japan's, Shanghai, Germany, Indonesia, East, South America, Shenzhen, Zhejiang, Snibe — Shenzhen, U.S, Asia, Japan, Invesco, Singapore, The U.S

☆ China's consumers are spending on experiences. Travel stocks to watch
▼ + stars: | 2024-06-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

In a report last week about China's consumer market potential, Bank of America Securities analysts chose hotel operator H World as one of its top picks. "We believe H World is best positioned to capture long-term growth in the China hotel industry given best-in-class execution," the analysts said. BofA rates H World a buy, and expects its U.S.-listed shares can reach $47. That's 30% above where H World shares closed Thursday. In China, H World also owns master franchisee rights for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel.

Persons: Wang Xing, Meituan, Styles, Grand, Goldman Sachs, Morgan Stanley, Wang, Neil Shen, Shen, BTG's, BTG, Trip.com, — CNBC's Michael Bloom Organizations: HSBC, Hong, Bank of America Securities, Mercure, Grand Mercure, Novotel, Travelers, BTG Hotels, Shanghai, Jefferies Locations: Hong Kong, China, U.S, Asia, Macau, Taiwan, —, Mainland China

☆ China's exports grow more than expected in May, up by 7.6%
▼ + stars: | 2024-06-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's exports in May grew faster than expected, while imports missed forecasts, customs data showed Friday. Exports rose by 7.6% in May from a year a go in U.S. dollar terms, beating expectations for 6% growth, according to a Reuters poll. In April, China's exports rose by 1.5% year-on-year, while imports climbed by 8.4%. China's imports and exports to the U.S. and EU fell during that time, according to CNBC calculations of official data. China's exports to Russia fell during that time, while imports from Russia rose by 7.5%.

Organizations: BEIJING, Reuters, ., CNBC, Association of Southeast Locations: U.S, EU, Nations, Russia

☆ Chinese electric car company Nio to enter Middle East this year amid global expansion by peers
▼ + stars: | 2024-06-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China. CNBC | Evelyn ChengBEIJING — Chinese electric car company Nio plans to expand to the Middle East this year, CEO William Li said on an earnings call Thursday, at a time when rivals have been increasing their global footprint. The nearly 10-year-old company will also start shipping its lowest-cost brand, Firefly, in the first half of next year, Li said. The battery and electric car giant said in November it opened a showroom in Dubai Festival City as part of a collaboration with Al-Futtaim Electric Mobility Company. watch nowAs competition in the Chinese electric car market intensifies, Nio launched a lower-priced brand called Onvo in May.

Persons: Nio, Evelyn Cheng, William Li, Li, BYD, Nomura, Nio's Li Organizations: CNBC, United, United Arab Emirates, United Arab, Dubai Festival City, Al, Futtaim Electric Mobility Company, Tesla, BMW Locations: Shanghai, China, Evelyn Cheng BEIJING, Middle East, U.S, United Arab, Europe, United Arab Emirates, Dubai, 2H24

☆ China's Alibaba is courting European and U.S. small businesses as it goes global
▼ + stars: | 2024-06-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba.com is a platform run by the Chinese e-commerce company of the same name that focuses on overseas business customers. BEIJING — Chinese e-commerce giant Alibaba is ramping up its global expansion with new services aimed at attracting small businesses in the U.S. and Europe. The platform is part of Alibaba's fast-growing international business, which also sells directly to consumers overseas through sites such as AliExpress. While consumers in China have long enjoyed delivery tracking and favorable return policies, small businesses buying from cross-border e-commerce platforms have not, due to the added complexity of international trade. He noted an increasing trend of fragmentation in supply chains, and said a growing number of local businesses, whether in cosmetics or the autos industry, need to buy globally in order to protect profit margins.

Persons: Alibaba.com, China —, Kuo Zhang Locations: BEIJING, U.S, Europe, China

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ Pony.ai plans to begin Robotaxi services by 2025
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPony.ai plans to begin Robotaxi services by 2025Evelyn Cheng reports on the developments of Pony.ai's robotaxis.

Persons: Evelyn Cheng

☆ China's capital city is opening a robotaxi route to a major train station, startup Pony.ai says
▼ + stars: | 2024-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Robotaxi operator Pony.ai has begun testing rides with human staff inside between a suburb of Beijing and a major high-speed train station. By the end of this year or early next year, Zhang expects the train station route will be fully driverless, with no human staff inside. BEIJING — In three years, China's capital city of Beijing has taken rapid steps toward letting robotaxis operate closer to the city center. By the end of this year, Zhang expects the city will allow robotaxi operation around Beijing Capital International Airport to the north. In three to five years, Zhang expects Beijing will allow robotaxis throughout the city.

Persons: Pony.ai, Zhang, Ning Zhang, WeRide Organizations: Beijing South Railway, CNBC, BEIJING —, Daxing International, Baidu, Beijing Capital International Airport, Toyota Locations: Beijing, Yizhuang, Pony.ai, BEIJING, China

☆ IMF upgrades China's growth forecast to 5% on 'strong' first quarter and policy measures
▼ + stars: | 2024-05-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — The International Monetary Fund on Wednesday raised its forecast for China's growth this year to 5%, from 4.6% previously, due to "strong" first quarter figures and recent policy measures. The organization now expects China's economy to grow by 4.5% in 2025, up from the previous forecast of 4.1%. But by 2029, they anticipate China's growth will decelerate to 3.3% due to an aging population and slower productivity growth. That's down from the IMF's prior forecast of 3.5% growth in the medium term. China's economy grew by a better-than-expected 5.3% in the first quarter, supported by strong exports.

Organizations: Monetary Fund, Data Locations: Beijing, BEIJING, China

☆ Chinese travelers are opting for lower-cost domestic destinations over foreign tourist spots
▼ + stars: | 2024-05-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese travelers are increasingly opting for cheaper domestic destinations over foreign tourist spots. The top reason for preferring their home country was "abundant domestic travel options," the survey found, followed by "too costly" international travel. Local tourism has been a bright spot in China's recovery from Covid-19 controls that ended in late 2022. watch nowDuring a public holiday this year from May 1 to May 5, domestic tourism trips and revenue surged versus pre-pandemic levels in 2019, official data showed. Local authorities said performing arts subsidies from the local governments helped generate 48.3 million yuan in ticket sales to 230,000 people, stimulating about 460 million yuan in economic activity.

Persons: Oliver Wyman, Trip.com, Ashley Dudarenok, Ashley Dudarenok ChoZan Organizations: Nurphoto, Getty, International, CNBC, China Locations: China's Guizhou province, BEIJING, China, Hong Kong, Japan, Covid, Yangzhou, Luoyang, Qinhuangdao, Guilin, Zibo, U.S, Xi'an, Guangxi, Nanjing

☆ Alibaba's global arm signs David Beckham as international e-commerce brand ambassador
▼ + stars: | 2024-05-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba's international e-commerce platform AliExpress is a UEFA Euro 2024 sponsor and has signed David Beckham as its global brand ambassador. BEIJING — Soccer star David Beckham will promote Alibaba 's international e-commerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday. AliExpress, which did not disclose how much it was paying Beckham to be its global brand ambassador, has joined several Chinese companies in sponsoring the UEFA European soccer championship that kicks off in mid-June. "AliExpress is helping fans get even closer to UEFA EURO 2024™ this summer, by offering them great prizes as the action takes place on the pitch," Beckham said in his only statement in the press release. Beckham's company, DRJB Holdings, said in its latest available filing it made 72.6 million pounds ($92.5 million) in revenue in 2022.

Persons: David Beckham, Alibaba, Beckham Organizations: UEFA, BEIJING — Soccer, PDD Holdings, DRJB Holdings Locations: BEIJING, China, UEFA European

☆ Chinese companies are looking overseas for growth. Morgan Stanley says this is the stock to play the trend
▼ + stars: | 2024-05-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

A U.S.-listed Chinese company that makes most of its money overseas could soar more than 75%, according to Morgan Stanley's newly updated forecasts. "This is because the stock has traded off recently, making short term valuation much more compelling," the Morgan Stanley analysts said, noting Tuya's quarterly results last week. Tuya shares closed Friday at $1.99, down more than 13% for the year so far. "Key play on Chinese companies going overseas, with a global leading position," the analysts said. Tuya is just one of many China-based companies going overseas as their business capabilities improve and growth at home slows.

Persons: Morgan Stanley's, Yang Liu, Morgan Stanley, Tuya, Goldman Sachs, BNY Mellon Organizations: Management, Asia Pacific, Google, BNY, New Enterprise Associates Locations: U.S, Asia, China, Europe, India, Hong Kong

☆ Chinese EV company Xpeng shares surge 13% after forecasting growth in car deliveries
▼ + stars: | 2024-05-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese electric car company Xpeng saw its shares soar after reporting an improvement in profit margin and an upbeat outlook for second-quarter deliveries. The company's Hong Kong-listed shares rose more than 13% in morning trade Wednesday. Xpeng reported that vehicle margin rose 5.5% in the first three months of the year, from a negative 2.5% in the prior quarter. Vehicle margin is a measure of profitability — the higher the margin, the greater the profit the company is making on its car sales. The company forecast deliveries of 29,000 to 32,000 cars in the second quarter, a year-on-year increase of at least 25%.

Persons: Xpeng Organizations: U.S Locations: Beijing, BEIJING, Hong Kong, U.S

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