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☆ CNBC Daily Open: Time to rethink the rally?
▼ + stars: | 2023-06-21 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on June 14, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally haltedU.S. markets closed in the red Tuesday, halting a rally that drove stocks to their highest levels in more than a year. The dinner symbolizes the White House's — and corporate America's — turn to India at a time when U.S.-China ties are fraying.

Persons: Hong, Narendra Modi, Joe Biden, Biden, Tim Cook, Alphabet's Sundar Pichai, Satya Nadella, Raj Subramaniam, Anthony Tan, Alex Hungate, Goldman Sachs, Goldman Organizations: New York Stock Exchange, CNBC, Japan's Nikkei, U.S, House, CYVN Holdings, Reuters Locations: New York City, Asia, Pacific, Hong Kong, India, China, Abu Dhabi, Nio, Singapore

☆ Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi
▼ + stars: | 2023-06-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government. The strategic investment ultimately gives the fund, CYVN Holdings, a 7% stake in Nio. Nio earlier this month said lackluster car deliveries was affecting cash flow, and that it was delaying capital expenditure and some research and development projects. Nio disclosed cash and cash equivalents of 14.76 billion yuan ($2.07 billion) as of March, below what it disclosed for the end of 2021 and 2022.

Persons: Nio's ET5, Nio Organizations: Central China International, CYVN Holdings Locations: Wuhan, China, BEIJING, Abu Dhabi, Nio, U.S

☆ China's Nio to get near $740 million investment from Abu Dhabi-backed firm
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

Nio and peers Xpeng and Li Auto are among those competing to grab a larger EV market share in the world's largest automotive market dominated by BYD (002594.SZ). Under the deal, Nio will issue about 85 million new Class A shares at $8.72 per share to CYVN Holdings. CYVN has also entered into a deal with an affiliate of Tencent Holdings (0700.HK), under which it will pick up some shares of Nio. Nio said it will pursue global business opportunities jointly with CYVN following the closing of the investment deal. Its cash and cash equivalents fell to 14.76 billion yuan ($2.15 billion) in the first three months of the year from 19.89 billion yuan at end of the fourth quarter of 2022.

Persons: Xpeng, Li, Nio, CYVN, Akash Sriram, Tanya Jain, Shailesh Organizations: CYVN Holdings, Nio Inc, Li Auto, Nio's, Tencent Holdings, HK, CYVN, Thomson Locations: Abu Dhabi, BYD, Nio's U.S, Nio, Bengaluru

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ Futures rise as focus shifts to inflation data, Fed meet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. The CBOE volatility index (.VIX) edged up after hitting pre-pandemic levels in the previous week, up 0.71 point to 14.5. Adobe (ADBE.O) shares gained 1.9% after Jefferies raised the Photoshop maker's price target to $530, the second highest on Wall Street. Oracle (ORCL.N) rose 4.1% as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Nasdaq Inc (NDAQ.O) slid 7.5% after the exchange operator said it would buy Thoma Bravo-owned software firm Adenza for $10.5 billion.

Persons: Goldman Sachs, stoking, Jefferies, Morgan, Thoma, Shristi Achar, Vinay Dwivedi Organizations: Dow, Nasdaq, U.S, Labor, Traders, Dow e, FDA, . Oracle, HK, Nasdaq Inc, Thoma Bravo, Thomson Locations: megacap, Nio, Bengaluru

☆ China's Nio cuts prices, ends free battery swapping as sales slide
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

That equates to discounts ranging from 6% to 9% on Nio cars. The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said. Nio had been offering the swapping services for free at least four times each month to existing owners. The loss-making company's investments in battery swapping stations, however, have been questioned by investors for dragging on its profitability. With its pure electric cars priced above 300,000 yuan, Nio delivered 43,854 vehicles in the first five months.

Persons: William Li, Nio, Tesla, Zhang Yan, Brenda Goh, Kim Coghill, Tom Hogue Organizations: HK, Volkswagen, Tesla, Thomson Locations: SHANGHAI, China, BYD, Hong Kong

☆ Stocks making the biggest moves before the bell: Nasdaq, Illumina, Oracle, Carnival & more
▼ + stars: | 2023-06-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Nasdaq — The exchange operator's shares dropped 7.7% following the announcement of its deal to buy Adenza, the software firm owned by Thoma Bravo. Illumina — The biotech stock rose 2% in premarket trading after Illumina announced a CEO transition plan on Sunday. Bill.com — Shares shed 4.8% in the premarket after Morgan Stanley downgraded the expense management platform to equal weight from overweight. Oracle — The IT stock added 4.7% in Monday's premarket as investors awaited earnings for the fiscal fourth quarter expected after the bell. The Wall Street firm upgraded shares to overweight, citing continued demand momentum in the cruise industry.

Persons: Thoma Bravo, Illumina, Francis deSouza, Carl Icahn, Nio, Nomura, Morgan Stanley, Bill.com, Wolfe, —, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Nasdaq, Thoma, Oracle, Wolfe Research, ISI, Barclays, JPMorgan Locations: Monday's premarket

☆ Stocks making the biggest moves midday: Carnival, Nasdaq, Oracle, KeyCorp and more
▼ + stars: | 2023-06-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The Carnival Miracle cruise ship operated by Carnival Cruise Line is docked at Pier 27 in San Francisco, Sept. 30, 2022. Other cruise stocks also got a boost, with Norwegian Cruise Line gaining about 9% and Royal Caribbean adding 2%. Chinook Therapeutics — Shares soared 58.32% after Novartis announced it has agreed to acquire the biotech firm for up to $3.5 billion. Oracle — Shares of the IT cloud software company gained 5.99% ahead of its quarterly earnings announcement scheduled for after the bell. Wolfe Research upgraded shares to outperform from peer perform in a Sunday note, citing the company's early-mover advantage in the artificial intelligence boom.

Persons: JPMorgan Chase, Thoma Bravo, Morgan Stanley, Wolfe, Alessandro Maselli, Nio, Nomura, Illumina, Francis deSouza, Carl Icahn, KeyCorp, — CNBC's Hakyung Kim, Alex Harring, Samantha Subin, Jesse Pound Organizations: Carnival Cruise, JPMorgan, Bank of America, Cruise Line, Royal, Chinook Therapeutics, Novartis, Nasdaq —, Thoma, Oracle —, Wolfe Research Locations: San Francisco, Royal Caribbean

☆ Here are Monday's biggest analyst calls: Oracle, Tesla, McDonald's, Amazon, Nio, Carnival, AMD and more
▼ + stars: | 2023-06-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS reiterates McDonald's as buy UBS said McDonald's is "well positioned to drive further sales growth and market share gains." JPMorgan upgrades Carnival to overweight from neutral JPMorgan said it sees an "attractive risk/reward" for the cruise operator. Bank of America upgrades Carnival to buy from neutral Bank of America said it's getting bullish on cruise demand. Morgan Stanley upgrades Sentinel One to overweight from equal weight Morgan Stanley said the cybersecurity company has an attractive risk/reward. Morgan Stanley reiterates Home Depot as overweight Morgan Stanley said it's bullish on the company's long-term growth outlook.

Persons: McDonald's, it's, Morgan Stanley downgrades Bill.com, Morgan Stanley, Wolfe, Tesla, Nomura, Evercore, Wedbush, it's bullish, Argus, Abercrombie, Jefferies Organizations: UBS, JPMorgan, JPMorgan Chase, Petrobras, CCL, Bank of America, of America, Intuit, Oracle, Disney, Auto, Citi, U.S . Bancorp Citi, U.S . Bancorp, Sentinel, AMD, Abercrombie, Fitch

☆ Nio cuts prices for its cars — and delays business expansion plans
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tesla and other electric car companies in China had cut prices earlier this year in a bid to attract buyers. The analysts cut their rating on Nio shares to hold, from buy. Looking ahead, Nio said that it aimed to deliver at least 20,000 cars a month in the second half of the year. watch nowNomura analysts said they expected the car company can improve its deliveries with new models, like the ES6 SUV and ET5 touring sedan. Nio's cash and cash equivalents fell below $1 billion at the end of 2019.

Persons: William Li, Hector Retamal, Nio, William Li's, Tesla, Li, Nomura, Mizuho Organizations: HK, Afp, Getty, China Merchants Bank International, Monday, Nomura, State Council, EV, Mizuho Securities Locations: Shanghai, BEIJING, China, EU

☆ Stocks making the biggest moves premarket: Target, Tesla, General Motors, DocuSign and more
▼ + stars: | 2023-06-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Tesla , General Motors -- Both carmaker stocks were climbing in premarket trading, with gains of 5.7% and 5%, respectively. General Motors announced on Thursday plans to utilize Tesla's electric vehicle charging network, and said its vehicles will also utilize Tesla's North American Charging Standard port in its cars starting in 2025. Nio — Shares of the electric vehicle company dipped 2% in premarket trading after it reported that vehicle sales decreased 0.2% year over year. The company's vehicle margin and net loss also worsened year over year.

Persons: Corning, Morgan Stanley, Wells, Sonoma, —, Macheel, Jesse Pound Organizations: Target Corp, General Motors, Adobe, Citi, Sonoma Pharmaceuticals Locations: Queens, New York, Europe, U.S

☆ As the market starts to cool down, Cramer says don't be afraid to stay bullish
▼ + stars: | 2023-06-03 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors on Friday to stay bullish going into the week ahead, even as the market starts to cool down. "I liked [the market] more yesterday than I do today because it's higher, and that's how you have to think." On Monday, Cramer will be watching Apple 's Worldwide Developers Conference, where new products, ideas and software updates will be on display. Cramer's bottom line is to stay bullish, as he believes the Fed won't drastically raise rates at its next meeting. "We are not going to overstay our bullish welcome mat because others are stomping on it," Cramer said.

Persons: CNBC's Jim Cramer, Cramer, everybody's, Brinker, Chipotle — Organizations: Apple, American Society of Clinical Oncology, Moderna, Merck, Bristol, Myers, Darden

☆ Nasdaq hits 13-month high as investors look ahead to OPEC+ meeting and Apple headset event
▼ + stars: | 2023-06-03 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

It was a strong week for all three major stock indices, with the market bolstered Friday by strong jobs data and a deal in Washington to raise the U.S. debt ceiling. The S & P 500, the Nasdaq and the Dow Jones Industrial Average all finished the week roughly 2% higher. While Friday's rally broadened out beyond just the usual tech stocks, the Nasdaq ended Friday at its highest level since April 2022. This is the key data to look out for in the week ahead: Monday, June 5 9:15 a.m. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: payrolls, Biden, Investors, we've, Joann, JOAN, Ferguson, JM Smucker, Buster's, Campbell Soup, OLLI, Friday's, Jim Cramer's, Jim Cramer, Jim, Anna Moneymaker Organizations: U.S . Labor Department, Nasdaq, Dow Jones Industrial, Organization of Petroleum, Monday Club, Apple, PMI, THOR Industries, ABM Industries, Academy Sports, Ciena Corp, Foods, GameStop, Signet Jewelers, SIG, Company, Brands, Vail Resorts, MTN, Labor, Federal Reserve, U.S, West Texas, Treasury, Jim Cramer's Charitable, CNBC, Capitol, Getty Locations: Washington, OPEC, Vienna, China, U.S, Washington , DC

☆ Chinese EV startup Li Auto says car deliveries more than doubled in May
▼ + stars: | 2023-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

A Li Auto store inside a shopping mall in Yantai, Shandong province on May 6, 2023. BEIJING — Chinese electric car startup Li Auto said it delivered more than twice as many cars in May versus a year ago. Li Auto differs from the two startups in that its electric cars come with a fuel tank for charging the battery and extending driving range. That divergence comes as China's fast-growing electric car market grows more competitive. She expects China's electric car market to grow by 27% this year to 8.7 million units, with penetration of overall auto sales set to grow to 32% this year, versus 26% last year.

Persons: Li Auto, Li, Matty Zhao Organizations: Li, Bank of America Securities, Asia Locations: Yantai, Shandong province, BEIJING, Asia Pacific

☆ Chinese Tesla rival shares dive 11% after it forecasts a plunge in car deliveries
▼ + stars: | 2023-05-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Shares of Chinese electric vehicle firm Xpeng dropped on Wednesday after the company reported earnings that missed expectations and forecast a plunge in car sales. Here's how the company did versus Refinitiv consensus estimates for the first quarter:Revenue: 4.03 billion Chinese yuan ($571.6 million) versus 5.19 billion yuan expected. 4.03 billion Chinese yuan ($571.6 million) versus 5.19 billion yuan expected. Net loss: 2.34 billion billion yuan versus 1.9 billion expected. The company also forecast revenue of between 4.5 billion yuan and 4.7 billion yuan in the second quarter, down between 36.8% and 39.5% year-on-year.

Persons: Xpeng, Tesla, Warren Buffett Organizations: Inc, Li Locations: U.S, China, Guangzhou

☆ Chinese EV maker Nio invests in nuclear fusion startup
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 19 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) has invested in a startup firm that is developing fusion technologies, according to a source with direct knowledge and a company filing, placing more bets in other areas of the energy sector. The newly established company, Neo Fusion, will research and develop technologies that aim to bring controlled fusion for commercial uses globally in two decades, the source said. Nio invested 995 million yuan for a 19.9% stake while Nio Capital, the investment firm founded by Nio's chief executive William Li, invested 505 million yuan for a 10.1% share, it showed. The investment by Nio also underscored the loss-making EV maker's ambitions in the power and energy sector. It has also been developing battery technologies and is planning to build a battery plant with annual capacity of 40 gigawatt hours in Hefei city in Anhui province, Reuters reported previously.

☆ Analyst likes these 4 EV stocks — and says one is 'head and shoulders' above others
▼ + stars: | 2023-05-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

The electric vehicle market is still a "long way" from a shakeout, according to consulting firm Sino Auto Insights. China's EV market has been roiled by Tesla 's aggressive price cuts and the country's government ended subsidies for EV buyers. But Sino Auto Insights' managing director, Tu Le, is still bullish on EV giant Tesla and its Chinese counterpart BYD. "BYD has still been able to be head and shoulders above everyone else, and not only in the Chinese market, but they're the number one brand for EVs in Israel and Thailand," he said. Other bright spots Tu acknowledges that Tesla and BYD are the EV market's top two players, but sees promise in some emerging ones.

Tesla is proposing to manufacture and sell vehicles in the country, Reuters reported on Wednesday, citing a source. Import duties of as much as 100% made it difficult to gauge demand, so Tesla lobbied to reduce tariffs, rather than producing locally. Committing to a factory could work for Musk too, though justifying a Tesla-sized facility calls for fast and furious sales. When Tesla set up a Gigafactory in China in 2019, its sheer scale meant supply chains sprang up to serve it. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on May 16.

☆ China's BYD beefs up autonomous driving credentials with new unit, hiring spree
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Current BYD recruiting advertisements for engineers specialising in autonomous driving that target top Chinese universities such as Zhejiang University, indicate that the hiring is ongoing. BYD set up an intelligent driving research division in Shanghai last year, according to three sources with direct knowledge of the matter. The automaker, which is 9.87% owned by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and had some 660,000 employees as of April, declined to elaborate on its autonomous driving strategy. BYD has also this year teamed up with autonomous driving chip technology firms Nvidia (NVDA.O) and Horizon Robotics (RBOT.TO), saying it wanted to develop more intelligent vehicles. Both are high-volume models and further advances in BYD autonomous driving features would popularise the technology within China.

☆ Vietnam EV maker VinFast sees sales boom, path to breakeven
▼ + stars: | 2023-05-17 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Vuong projected sales of between 40,000 and 50,000 cars this year, up from EV sales of about 7,400 in 2022 when the company's only market was Vietnam. In addition, Vuong said VinFast planned to add two other models to its lineup: an electric pickup truck and a battery-powered city or "mini car." VinFast, which began operations in 2019, has a plant in Vietnam and plans for a second plant to open in North Carolina in 2025. An electric pickup truck would face competition from Rivian Automotive Inc (RIVN.O), Ford Motor Co's (F.N) F-150 Lightning and other models. The entry-level, small EV would face competition from Chinese-made electric vehicles, including from BYD.

☆ There are 'bright spots' for Xpeng and Nio, says consultancy
▼ + stars: | 2023-05-17 | 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 EmailThere are 'bright spots' for Xpeng and Nio, says consultancyTu Le of Sino Auto Insights says "the competition's really just begun in the China [electric vehicle] market when it comes to some of the more premium brands."

☆ Say goodbye to the US car market as we know it: Cheap Chinese EVs are coming
▼ + stars: | 2023-05-16 | by ( Nora Naughton | Tim Levin | ) www.businessinsider.com time to read: +6 min

After years of eyeing the American market, Chinese brands are poised to arrive. After years of preparation, Chinese car companies are poised to upend the US electric-vehicle market. Chinese EV manufacturers can gain a foothold in the US by coming in at a budget price point, analysts said. "I've driven a number of the Chinese EV brands, and boy oh boy, the Europeans are in trouble." The sheer size of the US car market means new entrants will need to build locally to compete seriously in the long term, he said.

☆ How to explore Greece's lesser-known islands like a local
▼ + stars: | 2023-05-12 | by ( Karen Gilchrist | Morgan Awyong | ) www.cnbc.com time to read: +9 min

But now it wants tourists to get to know lesser-known locations across its thousands of sprawling islands. Currently, Germany and the U.K. represent Greece's largest inbound tourism markets by revenue, followed by the United States, France and Italy. An eco-paradise surrounded by 24 islets, Lipsi forms part of the Dodecanese island collection in the southeastern Aegean Sea. Alonissos, SporadesDivers' delight Alonissos, part of the Sporades group of islands, is a diver's paradise and the site of Greece's first underwater museum. Alonissos, part of the Sporades archipelago in the northwest Aegean Sea, is known for its diving spots, including Greece's first underwater museum, the "Parthenon of the Wrecks."

☆ Battle for China's electric SUV market heats up at home and abroad
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +5 min

The trend will spread abroad with growing exports of China-made electric SUVs. The market for SUVs has boomed in China over the past decade and now represents almost 40% of all cars sold, with 400 SUV models of all fuel types. Legacy automakers Volkswagen (VOWG_p.DE), BMW (BMWG.DE) and Toyota (7203.T) are counting on new electric SUVs to bolster China sales. Tesla and Renault (RENA.PA) have already been exporting their China-made electric SUVs to Europe on a large scale. Chinese automakers have their own plans to grow electric SUV sales to Europe.

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