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☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ Xi adds oversight risk to China EV battery growth plans
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +5 min

Three battery industry executives - including two at CATL - and two people close to regulators working with the industry told Reuters they understood Xi’s remarks as a warning to both the company and the wider battery industry. Consultant Rystad Energy estimates that battery production capacity in China will reach 1,338 gigawatt hours (GWh) by year end, up 23%. But EV sales in China have started to slow, prompting CATL to offer discounts to smaller EV makers in China in February in exchange for locking in future orders. EXCESS CAPACITY RISKZeng told investors in May that the recent wave of investment worth billions of dollars in battery production could leave excess capacity as technology evolves. CATL told investors that the partnership, which it said was based on "commercial considerations" has been moving ahead.

☆ Bank of America sees this chipmaker rallying more than 25% as electric vehicle demand grows
▼ + stars: | 2023-03-08 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

On Semiconductor is a top chip stock for autos that could jump more than 25%, Bank of America said. This was in addition to news that On Semiconductor signed a long-term electric vehicle supply deal with BMW. "This win complements ON's other notable wins at Tesla, Mercedes, Jaguar Land Rover, VW, Hyundai, and Nio," Arya wrote in a Tuesday note. On Semiconductor shares are more than 26% higher in 2023, after also outperforming last year in spite of an 8% drop. "We expect ON to maintain/expand its 25-30% CY23E SiC device mkt share, while also benefitting from its leadership in image sensors for advanced driver assist systems," Arya wrote.

☆ Here are Monday's biggest analyst calls of the day: Apple, Tesla, Nio, Ferrari, Merck, Nvidia & more
▼ + stars: | 2023-03-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: JPMorgan reiterates Amazon as a best idea JPMorgan says it's standing by its overweight rating on the stock. " Jefferies reiterates Tesla as buy Jefferies raised its price target on the stock to $230 per share from $180 and says it's standing by its buy rating. JPMorgan upgrades Vir Biotechnology to overweight from neutral JPMorgan said it likes the biotech company's product pipeline. JPMorgan reiterates General Electric as neutral After a change in analyst coverage, JPMorgan said GE's transformation continues but there's still more "work to do." Jefferies initiates Merck as buy Jefferies initiated the pharmaceutical company with a buy and said it has room for growth.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Snowflake, Salesforce, Nio, Nvidia & more
▼ + stars: | 2023-03-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan downgrades Nio to neutral from overweight JPMorgan said it sees too many challenges after the Nio's earnings report on Wednesday. JPMorgan downgrades Dollar Tree to neutral from overweight JPMorgan said it sees too many macro headwinds for the discount retailer. Morgan Stanley upgrades Pinduoduo to overweight from equal weight Morgan Stanley said the ag-tech company is a "long-term growth story." Morgan Stanley reiterates Liberty Formula One as overweight Morgan Stanley said it's bullish on shares of the auto racing company. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said competitors can't keep up after Tesla's investor day on Wednesday.

☆ JPMorgan downgrades electric vehicle stock Nio, says expectations are too high
▼ + stars: | 2023-03-02 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to step to the sidelines on Chinese electric vehicle maker Nio after its latest quarter, according to JPMorgan. Analyst Nick Lai downgraded Nio to neutral from overweight, saying it will be increasingly challenging for the electric vehicle maker to deliver on high expectations. He said that the firm's fourth-quarter results were a miss because of vehicle margin contraction. The analyst's new December-2023 price target is $10, down from $14, which implies upside of roughly 13%. The firm reduced its price target to $10, from $18.

☆ Stocks making the biggest moves before the bell: Salesforce, Best Buy, Macy's and more
▼ + stars: | 2023-03-02 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Best Buy — The consumer electronics retailer shed 1.9% after its fiscal year earnings and revenue guidance came in lighter than expected. Best Buy said it expects a sales decline of 3% to 6% for the year, citing the macro environment. Macy's — The retailer advanced 7.3% after beating expectations on per-share earnings and meeting them on revenue, according to Refinitiv. JPMorgan downgraded the stock to neutral from overweight Thursday and said the company's expectations are too high. On Semiconductor — The semiconductor maker dropped 7.2% following a downgrade to outperform from strong buy by Raymond James.

☆ Bitcoin edges higher after dismal February for risk assets as investors assess rate outlook and new China data
▼ + stars: | 2023-03-01 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Bitcoin and other risk assets rose after strong Chinese manufacturing activity data. The coin on Wednesday was gaining ground on notably strong manufacturing data out of China. China's National Bureau of Statistics said its manufacturing activity index rose to 52.46 in February, the highest reading since April 2012, according to Bloomberg. Chinese stocks bounced higher, with the Hang Seng Index soaring more than 4%. Copper was another risk-on asset gaining ground, up 1.2% at $4.14 per pound on prospects of higher Chinese demand for the metal used for construction projects.

☆ Morning Bid: Markets March on China boomlet
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +5 min

And after a bruising setback for stocks and bonds in February, investors now have to assess whether the unfolding economic rebound is sustainable given the eye-watering revision that it's forcing in inflation and interest rate expectations. This is emboldening both the hawks at the European Central Bank and markets keen to re-price the interest rate horizon. Money markets have already moved beyond that and now price peak ECB rates at year-end almost 150 bps higher at 3.90%. Even though U.S. consumer confidence and housing data on Tuesday questioned some of the reheating narrative, markets now assume peak Federal Reserve rates will be as high as 5.42% by July. And homebuilder Persimmon (PSN.L) dropped almost 10% after it warned the housing slowdown and higher mortgage rates would hit profit and home-building targets.

☆ Stocks making the biggest moves midday: Lowe's, 3M, First Horizon, Nio and more
▼ + stars: | 2023-03-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Rivian also shared an electric vehicle production outlook that fell short of analysts' expectations. First Solar — Shares of First Solar gained 15% after the solar company issued full-year guidance on Tuesday that came out ahead of expectations on per-share earnings and revenue. First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss expected by analysts surveyed by FactSet. The company's revenue was in line with analysts' expectations of $1 billion. Ambarella gave first-quarter guidance that missed analysts' expectations on Tuesday, according to FactSet.

☆ BYD is clearly the EV market leader in China, says investment advisory firm
▼ + stars: | 2023-02-28 | 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 EmailBYD is clearly the EV market leader in China, says investment advisory firmBill Russo of Automobility says BYD owns five of the top 10-selling electric vehicle models in China, and upcoming brands like Nio and Li Auto have much smaller market penetration.

☆ Analysis: CATL's 'price war' shows its power, and China's EV edge
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +6 min

"It's very much a market share game," said Caspar Rawles, chief data officer at Benchmark Mineral Intelligence. Contemporary Amperex Technology Co Ltd - more widely known by its initials - is the dominant global supplier with a 37% share of the EV market. For CATL, the discount is a way to head off a bid by Chinese EV makers to seek alternatives. CATL batteries power Volkswagen's (VOWG_p.DE) I.D. "The reductions that CATL is offering would help the Chinese EV industry," said James Frith, a principal at battery-tech focused venture capital group Volta Energy Technologies.

☆ Missing Chinese CEO is being investigated by authorities, company says
▼ + stars: | 2023-02-26 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Missing Chinese CEO Bao Fan is cooperating in an investigation by “certain authorities in the People’s Republic of China,” his company said in a statement Sunday. “The Board would like to reiterate that the business and operations of the Group are continuing normally,” a statement from the company said. Real estate tycoon Ren Zhiqiang disappeared for several months after he allegedly spoke out against Chinese leader Xi Jinping in 2020. Anbang chairman Wu Xiaohui was reportedly detained by authorities as part of a government investigation. His team has also invested in US-listed Chinese electric vehicle makers Nio (NIO) and Li Auto, and helped Chinese internet giants Baidu (BIDU) and JD.com (JD) complete their secondary listings in Hong Kong.

☆ Stocks are reversing course as inflation looks sticky with more retail earnings on deck
▼ + stars: | 2023-02-24 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

The optimism about inflation and the U.S. economy is quickly waning on Wall Street, and the early 2023 rally for stocks is fading. The market was under pressure again on Friday after a hotter-than-expected reading for personal consumption expenditures, sending rates higher and stocks lower. Economic updates Next week brings a new round of economic indicators to see how the sticky inflation is affecting consumers and business. Other looks at the economy will come through key earnings reports. Speech by Fed Governor Christopher Waller Friday: 9:45 a.m. Markit Services PMI 10:00 a.m. ISM Services PMI 3:00 p.m.

☆ Exclusive: EV maker Nio plans new 40 GWh battery plant in China- sources
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nio's ES7 electric vehicle is displayed at the Chinese EV maker's showroom in Shanghai, China, February 3, 2023. REUTERS/Aly SongSHANGHAI, Feb 24 (Reuters) - Nio (9866.HK) plans to build its first battery plant to produce big cylindrical cells similar to those used by Tesla, two people familiar with the matter said, as the Chinese EV maker seeks to cut its reliance on suppliers like CATL (300750.SZ). It will be located next to its main manufacturing hub in Hefei city, in eastern China's Anhui province, they said. Reuters is reporting the details of Nio's plan for the first time. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

1 EV maker worldwide in 2022, but China's BYD (002594.SZ) and others are closing the gap fast, according to a Reuters analysis of global and regional EV sales data provided by EV-volumes.com. In fact, BYD passed Tesla in EV sales last year in the Asia-Pacific region, while the Volkswagen Group (VOWG_p.DE) has been the EV leader in Europe since 2020. Reuters GraphicsThe most significant challenges to Tesla are coming from established automakers and a group of Chinese EV manufacturers. Tesla's vehicles offered features, such as the ability to navigate into a parking space or make rude sounds, that other vehicles lacked. IDRA, the Italian company that builds huge presses to form large one-piece castings that are the building blocks of Tesla vehicles, said it is now getting orders from other automakers.

☆ EV maker Nio to build 1,000 battery-swap stations in China in 2023
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) startup Nio Inc (9866.HK) plans to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end, its Founder and Chairman William Li said on Tuesday. The move marks an expansion of its plan in December of adding 400 such stations this year. Li found more of them are needed to improve user experience after his trips to northeastern China and lower-tier cities in Zhejiang, he added. Battery swapping allows drivers to replace depleted packs quickly with fully charged ones, rather than plugging the vehicle into a charging point. Nio is among the few EV makers that are betting on battery swapping as one of the major power solutions for electric cars.

☆ China's Nio to build factory for budget EVs - sources
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 21 (Reuters) - Chinese electric vehicle (EV) maker Nio Inc (9866.HK) plans to build a factory in Chuzhou city in the eastern province of Anhui to produce budget EVs under a new brand, said three people with knowledge of the matter. Neither Nio nor the Chuzhou local government immediately responded to requests for comment. Nio's main brand, Nio, is positioned for the premium car segment to compete with brands such as BMW, Audi and Mercedes-Benz in China and Europe. More than a quarter of the new cars sold in January in China were either pure electric or plug-in hybrids, according to China Passenger Car Association. Reporting by Zhang Yan, Zhuzhu Cui and Brenda Goh; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ China Renaissance CEO Bao Fan goes missing
▼ + stars: | 2023-02-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —One of China’s top investment bankers has become unreachable, according to his company. China Renaissance, an investment bank and private equity firm based in Beijing, said in a Thursday filing to the Hong Kong stock exchange that it “has been unable to contact” Bao Fan, its chairman and CEO. Shares of the company plunged as much as 50% in Hong Kong on Friday following the news. Bao did not immediately respond to messages from CNN on WeChat on Friday, while China Renaissance hasn’t yet responded to a request for comment. Chinese authorities detained Cong Lin, the company’s president, in September, it reported, citing unidentified sources.

☆ Chinese EV brand Zeekr is now worth more than Xpeng
▼ + stars: | 2023-02-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: 1 min

Pictured here is a Zeekr electric vehicle charging station in Dongguan, Guangdong province of China, on Nov. 14, 2022. BEIJING — Geely -backed electric car brand Zeekr said Monday it's now valued at $13 billion after a $750 million raise from Chinese battery giant CATL and others. Zeekr is not yet publicly listed, but Geely said in December the brand filed confidentially for an initial public offering in the U.S. The new $13 billion valuation makes Zeekr worth more on paper than Xpeng , which had a market value of $8.01 billion, according to Refinitiv Eikon data accessed Monday. Nio and Li Auto are worth much more, with market valuations of $17.22 billion and $25.22 billion, respectively, the data showed.

☆ Analysis: In China, Tesla could win electric vehicle price battle – but lose the war
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +7 min

[1/5] Visitors check a Tesla Model 3 car next to a Model Y displayed at a showroom of the U.S. electric vehicle (EV) maker in Beijing, China February 4, 2023. REUTERS/Florence LoSummarySummary Companies Tesla price cuts have jumpstarted sales in world no. Most immediately, Tesla's January price cuts drove deliveries of its China-made vehicles up 18% from December. From 15% in 2020, its share of the China EV market fell by a third to just 10% in 2022, according to data from the CPCA. After the latest price cuts, the Model 3 starts at about $34,000 and the Model Y at $38,000.

☆ Gigapresses - the giant die casts reshaping car manufacturing
▼ + stars: | 2023-02-10 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +5 min

GIGAPRESS 9,000Metal and plastic die casting has been largely used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The global aluminium die casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, according to an AlixPartners analysis based on Apollo Reports data. Ralf Bechmann of manufacturing consultant EFESO said the benefits of die casting would push it "to be applied to an increasing number of new models of BEV vehicles, also by other manufacturers". Yet not all automakers are convinced, and EFESO's Bechmann cautioned that large module die casting required product design to be "super solid". After initially considering die casting for its upcoming Trinity model, Volkswagen (VOWG_p.DE) has backtracked, while BMW (BMWG.DE) has never expressed an interest.

☆ Goldman Sachs picks stocks to ride the EV wave, giving one upside of 120%
▼ + stars: | 2023-02-08 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Goldman Sachs says the development of electric vehicles — and the companies involved in this — are set to see "considerable growth" through 2030. According to Goldman, this EV ecosystem includes auto manufacturers, battery makers, software developers, and companies involved in charging infrastructure and power semiconductors. "We think these companies should be able to tap [Inflation Reduction Act] opportunities as the battery market becomes more concentrated," Goldman wrote. Upside of 120% Goldman is also buy-rated Chinese EV maker Nio and gives it gives massive potential upside — among the highest of all of its stock picks in the report. "We see risk-reward for the stock as skewed to the upside," Goldman added.

☆ Chinese Tesla rival Xpeng launches flagship EVs in Europe in international push
▼ + stars: | 2023-02-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The Chinese electric car start-up launched its P7 sedan and G9 SUV in Denmark, Norway, the Netherlands and Sweden. Xpeng , a Chinese electric vehicle startup, on Friday launched two of its flagship cars across a number of European countries, as it continues its aggressive international push. Tesla's Model 3 Long Range, which claims 602 kilometers on a single charge, costs 52,990 in the Netherlands. Nio , a Chinese rival to Xpeng, began delivering some cars to Norway at the end of 2021. Xpeng has accelerated its international push in the past year after opening physical stores in Europe last year and launching its mass-market P5 sedan.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

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