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☆ Super-voters override self-driving truck controls
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 11 (Reuters Breakingviews) - If only it weren’t so easy to see what’s behind the latest mess at TuSimple (TSP.O). The self-driving truck technology developer has descended into corporate governance chaos after the ousted chief executive, Xiaodi Hou, turned around and fired the entire board of directors. The situation was made possible by a dual-class share structure that gives Hou and his co-founder Mo Chen 59% voting control despite their far smaller economic stakes. TuSimple achieved a nearly $8.5 billion market value when it went public in April 2021; it’s now worth about $640 million. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Twitter gives big advertisers the excuse they need
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 11 (Reuters Breakingviews) - Twitter’s new owner Elon Musk is making it too easy to hit the pause on ad spending. loadingSocial media companies are no stranger to ad boycotts. That’s because Facebook and Instagram rely more on small business advertising, which is a diverse scattered group. Twitter reaps almost all its revenue from big brands, and those big advertisers are already looking for an excuse to put the brakes on spending. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Tiny crack opens in China’s zero-Covid wall
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 11 (Reuters Breakingviews) - Beijing announced minor relaxations of its pandemic policy on Friday, including shorter quarantine periods and more narrowly targeted lockdowns. Rumours of relaxations surfaced earlier this month, so the latest announcement lends credence to arguments that President Xi Jinping will return to economic pragmatism. Pressure to revive domestic consumption is becoming acute after the critical export sector suddenly contracted in October. If Beijing can convince sceptical retirees to get the jab, China might avoid a surge of nursing home deaths as observed in Hong Kong. To be sure, none of these marginal measures will do much to revive consumption, production or property investment.

☆ SoftBank buyout goes from impossible to improbable
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

The $74 billion Japanese investor logged earnings of $21 billion in the three months to end September after trimming its stake in Alibaba (9988.HK). It offsets some gloom as technology valuations plummet; writedowns of its punt on crypto exchange FTX will follow. Expectations that these repurchases are a prelude to a buyout have helped lift SoftBank’s shares by one quarter in the past month. But any further sales of Alibaba or other assets would give SoftBank the firepower to keep buying out minorities. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nio speeds then sputters on path to profitability
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Yet costs accelerated at breakneck speed, causing its net loss to increase nearly five times from a year earlier to nearly $600 million, William Li’s $17 billion company reported on Thursday. Li told analysts he expects the automaker’s core business to break even in the fourth quarter of 2023, without offering detail. His optimism is undermined, however, by signs the company has lost control of costs. Nio can’t be blamed for rising battery costs or China’s zero-Covid campaign, as they are out of Li’s control. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Nio reports strong third-quarter revenue as it gears up for a big year-end production push
▼ + stars: | 2022-11-10 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Employees stand next to a ET7 sedan at a NIO Inc. dealership in Shanghai, China, on Wednesday, June 8, 2022. Adjusted loss per share: 30 cents, versus 6 cents per share in the year-ago period. 30 cents, versus 6 cents per share in the year-ago period. With the ET5 now available, Nio is working to increase production and shorten customer waiting times, Li said. Nio said that investors should expect it to deliver 43,000 and 48,000 vehicles in the fourth quarter, generating total revenue between RMB17,368 million ($2.4 billion) and RMB19,225 million ($2.7 billion).

☆ Stocks making the biggest moves premarket: Tapestry, WeWork, Rivian and others
▼ + stars: | 2022-11-10 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Tapestry slid 2% in premarket trading. Nio shares jumped 5.5% in premarket trading. AstraZeneca (AZN) – AstraZeneca gained 4.8% in premarket trading after the drug maker reported upbeat quarterly results and raised its full-year profit forecast. Bumble (BMBL) – Bumble slumped 14% in premarket action after issuing a weak current-quarter revenue forecast. ZipRecruiter (ZIP) – ZipRecruiter surged 12.6% in premarket trading after the online jobs site operator posted better-than-expected quarterly results and raised its full-year forecast.

☆ Stocks making the biggest moves midday: Six Flags, Rivian, Bumble, Coinbase, Dutch Bros and more
▼ + stars: | 2022-11-10 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Coinbase – The cryptocurrency exchange was up 9.6% after Oppenheimer said Coinbase was well-positioned while the larger sector was having its "Lehman Brothers moment." Rivian – The electric vehicle maker jumped 18% after the company reported a smaller-than-expected quarterly loss and said its production would remain on track despite supply chain snafus. Bumble – Shares of the company known for its dating platforms added 6.4% even after Bumble issued a weak current quarter revenue forecast and missed expectations. ZipRecruiter – The hiring platform jumped 16.5% after it beat expectations for the quarter and raised its full-year forecast. Dutch Bros – Shares of coffee chain Dutch Bros surged 18.2% after the company reported solid quarterly earnings that beat Wall Street expectations.

☆ Stock futures are flat as investors watch midterm results, await inflation data
▼ + stars: | 2022-11-09 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are flat Wednesday night as investors await new inflation data and eye election results. Futures connected to the Dow Jones Industrial Average were up 11 points, or 0.03%. S&P 500 futures added 0.03%, while Nasdaq 100 futures gained 0.13%. Instead, key Senate races in Arizona, Georgia and Nevada remain tightly contested. It's a key report for the Federal Reserve, which will meet again in mid-December.

☆ Rivian has both good and bad news at end of tough day for EV stocks
▼ + stars: | 2022-11-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN Business —Electric truckmaker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers. On the one hand, Rivian reported a smaller than expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts surveyed by Refinitiv. But its revenue of $536 million, while up 47% from second quarter revenue, fell short of analysts’ revenue forecast of $552 million. That news sent Lucid (LCDX) shares tumbling 17% for the day and helped drag down shares of both Rivian and Chinese EV maker Nio (NIO) by 12% each in regular hours US trading. Shares of Rivian swung wildly on the report in after-hours trading, first gaining 3%, then falling to trade slightly lower, then rising 5%.

HONG KONG, Nov 9 (Reuters Breakingviews) - As automakers hesitate to invest in legacy motors, China’s Geely and France’s Renault (RENA.PA) are teaming up to supply gas guzzlers and more to rivals. Founder Li Shufu wants new-energy vehicles to account for 50% of Hong Kong-listed Geely Automobile’s (0175.HK) sales next year. Renault boss Luca de Meo says European car sales at the company he leads will be 100% electric by 2030. By hitching itself to Renault, Geely can shift gears faster to make the most of the window of opportunity. Together, they sold nearly 5 million cars last year, most of which were internal combustion engines.

☆ Stocks week ahead: How the midterms could affect Wall Street
▼ + stars: | 2022-11-06 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

Investors are more than happy when politicians bicker but don’t actually enact any new laws that may hurt corporate profits. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. That’s because there are some areas of consensus for the White House and Republican lawmakers. Congress and the White House may spend more time bickering than trying to pass legislation. Ameriprise chief market strategist Anthony Saglimbene said on a conference call last week about the midterms that stocks have historically gone up after elections, no matter which party controls the White House and Congress.

☆ Earnings playbook: How to trade results from Disney and 3 electric car makers
▼ + stars: | 2022-11-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +9 min

Monday Palantir Technologies is set to report earnings before the bell, followed by a conference call at 8 a.m. Tuesday Disney is set to report earnings after the bell, followed by a conference call at 4:30 p.m. Lucid is set to report earnings after the close, with a management call set for 5:30 p.m. Rivian is set to report earnings after the close, with management holding a call at 5 p.m. Beyond Meat is set to report earnings after the bell, followed by a conference call at 5 pm.

☆ China's services activity skids in October on COVID restrictions - Caixin PMI
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Thomas PeterBEIJING, Nov 3 (Reuters) - China's services activity contracted again in October as COVID-19 containment measures hit businesses and consumption, overshadowing the economic rebound in the last quarter, a private-sector business survey showed on Thursday. An official survey on Monday also showed services activity, which relies more on face-to-face interactions, fell into contraction territory in October from expansion in the month prior. Surprisingly, the survey showed that efforts to expand staffing capacity and enhance sales capabilities led to a rise in employment across the service sector. read moreCaixin's composite PMI, which includes both manufacturing and services activity, dropped to 48.3 in October from 48.5 the previous month, marking the lowest since May. The Caixin PMI is compiled by S&P Global from responses to questions sent to purchasing managers in China.

☆ China's Nio resumes production at its two Hefei factories
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

[1/4] A Nio ES8 electric SUV changing its battery is seen inside a power station at a JAC Motors-NIO plant in Hefei, Anhui province, China December 14, 2018. REUTERS/Yilei SunBEIJING, Nov 3 (Reuters) - Chinese electric vehicle maker Nio (9866.HK) said on Thursday it has resumed production at its two factories in the eastern city of Hefei, after COVID-19 curbs disrupted operations and delayed deliveries. "Production is resumed at the moment," said a company representative, declining to say whether it was a full or partial resumption. Nio said on Wednesday it had suspended production because of COVID curbs, leading to delays in deliveries when sales are booming, triggering a steep drop in its shares. Nio sold 10,059 cars last month, nearly three times its sales from October 2021, after introducing new models such as ET5.

☆ China vows commitment to growth as investors bet on easier COVID policy
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +6 min

Even though case numbers are rising and disruptive lockdowns continue with no clear exit strategy in sight, investors latched on to hope that China may ease its strict COVID policy in the coming months. Renewed COVID lockdowns are weighing heavily on China's business activity and consumer confidence. read moreOPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. While other countries have been tightening policy to battle rising prices, China has implemented an accommodative monetary policy to shore up sputtering growth, raising concerns about capital flight. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak.

☆ China vows commitment to growth as pressure on economy mounts
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +5 min

Renewed COVID lockdowns are weighing heavily on China's business activity, consumer confidence and financial markets, adding to a sharp downdraft on the global economy from surging inflation and rising interest rates. OPEN-DOOR POLICYYi Gang, governor of the People's Bank of China (PBOC), said China will continue to deregulate its markets. With China's zero-COVID policy expected to remain in place through at least the winter, or longer, its near-term growth outlook is bleak. After surprisingly high gross domestic product growth of 3.9% in the third quarter, Nomura expects growth to drop again, with zero or even negative sequential growth from the previous quarter. "We maintain our GDP growth forecast of 2.8% year-on-year for the fourth quarter with a corresponding sequential growth forecast at 0.0%."

☆ China's Nio suspends production due to COVID measures
▼ + stars: | 2022-11-02 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: NIO ES8, an all-electric sport utility vehicle, is displayed inside a NIO House "brand experience" store, in Beijing, China November 25, 2017. REUTERS/Norihiko ShirouzuBEIJING (Reuters) -Chinese electric vehicle (EV) maker Nio said on Wednesday it has suspended production due to COVID-19 curbs, as rising cases across the country cause more disruptions to business activity. Local tech news outlet 36Kr reported that Nio had begun to face production challenges in mid-October due to virus prevention measures that eventually led to both of its factories in the central city of Hefei stopping work. The EV maker was also forced to suspend production in April after COVID curbs caused many of its supplier partners to stop work. Nio apologised to its customers on Monday in a statement disclosing its October delivery figures for delayed deliveries, saying its production base had been severely impacted by the pandemic.

☆ From Apple to Disney, China's Covid curbs are again hurting business Apple to Disneyland, everyone is suffering under China's draconian Covid curbs
▼ + stars: | 2022-11-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN Business —It has been almost three years since Covid-19 first hit China, but the country’s relentless adherence to lockdowns continues to hobble business and the economy. On Wednesday, authorities imposed a seven-day lockdown of the area that houses China’s biggest iPhone assembly factory, in the central city of Zhengzhou. State media has said that many Foxconn workers are among those walking miles on the highways to escape the factory. On Wednesday, Chinese state media outlet National Business Daily said that electric carmaker Nio (NIO) shut down two factories in the eastern city of Hefei because of Covid curbs. Authorities have ramped up Covid restrictions after Xi’s sweeping power grab at the Communist Party Congress last month, and cases are rising.

☆ Xpeng electric car deliveries drop in October to half of Nio's
▼ + stars: | 2022-11-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Xpeng said deliveries of its newly launched G9 SUV surged in October from September, despite a drop in the brand's overall monthly deliveries. BEIJING — Chinese electric car startup Xpeng delivered about half the number of cars that rivals Nio and Li Auto did in October, according to company statements Tuesday. While the two other startups reported monthly deliveries of more than 10,000 each, Xpeng said it delivered just 5,101 cars — a third-straight month of decline. Deliveries of Xpeng's best-selling model, the P7 sedan, halved from September to October, with just over 2,100 units delivered last month. The company's newly launched G9 SUV saw deliveries surge from 184 units in September to 623 units in October.

☆ China's Oct factory activity shrinks as COVID curbs hit output, demand - Caixin PMI
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

The Caixin/S&P Global manufacturing purchasing managers' index (PMI) stood at 49.2 in October, up from 48.1 in September and slightly above analysts' expectations for 49.0. In line with China's official PMI, which unexpectedly fell into contraction last month, waning factory activity weighed on the fragile recovery of the world's second-biggest economy amid a deepening property crisis and weakening demand. The softer activity continued to pressure the labour market as the manufacturing employment fell for the seventh month in a row. "In particular, the spread of the coronavirus in many regions significantly restricts both supply and demand," Wang said. The Caixin manufacturing PMI centres on small firms and coastal regions where sit a great number of exporters.

☆ Geely’s pricey cars can hope for some premium spin
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 1 (Reuters Breakingviews) - Geely Automobile (0175.HK) is hiving off its young electric vehicle brand, Zeekr. The Hong Kong-listed group’s chairman and founder Li Shufu has a lot riding on how the deal is positioned as the valuations of its homegrown rivals crash. Parent Zhejiang Geely’s extensive experience building battery-powered models and the Volvo Car (VOLCARb.ST) owner’s track record overseas suggests the upstart can scale rapidly. So far so good: Zeekr, which launched only last year, sold nearly 40,000 premium cars in the first nine months. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Baillie Gifford funds bought more shares of China's Pinduoduo, NIO in Q3
▼ + stars: | 2022-10-28 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

[1/2] The offices of Baillie Gifford are seen in Edinburgh, Scotland, Britain, November 3, 2018. The Edinburgh-based investment group added 110,737 shares of e-commerce platform Pinduoduo (PDD.O) and 50,039 shares of electric vehicle maker NIO Inc during the July to September period, the latest 13F filings to the U.S. Securities and Exchange Commission showed. Baillie Gifford also sold 7,033,302 shares of Li Auto during the period. At end-September, Pinduoduo was Baillie Gifford's 12th largest U.S.-listed holding with a market value of $1.77 billion and NIO was the 16th. Reporting by Summer Zhen; Editing by Vidya Ranganathan and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Oct 27 (Reuters Breakingviews) - Tesla’s (TSLA.O) China price cut is a double-edged sword. China is increasingly important for Tesla and its investors, accounting for around a quarter of the electric-car maker’s top line in the first nine months of 2022. If sales reach nearly $120 billion next year as forecast by Refinitiv, a 9% cut would equate to around $2.5 billion in revenue. Chinese drivers, though, are starting to snub international badges in favour of home-grown alternatives, especially for electric and premium models. The company posted the price cuts on its China website on Oct. 24.

☆ Mercedes-Benz says car prices are 'well-supported' in China after Tesla cuts prices of its EVs
▼ + stars: | 2022-10-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

China is the largest market for Mercedes-Benz. Mercedes-Benz finance chief on Wednesday told CNBC the automaker's pricing of its cars in China is "well-supported" after U.S. electric vehicle giant Tesla slashed prices. The CFO's comments come after Tesla on Monday slashed the price of its Model 3 and Model Y vehicles in China, one of the company's most critical markets. Tesla's price cut comes as competition ramps up in China from domestic electric car firms such as Warren Buffett-backed BYD as well as upstarts Nio and Xpeng. In the third quarter, Mercedes-Benz sold 84,850 electric vehicles, up 39% year-on-year.

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