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☆ China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 mln
▼ + stars: | 2023-08-28 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsHONG KONG, Aug 28 (Reuters) - Chinese electric car company Xpeng (9868.HK) said it will acquire ride-hailing giant Didi's smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment with the car to be priced in the $20,000 price tier. "Project 'MONA' will accelerate the Company's production and sales growth and help achieve greater economies of scale," Xpeng said in a statement. The deal comes amid slowing demand and excess manufacturing capacity in China's EV industry that has made it hard for relative newcomers such as Didi to enter the market. Didi will acquire around 3.25% of Xpeng shares under the deal, which could increase depending on whether production and sales targets are fulfilled.

Persons: Didi, Brendan McDermid, HONG KONG, Xpeng's, Xpeng, MONA, robotaxis, Josh Ye, Edwina Gibbs Organizations: New York Stock Exchange, REUTERS, HK, EV, Thomson Locations: New York City, U.S, HONG

☆ Chinese EV startup Xpeng shares soar 13% after announcing $744 million deal with Didi
▼ + stars: | 2023-08-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Vcg | Visual China Group | Getty ImagesBEIJING — Chinese electric car company Xpeng said Monday it is buying Didi's smart electric car development business in an exchange of shares worth $744 million. watch nowThe startup's deal with Didi comes as many companies look for ways to grab a slice of China's growing but highly competitive electric car market. Still operating at a lossThe deals come as traditional auto giants have the cash that electric car startups lack. The Didi electric car business — held by a subsidiary called Da Vinci Auto Co. — has also racked up losses. The unit had net assets of 937 million yuan as of June 30.

Persons: Didi, Xpeng, MONA, Li Auto, — Organizations: Visual China, Getty, Volkswagen, VW, Xpeng, Li, Vinci Locations: Shanghai, BEIJING, Xpeng, Hong Kong, China

☆ China's EV slowdown drags down Nvidia's 'next billion-dollar business'
▼ + stars: | 2023-08-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nvidia automotive segment primarily sells chip systems for assisted driving. Colette Kress Nvidia's Chief Financial OfficerThe $253 million segment revenue was also well below the $309.3 million forecast by a FactSet analyst poll. Although still a fraction of the chipmaker's business, automotive revenue has grown rapidly from just over $100 million a quarter two years ago. Bloomberg | Bloomberg | Getty ImagesCounterpoint's Wang pointed out that Nvidia's products are concentrated in the high-end automotive segment. Analog Devices on Wednesday reported automotive revenue of $747.6 million for the three months ended July 29, down by 5% from the prior quarter.

Persons: Jensen Huang, Alex Wong, Huang didn't, Colette Kress, Brady Wang, Xpeng, Xpeng's, Xinzhou Wu, Xiaopeng, Huang, Counterpoint's Wang, David Wong Organizations: Nvidia, Getty, Local, Counterpoint Research, Nvidia Nio, Bloomberg, NVIDIA, Robotics, Nomura, Qualcomm, China Passenger Car Association Locations: BEIJING, China, Xpeng, Santa Clara , California

☆ Xpeng's former autonomous driving head joins Nvidia
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. Wu did not disclose what role he was taking up at Nvidia but Chinese media outlet Jiemian News said he would become its head of automotive products. Nvidia also did not immediately respond to a request for comment. Wu, who resigned from Xpeng this month, said on his Weibo account that he had joined Nvidia, posting a photo of himself alongside Nvidia CEO Jensen Huang and Xpeng's chairman He Xiaopeng. Wu had led Xpeng's autonomous driving development efforts from 2018 with more than 1,000 engineers in China and the United States.

Persons: Dado Ruvic, Wu Xinhou, Wu, Jensen Huang, Xiaopeng, Tesla, Brenda Goh, Zhang Yan, Robert Birsel Organizations: NVIDIA, REUTERS, Rights, HK, U.S, Nvidia, Jiemian, Thomson Locations: Xpeng, China, United States

☆ Chinese EV maker Xpeng expects cost cuts, Volkswagen deal to narrow losses
▼ + stars: | 2023-08-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

In this article 9868-HK Follow your favorite stocks CREATE FREE ACCOUNTA XPeng Inc. G6 electric sport utility vehicle (SUV). Qilai Shen | Bloomberg | Getty ImagesXpeng expects cost cuts and its Volkswagen partnership to narrow the firm's losses, the Chinese EV maker told CNBC in an exclusive interview on Monday. watch nowXpeng is attempting to revive its business this year, after its share price sank by more than 80% in 2022. BofA upgraded Xpeng from "neutral" to "buy" at $22 per share, up from its previous price target of $16.30 per share. BofA Securities in a May report said it expects China to hold 40%-45% market share in 2025.

Persons: Qilai Shen, Xiaopeng, Brian Gu, Xpeng, CNBC's, Gu, that's Organizations: HK, Inc, Bloomberg, Getty, Volkswagen, CNBC, U.S, Tesla, BofA Securities, Germany's Volkswagen, Global Locations: Hong Kong, China, Xpeng

☆ Bank of America says this Chinese EV stock can rally nearly 50% thanks to a partnership with Volkswagen
▼ + stars: | 2023-08-21 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bank of America thinks XPeng's partnership with Volkswagen is enough to significantly improve the company's outlook. The firm upgraded the Chinese electric vehicle maker to buy from neutral on Monday with a $22 per share price target. The analyst added that she also expects XPeng to turn a profit 2025, compared to a previous forecast which called for a loss. XPEV YTD mountain XPeng has climbed more than 50% from the start of the year. To be sure, the stock dropped more than 4% after XPeng reported a larger-than-expected net loss for the second quarter .

Persons: Ming Hsun Lee, XPeng, Lee, — CNBC's Michael Bloom Organizations: of America, Volkswagen, VW

☆ China's Xpeng falls on dull forecast as EV price war takes toll
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

The logo on an XPeng Inc. P7 performance electric vehicle is seen outside the New York Stock Exchange in New York, U.S., August 27, 2020. The Chinese electric vehicle-maker forecast revenue of 8.5 billion yuan to 9 billion yuan for the current quarter ending September, below estimates of 9.77 billion yuan ($1.34 billion), according to the average estimate of six analysts by Refinitiv. The forecast underscores weak demand in China and intense competition following price cuts unleashed by Tesla (TSLA.O) and other home-grown automakers. In the second quarter ended June 30, Xpeng's revenue decreased 32% to 5.06 billion yuan, in line with estimates. ($1 = 7.2905 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Tesla, Hongdi Brian Gu, Yuvraj Malik, Sriraj Organizations: New York Stock Exchange, REUTERS, HK, Refinitiv, Thomson Locations: New York, U.S, China, Bengaluru

☆ Xpeng shares drop 7% after the Chinese electric car maker posts a record quarterly loss
▼ + stars: | 2023-08-18 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Xpeng on Friday reported a wider-than-expected loss in the second quarter, sending the Chinese electric car maker's shares down more than 7% in premarket U.S. trade. The net loss was wider than the 2.7 billion yuan ($370.7 million) loss reported in the second quarter of last year. It was also the biggest quarterly loss that Xpeng has posted since going public in August 2020. Here's how Xpeng did against Refinitiv consensus estimates for the second quarter:Net loss: 2.8 billion yuan loss vs. 2.13 billion yuan loss expectedRevenue: 5.06 billion Chinese yuan ($693.7 million) vs. 5.06 billion yuan expected, representing a 31% year-on-year fall. Xpeng's is hoping its latest car — the G6 Ultra Smart Coupe SUV — which was launched at the end of the second quarter, will boost margins.

Persons: Xpeng, Li Auto, Brian Gu Organizations: Guangzhou International Automobile, China Import, Tesla Locations: Guangzhou, Guangdong Province of China, premarket U.S, China

☆ Shares of Chinese Tesla rival Xpeng fall 5% after head of autonomous driving resigns
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Xinzhou Wu, vice president of autonomous driving at Xpeng, tendered his resignation "for personal and family reasons," Xpeng said in a statement. Liyun Li, senior director of Xpeng's autonomous driving team, will takeover Wu's role. He Xiaopeng, CEO of Xpeng, praised Wu's contribution to getting Xpeng into a "leading position in autonomous driving technology." The Guangzhou-headquartered firm has tried to position itself as more advanced on autonomous driving and other technologies than its competitors. "I will continue to personally lead our autonomous driving team and strengthen our leadership in Smart EV technologies," the CEO added.

Persons: Xpeng, Xinzhou Wu, Liyun Li, Li, Xpeng's, Xpeng's Xiaopeng, Xiaopeng Organizations: Inc, Shanghai Auto Show, Xpeng, Nio, Li Auto, Volkswagen Group, Smart Locations: Shanghai, China, Tesla, Guangzhou

☆ Chinese EV maker Xpeng sees highest deliveries this year but is eclipsed by rivals Nio, Li Auto
▼ + stars: | 2023-08-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Chinese electric car startups Xpeng , Nio and Li Auto on Tuesday posted vehicle delivery numbers for July, showing growth but differing in strength, as competition in the Chinese market continues to ramp up. Xpeng's sales were also eclipsed by Chinese rivals Nio and Li Auto. It is the second consecutive month that Li Auto has surpassed the 30,000 vehicle delivery mark. Competition in China's electric car market continues to ramp up, as companies launch new models and a price war, stoked by U.S. giant Tesla , plays out. In June, Beijing extended tax breaks for the purchases of electric vehicles, which may boost sales in the coming months.

Persons: Li Auto, Nio, Li, Warren Buffett, BYD Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Li, Li Auto, Consumers Locations: Shanghai, China, Beijing

☆ China's Leapmotor unveils new manufacturing platform, wants others to use it
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, July 31 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers. The company hopes to sell the platform to other automakers via tech licensing agreements, he said. "We hope Leapmotor will not only be an EV brand but also a licensor of core technologies," Zhu said. Leapmotor, which employs more than 2,000 engineers, sold 44,500 units in the first half, 14% fewer than a year ago. ($1 = 7.1512 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Jacqueline Wong, Robert Birsel and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Zhu Jiangming, Leapmotor, Zhu, Tesla, Zhang Yan, Brenda Goh, Jacqueline Wong, Robert Birsel, Tomasz Janowski Organizations: Zhejiang Leapmotor Technology, HK, Companies, Shanghai Electric Group Corp, Sequoia Capital, Volkswagen, Thomson Locations: SHANGHAI, Zhejiang, Shanghai, Sequoia Capital China

☆ China's electric car game amps up. One stock has doubled this year
▼ + stars: | 2023-07-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Just when Chinese electric car companies may be needing the cash, foreign automakers need the market — not only in China but globally. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. China's homegrown electric car brands from BYD to Zeekr have piled into the local market, where Tesla still commands a hefty share. Li Auto was the only one of the three U.S.-listed Chinese electric car companies to have the healthiest reading above 1, according to a Wind Information screen for the first quarter. China's electric car market is set to grow by 27% this year to 8.7 million units — and remain the largest in the world in coming years, according to Bank of America Securities.

Persons: Tesla, Nio, Li Auto, Volkswagen's Organizations: Volkswagen, Everbright Securities, CNBC, Bank of America Securities, International Energy Agency Locations: China, Western Europe, Shanghai, BYD, Abu Dhabi, U.S

☆ Jefferies says this Chinese electric vehicle company could rally 25%
▼ + stars: | 2023-07-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Joint development plans with Volkswagen mark a new chapter for Xpeng , Jefferies says. The firm upgraded its rating on Xpeng shares to buy from hold. It also increased its price target on shares to $25.30 from $7.80, which implies 25.1% upside from Thursday's close. Wan added that Xpeng's sales momentum is on an uptrend and raised his 2023-24 sales volume forecasts, adding the company is well-positioned to enjoy its first-mover advantage in assisted driving development. Xpeng's shares have surged more than 103% in 2023.

Persons: Jefferies, Johnson Wan, Wan, — CNBC's Michael Bloom Organizations: Volkswagen, Xpeng Locations: China, Xpeng

☆ Stocks making the biggest moves premarket: Intel, Roku, Procter & Gamble and more
▼ + stars: | 2023-07-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

The company reported adjusted earnings of 13 cents a share on revenue of $12.95 billion. Procter & Gamble — The consumer giant saw shares rise more than 1% in premarket trading after the company reported quarterly earnings and revenue that beat analysts' expectations. The company said it expects earnings per share between 49 cents and 59 cents, with revenue between $1.34 billion and $1.44 billion. The U.K.-based company reported second-quarter earnings of $2.15 per share on $11.42 billion in revenue. The snack maker on Thursday reported earnings of 76 cents a share, excluding items, on $8.51 billion in revenue.

Persons: Roku, Refinitiv, Gamble, Wells Fargo, Roth, Sweetgreen, Ford, Jefferies, Yun Li, Jesse Pound Organizations: Intel, Reata Pharmaceuticals, Procter, Exxon Mobil —, Revenue, Chevron, U.S . Enphase Energy, Deutsche Bank, Ford, Juniper Networks, AstraZeneca — U.S, Refinitiv, AstraZeneca, Pfizer, Volkswagen . New York Community Bancorp, JPMorgan, New York Community Bancorp Locations: U.S, Wells

☆ VW-Xpeng EV models to use Xpeng platform in boost for Chinese startup
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Volkswagen (VOWG_p.DE) and Xpeng's (9868.HK) jointly developed electric vehicles (EV) will use Xpeng's G9 'Edward' platform, in a filip for the Chinese startup that analysts said could boost its sales and profitability. The Edward platform is an older generation of Xpeng's platform technology, forming the basis for the startup's G9 and P7 models. Its latest models, like the G6, are being built on a newer platform, the Smart Electric Platform Architecture (SEPA) 2.0. Still, news that Volkswagen and Xpeng will use the Edward platform could help boost the sales of models still using it, said an analyst who declined to be named. The partnership could also help lower Xpeng's EV production costs by leveraging Volkswagen's scale and bargaining power in supply.

Persons: Edward, filip, Oliver Blume, Xpeng, Blume, Victoria Waldersee, Zhang Yan, Matthias Williams, Mark Potter Organizations: HK, Volkswagen, Smart, EV, Deutsche Bank, Thomson Locations: China

☆ Global automakers scramble to reset China strategies as sales slow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +6 min

Global automakers, who for years have dominated the market along with their Chinese state-run partners, have been slow to pivot to the fast-growing market for EVs with competitive offerings. "This major collaboration between Volkswagen and Xpeng is a milestone for our electrification strategy 'in China for China'," said Ralf Brandstatter, a VW board member on his social media account. Their deeper pockets give established foreign automakers who are determined to fight for share in China, the ability to play a long game. Kia (000270.KS) is to enter China's EV market with its first EV, the EV6 crossover, via imports in August. "The German brands benefit from significant global scale," said He Lei, CEO of Chinese EV trading platform xChuxing.

Persons: Aly, Yale Zhang, Ralf Brandstatter, We've, Mary Barra, Tu Le, Yang Honghai, Kia, Mercedes Benz, Volkswagen's Audi, Lei, It's, Bill Russo, Automobility, Zhang Yan, Brenda Goh, Kevin Krolicki Organizations: Audi, Volkswagen, Auto, REUTERS, General Motors, Toyota, China Association of Automobile Manufacturers, Global, BMW, Mitsubishi, Automotive Foresight, GM, Reuters Graphics Volkswagen, BYD, China's Xpeng, HK, SAIC, VW, Buick, Chevrolet, Cadillac, CHINA EV INC, Tesla, China EV Inc, Volkswagen's, EV, Mitsubishi Motors, Nissan, Ford, Renault, Thomson Locations: Auto Shanghai, Shanghai, China, SHANGHAI, CHINA, Kia China, KS

☆ Volkswagen buys stake in Xpeng, will jointly develop two new EVs with the Chinese automaker
▼ + stars: | 2023-07-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +1 min

Volkswagen and Xpeng will jointly develop two new VW-brand EVs for China based on Xpeng's electric G9. Volkswagen said Wednesday that it has signed a deal to jointly develop two new electric vehicles for China with Chinese EV maker Xpeng . As part of the deal, Volkswagen will invest about $700 million in Xpeng, taking a 4.99% stake. In a separate statement confirming the deal, Xpeng said the two new vehicles will also incorporate its advanced driver-assist software. Volkswagen also confirmed that its Audi subsidiary has signed a separate deal with its longtime Chinese joint venture partner, Shanghai-based SAIC Motor , to jointly develop new Audi-branded EVs for the Chinese market.

Persons: Xpeng, Ralf Brandstätter Organizations: Xpeng, VW, Volkswagen, Chinese, EV, Audi, SAIC Locations: China, Xpeng, U.S, Shanghai

☆ Goldman says Chinese EV maker Xpeng can rally almost 30% on the back of new launch
▼ + stars: | 2023-07-11 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Goldman Sachs initiated coverage of Xpeng with a buy rating, calling for nearly 30% upside for the Chinese electric-vehicle maker. The firm said it's confident on the competitiveness of Xpeng's latest car — the G6 Ultra Smart Coupe SUV — as well as the company's capability to launch more compelling products going forward. Goldman said the Guangzhou, China-headquartered company could capture the EV market overseas in the long run. "As a pure EV maker at its volume ramp-up stage, XPeng currently prefers to sell into overseas markets through exports only per its latest strategy," Goldman said. "In the longer term, we believe the pure-EV setup makes the company well positioned to seize the overseas markets' EV demand."

Persons: Goldman Sachs, Goldman, it's, XPeng, Xpeng, Michael Bloom Organizations: EV Locations: Guangzhou, China

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Nio, Tesla, Netflix, JPMorgan, Amazon & more
▼ + stars: | 2023-07-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Nio as overweight Morgan Stanley said it thinks the electric vehicle company's stock will begin to gain traction. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley reiterated Microsoft as a top pick and said it has "compelling positioning." Baird reiterates Tesla as outperform Baird said it's bullish on the company's supercharger opportunity. Cowen reiterates Netflix as outperform Cowen said it's standing by its outperform rating on the stock heading into earnings next week. Truist upgrades Scotts Miracle-Gro to buy from hold Truist said in its upgrade of Scotts that the pandemic hangover is finished.

Persons: Morgan Stanley, Nio, KeyBanc, –, Baird, Tesla, it's bullish, Cowen, it's, Piper Sandler, Piper, Wells, Uber, Evercore, Netflix Evercore, Argus, Generac, Canaccord, Canacccord, Newell, Wolfe, Jefferies, TOST, JPM, Goldman Sachs, Goldman, TD Cowen, Truist Organizations: Microsoft, CIO Survey, Netflix, TikTok, IG, Mobile, UBS, Commercial Metals, Commercial Metals Company, Amazon, Industrial, Newell Brands, destocking, Citi, Hewlett Packard Citi, HP Inc, Apple, Jefferies, JPMorgan, Bank of America, underperform Bank of America, Bancorp, of America, US Bancorp, JetBlue, Alliance, . Carriers, Target, Scotts Miracle, Gro, " Bank of America, American Express Locations: Wells Fargo, Underperform, Scotts

☆ Shares of Chinese Tesla rival Xpeng rocket 11% as EV deliveries return to growth
▼ + stars: | 2023-07-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Shares of Xpeng surged in pre-market trade in the U.S. after the Chinese electric vehicle maker reported a quarterly return to growth for car deliveries, following more than a year of declines. Xpeng on Saturday said it delivered 23,205 cars in the second quarter of 2023, logging a 27% quarter-on-quarter rise. That was still lower than the 34,422 cars delivered in the second quarter of last year. Tesla's strategy seems to be working with the company reporting global vehicles deliveries of 466,140 in the second quarter, beating analysts expectations. Nio meanwhile delivered 10,707 vehicles in June and 23,520 cars in the second quarter, not far ahead of Xpeng.

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

☆ Chinese EV maker Xpeng's shares jump after pricing SUV below Tesla Model Y, lifts peers
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Electric-car maker Xpeng Inc priced its latest G6 sport utility vehicle about 20% lower than Tesla's (TSLA.O) Model Y in China, sending its U.S.-listed shares up 7.6% in premarket trading on Friday. U.S.-listed shares of its peers Li Auto and Nio also rose 0.3% and 2.2%, respectively, in trading before the bell. Xpeng is pinning hopes on the new SUV to help turnaround its sales, after the company reported lackluster deliveries in May. The price of Xpeng G6 starts at 209,900 yuan ($28,882.01), compared with Tesla Model Y's starting price of 263,900 yuan in China. Beijing's 520 billion yuan tax break for new energy vehicle purchases is also expected to boost demand.

Persons: Li Auto, Warren Buffett, Tesla, BEV, Chavi Mehta, Brenda Goh, Krishna Chandra Organizations: Xpeng Inc, HK, Tesla's, Tesla, Citigroup, Refinitiv, Thomson Locations: China, U.S, Bengaluru

☆ Chinese Tesla rival Xpeng gets approval to roll out driver-assist tech in Beijing
▼ + stars: | 2023-06-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese electric car brand Xpeng announced Thursday it received approval to start rolling out assisted driving tech to users in the nation's capital city of Beijing. It was not immediately clear when the driver-assist tech could be used on all Beijing city streets. Thursday's announcement follows Xpeng's release of urban scenario driver-assist tech for users in Shanghai in March, after an earlier rollout in Shenzhen and Guangzhou. Xpeng is the only automaker in China to offer a similar level of driver-assist technology as Tesla . While Tesla offers assisted driving technology for use on highways, its "Full Self Driving" function for driver-assist on city streets isn't yet available in China.

Persons: Xpeng Organizations: CNBC, Tesla Locations: Beijing, Sanyuanqiao, BEIJING, Shanghai, Shenzhen, Guangzhou, Xpeng, China

☆ A Chinese EV billionaire's wealth has plummeted 75% to $1.4 billion as aggressive price wars push customers to higher-tier cars — like Tesla or BYD
▼ + stars: | 2023-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The fortune of He Xiaopeng, CEO of Chinese EV maker Xpeng, has fallen 75% from a 2021 peak. He owns 20.5% of Xpeng shares, which tanked nearly 20% this year. Despite the wealth wipeout, He is still the 2,048th richest person in the world — although his net worth is now just a quarter of his $5.5 billion wealth in 2021, per Forbes. The Alibaba-backed company's first-quarter net loss also widened to 2.34 billion yuan from 1.7 billion yuan a year ago. The EV maker launched its first mass-produced model, the G3, in 2018.

☆ China's EV players are starting to compete on driver assist tech
▼ + stars: | 2023-04-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Huawei's co-developed Aito electric car brand is now selling an updated version of the M5 model that comes with new driver-assist tech. Around the Shanghai auto show that kicked off last week, electric car startups and Chinese tech companies alike made several announcements about their driver-assist tech. But McKinsey estimates assisted and fully autonomous driving systems in passenger cars could generate $300 billion to $400 billion in global revenue by 2035. Those maps, used by autonomous driving companies such as Alphabet 's Waymo, give a car a detailed picture of city streets. Xpeng, considered one of the most advanced technologically, saw deliveries plunge in the first quarter ahead of a more widespread rollout of its assisted driving tech.

☆ Analysis: China’s Xpeng takes cues from Tesla for its new EV platform
▼ + stars: | 2023-04-18 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

[1/2] He Xiaopeng, the co-founder, chairman and CEO of XPeng Motors attends a news conference ahead of the Shanghai Auto Show, in Shanghai, China April 16, 2023. "It's obvious the design of the (G6) came from the Model Y," industry analyst Sandy Munro told Reuters. Xpeng's simplified vehicle platform design - in effect, a three-piece frame that is both flexible and scalable - saves on parts, tooling, development and assembly time, and appears to have been lifted from Tesla, according to Munro. Such a platform has the potential to give Tesla, Xpeng and other automakers considering this approach a new weapon to help restore margins hit by recent price wars in China and other markets. Reporting by Paul Lienert in Detroit, Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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