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CnEVPost Newsletter: CICC raises NIO price target; XPeng HK debut
In March, CICC lowered its price target on NIO by 27% to $62 from $85, citing a pullback in the stock price of Tesla as an EV maker "valuation anchor". Now, it has raised its price target after NIO recorded a strong delivery performance.
Since Henry Ford started selling Model T Fords over hundred years ago, Selling, General & Administrative expenses (SG&A) have been major cost item for Auto OEMs – No company has been able to convert Auto Owners that SG&A generates into Income Producers – Then came NIO!
CICC expects 70,000 units of NIO ET7 to be delivered next year - CnEVPost A month ago there were rumors that NIO has a delivery target of 50,000 units for its flagship sedan ET7 in 2022, which, in analysts' eyes, is conservative.
NIO starts shipping battery swap stations and superchargers to Norway - CnEVPost NIO's first battery swap stations and superchargers have begun shipping to Norway and are expected to arrive in early August, marking the company's latest progress in expanding into overseas markets.
NIO's 301st battery swap station comes online, first this month - CnEVPost NIO put battery swap stations into operation at an unprecedented rate in the second half of June, bringing the number of such facilities to 300 by the end of the first half of the year. Heading into July, NIO's moves slowed down.
XPeng stock opens up 1.82% on its HK debut - CnEVPost XPeng Motors opened at HK$168 on its first day of trading in Hong Kong, up 1.82 percent from its offering price of HK$165.
XPeng president says EV maker will consider A-share listing in the future - CnEVPost XPeng Motors is pleased to be listed in Hong Kong and believes it can be closer to local investors, and will consider listing on the A-share market in the future, Hong Kong Economic Times quoted Brian Gu, the company's vice chairman and president, as saying on Wednesday.
XPeng CEO expects China's NEV penetration to reach 30% by 2025 - CnEVPost China's NEV penetration could reach 30 percent by 2025, and even 60 percent in first-tier cities where there are restrictions on car purchases, he said.
XPeng to launch product platform for international markets in two years, CEO says - CnEVPost XPeng Motors will launch a new product platform for international markets within two years and will consider global automotive regulatory norms in its development.
XPeng applies for patent related to vehicle control by voice - CnEVPost If the patent is used for XPeng's intelligent voice assistant, it is expected to improve its understanding of voice commands and present the results to the user in a better way on the interface.
Tesla begins using locally produced motors in models built in China - CnEVPost Tesla wants to use as many local parts in China as possible to reduce costs. Now, motors, one of the most critical components of electric vehicles, are also being supplied locally.
BYD Han sold 8,386 units in June, up 2% from May - CnEVPost BYD Han EV sold 5,815 units and Han DM sold 2,571 units in June.
NIO's OEM JAC sold 11,653 EVs in June, up 165% from a year earlier - CnEVPost In June, JAC sold 41,111 units of all vehicles, down 0.7 percent from a year earlier.
Geely signs deal with battery swap station operator to tap commercial vehicle market - CnEVPost Chinese auto giant Geely has signed an agreement with clean energy service provider GCL Energy Technology Co to cooperate in the commercial vehicle market using the battery swap model.
Chinese autonomous driving firm AutoX unveils next-gen system with 2200 TOPS computing power - CnEVPost Chinese driverless company AutoX unveiled its fifth-generation driverless system, AutoX Gen5, on Tuesday, with its core computing platform, AutoX XCU, reaching a new high in China's in-vehicle computing power.
China's new energy vehicle ownership exceeds 6 million - CnEVPost The number of newly registered new energy vehicles in the first half of the year was a record high of 1.103 million, an increase of 774,000 units or 234.92 percent compared with the same period last year.
China steps up efforts to improve power battery recycling - CnEVPost With the rapid development of the new energy vehicle industry, the recycling of retired power batteries has become a pressing issue. In a recent government document, China has set out its goals in this regard.