CnEVPost Newsletter: NIO, XPeng deliveries; Citi upgrades NIO to Buy

Citi upgrades NIO to Buy, raises price target to $58.3 - CnEVPost — cnevpost.com Citi's price target implies the bank sees 51% upside for NIO shares, which were closed at $38.62 as of Friday.

NIO delivered 6,711 vehicles in May, up 95.3 percent from a year ago - CnEVPost NIO delivered 6,711 vehicles in May, up 95.3 percent from a year ago, but down 5.5 percent from April.

NIO unveils second route of Power Up Plan with 12 destination charging stations - CnEVPost NIO said Tuesday it has opened the second line under the plan - a route covering the mountainous regions of southwestern China from Chengdu via China's National Highway 318.

XPeng delivered 5,686 units in May, up 483% from a year ago - CnEVPost XPeng delivered 3,797 units of the P7 sedan in May, the highest monthly delivery record since the mass delivery in July 2020.

Chinese regulator gives Tesla backing in response to user's questions about single-pedal mode - CnEVPost The single-pedal mode is not unique to Tesla, and users should familiarize themselves with the technical characteristics of new energy vehicles, said the Ministry of Industry and Information Technology.

Jidu Auto, Baidu's car-making arm, will price its first model at over $31,400 - CnEVPost The company's first car will be unveiled at the 2022 Beijing auto show. Optimistically, reservations could be made available within the next year.

Leap Motor delivered 3,195 units in May, up over 12 times from a year ago - CnEVPost Chinese electric car startup Leap Motor delivered 3,195 units in May, up 1,226 percent from a year ago and 15 percent from April.

Qihoo 360 starts hiring for car business, aims to build models priced at about $15,700 - CnEVPost China's largest cybersecurity company is accelerating its plans after announcing last month that it is joining forces with electric car startup Neta Automobile to build cars.

Auto chip shortage expected to ease as Renesas plant set to return to full capacity by mid-June - CnEVPost Renesas holds nearly one-third of the global market share for automotive microcontroller chips, and the March fire hit global automotive production hard.