China ADRs tumble as Xi's new team sparks worries over economy's path
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Bank of America Remains Positive on Xpeng (XPEV) Following Technology Day
October 25, 2022 8:01 AM EDTBank of America reiterated a Buy rating and $31.00 price target on XPeng (NYSE: XPEV) following the electric vehicle companys Technology Day where the company gave more details on its XNGP assisted driving program.
XPeng has made its City NGP gradually available to P5 users... More
Deutsche Bank Unsurprised Following Tesla (TSLA) Price Cuts
October 25, 2022 7:21 AM EDTShares of Tesla (NASDAQ: TSLA) are down 0.73% in pre-market trading on Tuesday after price cuts saw the electric vehicle stock close at 211.25 on Monday, down 1.49%. Chinese electric vehicle stocks followed suit with declines averaging 15% compared to the NASDAQs +1%. Deutsche Bank attributes this weakness to negative surprise around the new Chinese leadership selection, lack of updates surrounding COVID zero policies, and concerns following Teslas price cuts.
Tesla lowered the domestic China price for their Model 3 and Model Y by around 5% on Monday. The cuts were not unexpected and should not come... More
U.S. Listed Chinese Stocks Tumble On Concerns About Xi's Third Term
October 24, 2022 12:02 PM EDTChinese companies listed on U.S. exchanges experienced a sharp decline on Monday due to investor worries that Chinese President Xi Jinping's policies, which have resulted in a slowing economy, will continue.
Xi Jinping was confirmed as leader of the CCP for a third five-year term. There has been a... More
Credit Suisse Cuts China Annual GDP Estimate to +3.3pct
October 24, 2022 9:47 AM EDTCredit Suisse Cuts China Annual GDP Estimate to +3.3pct
Analyst Yi David Wang comments "Chinas Q3 GDP growth of 3.9%yoy was meaningfully above the consensus estimate of 3.4%yoy. While we had anticipated an above-consensus print a closer estimate than that of the consensus is hardly any comfort in... More
XPeng (XPEV) Announces Comprehensive Organizational Restructuring
October 24, 2022 9:30 AM EDTHe Xiaopeng, chairman and CEO of Xpeng Motors (NYSE: XPEV), sent an email to employees Friday announcing that the electric vehicle company would be going through a comprehensive organizational restructuring.
The CEO presided over management meeting for several days recently, reflecting and discussing key issues... More
