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NIO Inc. shares are trading lower on Wednesday.
NIO has begun delivering the new ES8, built on the NT 2.0 platform, in Europe, following the SUV’s launch three months earlier, reported CnEV Post.
On September 16, the NIO ES8, referred to as the EL8 in Europe, was delivered to its first local customers, the report noted.
Meanwhile, China’s commerce minister cautioned that the European Union’s upcoming tariffs on electric vehicles could significantly disrupt trade and investment, especially in Germany, as reported by Reuters on Wednesday.
In a meeting with German Vice Chancellor and Economic Minister Robert Habeck on Tuesday, Wang Wentao stressed the importance of finding a solution that complies with World Trade Organization rules to avoid escalating economic and trade tensions between China and the EU.
Also Read: China Warns EU Tariffs On EVs Will Harm Trade With Germany
The European Commission is expected to propose final tariffs of up to 35.3% on electric vehicles manufactured in China, in addition to the standard 10% car import duty applied by the EU. Wang is currently in Europe to address the EU’s anti-subsidy case against Chinese electric vehicles ahead of a vote on the proposed additional tariffs.
The ES lineup was rebranded as the EL lineup in Europe due to a lawsuit with Audi, with the ES8 being referred to as the EL8, the CnEV report noted. Since its entry into the European market in 2021, NIO has also introduced the ET7, EL7, ET5, ET5T, and ES6 models there.
As of now, NIO operates 56 battery swap stations across Europe, with 19 located in Norway, 18 in Germany, and 10 in the Netherlands, CnEV Post added.
Price Action: NIO shares are trading lower by 5.91% to $5.09 at last check Wednesday.
Photo via Shutterstock
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Asian equities traded in the US as American depositary receipts edged higher Wednesday morning with the S&P Asia 50 ADR Index up 0.2% to 1,926.59.
From North Asia, the gainers were led by brand management platform 36Kr and education company 17 Education & Technology Group , which rose 9.8% and 2.9% respectively. They were followed by fintech firms Jiayin Group and Pintec Technology , which were up 2.5% and 2% respectively.
The decliners from North Asia were led by automotive ecommerce platform TuanChe and electric vehicle maker NIO , which fell 6.7% and 3.8% respectively. They were followed by mobile healthcare platform 111 and property technology company Fangdd Network Group , which dropped 3.1% and 2.9% respectively.
From South Asia, the gainers were led by tech conglomerate Sea and financial services company ICICI Bank , which increased 1.5% and 1.4% respectively. They were followed by telecommunications operator Telekomunikasi Indonesia and financial services company HDFC Bank , which were up 1.1% and 0.2% respectively.
The decliners from South Asia were led by IT firms Infosys and Wipro , which lost 2.1% and 1.8% respectively. They were followed by telecommunications operator PLDT and IT firm Sify Technologies , which were down 1.6% and 1.4% respectively.
Sharp has revealed an innovative electric vehicle prototype, the LDK+, developed in collaboration with its parent company Foxconn . The announcement was made on Tuesday during Sharp Tech-Day in Tokyo.
What Happened: The LDK+ concept car integrates the functionality of a traditional vehicle with a room-like interior, aiming to provide a new style of mobility. Sharp’s Chief Technical Officer, Mototaka Taneya, emphasized the growing importance of cars as personal spaces, especially with the advent of autonomous driving technology, Nikkei Asia reported on Wednesday.
Sharp’s design allows the vehicle’s interior to be used effectively even when parked, transforming it into a personal space for work or leisure. Features include a rotatable rear seat, a Sharp LCD display, and windows that can turn opaque for privacy. The car also uses AI to adjust air conditioning and lighting based on user preferences.
The LDK+ is built on an EV platform developed by Foxconn, which has been focusing on the EV market. Foxconn’s Chief Strategy Officer for EVs, Jun Seki, highlighted the cost-efficiency of this modular approach, allowing companies to create unique models without heavy investments.
Sharp’s entry into the EV market comes amid industry challenges, with growth slowing and automakers adjusting their strategies. Despite these hurdles, Seki expressed optimism about the future of EVs, predicting significant market growth by 2027.
Why It Matters: The collaboration between Foxconn and Sharp represents a significant step in the evolving electric vehicle market. Foxconn, a major supplier for Apple Inc. , has been making strategic moves to diversify its portfolio and enter the EV sector. In May 2022, Foxconn’s chairman, Liu Young-way, expressed confidence in overcoming supply chain challenges and aimed to become the first EV maker not affected by material shortages. This ambition aligns with their broader strategy to compete with established EV manufacturers like Tesla Inc. and Nio Inc. .
Furthermore, Foxconn’s recent approval to invest $246 million in Northern Vietnam for manufacturing EV parts underscores their commitment to this market. The investment will focus on producing EV chargers and components, starting in January 2025. This move is expected to enhance Foxconn’s production capabilities and support its goal of becoming a key player in the EV industry.
Read Next:
Photo by askarim on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Chinese electric vehicle stocks XPeng Inc , Li Auto Inc , ZEEKR Intelligent Technology Holding , and NIO Inc are trading higher Tuesday after a Monday report indicated that the People’s Bank of China (PBOC) looks to slash the bank reserve requirement ratio (RRR) by 50 bps, followed by another half-point cut in the first half of 2025.
However, the Chinese EV industry is battling multiple protectionist policies from international regulators. Last week, the U.S. government slapped tariff hikes on Chinese imports, including Chinese EVs, solar cells, steel, aluminum, EV batteries, and critical minerals, effective Sept. 27.
See Also: US Probes Surge In Chinese Uranium Imports Amid Fears Of Russian Ban Evasion
This came on top of the U.S.’s advanced semiconductor sanctions by restricting its access to sophisticated artificial intelligence chips from Nvidia Corp in China.
On Monday, the European Commission informed Reuters that the deadline for Chinese EV makers to make minimum price commitments had expired.
The Commission, amid an anti-subsidy investigation into Chinese EVs, has proposed final tariffs of up to 35.3% in addition to the European Union’s standard 10% car import duty as they find that the industrial subsidies have rendered the Chinese imports as cheap, leading to unfair competition, SCMP reports. Last week, the Commission rejected offers from Chinese exporters to put a price floor on their EV shipments.
China opposed the EU import tariffs and assured support for the industry, which was grappling with lackluster domestic demand and protectionist tariffs. Chinese EV stocks are down 44%- 52% in the last 12 months.
The EU will vote on the proposed final duties on September 25.
Chinese Commerce Minister Wang Wentao went to Europe this week for discussions on the EU’s anti-subsidy case, Reuters reports.
Price Actions: NIO stock is up 1.30% at $5.47 premarket at the last check Tuesday. XPEV is up 2.35% at $9.13, LI is up 5.83% at $20.16, ZK is up 2.29% at $16.11.
Now Read:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After generating market-thumping returns to shareholders since its IPO (initial public offering), Tesla stock has grossly underperformed the broader markets in the last three years. That said, while it's down 45.3% from all-time highs, Tesla stock has still returned more than 14,000% to shareholders since going public in 2010.
Today, the electric vehicle (EV) manufacturer is valued at $723.2 billion, making it the largest automobile company globally, despite the ongoing pullback. Let’s see if Tesla stock can stage a comeback in the next 12 months.
Tesla Wrestles With Slower Growth, Falling Margins
While Tesla is the largest EV manufacturer in North America, it has been navigating multiple macro headwinds in recent years, including inflation, elevated interest rates, and slowing consumer demand.
In Q2 of 2024, Tesla reported revenue of $25.5 billion with adjusted earnings per share of $0.52. Comparatively, analysts were expecting sales at $24.77 billion and earnings at $0.62 per share in the June quarter. While sales were up 2%, its automotive revenue was down 7% year over year in Q2. Notably, auto revenue from regulatory credits more than tripled to $890 million in the last 12 months.
Tesla has cut EV prices multiple times in the last two years to offset lower vehicle demand. In Q2, it continued to offer discounts and interest-free financial deals to drive demand, which meant its adjusted earnings margin fell to 14.4% from 18.7% last year.
The EV giant is also focused on lowering its cost base amid a challenging macro environment. The company announced plans to cut its workforce by 10% earlier this year as vehicle deliveries declined for the second consecutive quarter.
Tesla's falling sales and profit margin erosion have reduced its free cash flow to $1.71 billion in the last 12 months, down from a record high of $7.56 billion in 2022.
Tesla Gains Traction in China
China is the world’s largest EV market, and a key driver of Tesla’s top-line growth. However, China’s rapidly expanding addressable market has attracted several players, including homegrown rivals like Nio , Byd , Li Auto , and XPeng .
Tesla has maintained a strong foothold in China, despite rising competition. A report from CnEVPost stated that Tesla’s insurance registrations in China rose by 12% to 16,200 for the week ended Sept. 8, up from 14,400 in the previous week. Moreover, the company is on track to report double-digit vehicle delivery growth in China in Q3 of 2024. However, in the first eight months of 2024, Tesla China has sold 587,437 vehicles, down 6% year over year.
Europe is another region where Tesla can thrive, as the European Union recently hiked tariffs on China-made EVs.
Analysts expect Tesla’s deliveries in Q3 of 2024 to rise by 5% year over year to 458,000 units. If Tesla meets the consensus delivery forecast, it will be the company’s third-best quarter in terms of vehicle deliveries.
Deutsche Bank is Bullish on Tesla
In new coverage, brokerage firm Deutsche Bank rates Tesla a “buy” with a target price of $295, which is among the highest forecasts on the Street. Analyst Edison Yu explained that Tesla should be valued not as an automaker, "but rather a technology platform attempting to reshape multiple industries, deserving of a unique type of valuation framework.”
Yu continued to say that TSLA is “in a league of its own and represents our highest conviction secular leader, poised to reshape multiple industries across auto, energy, mobility, and robotics.” The analyst is particularly bullish on Tesla’s battery storage business, which he projects could generate $13 billion in sales by 2025.
Another potential driver for Tesla’s revenue could be the upcoming launch of its robotaxi. Tesla is scheduled to unveil the robotaxi on Oct. 10, a car CEO Elon Musk has been promising for nearly eight years. According to Musk, the robotaxi will be armed with full self-driving tech, which could disrupt the multi-billion-dollar ride-hailing market. In his assessment of Tesla's valuation, Deutsche Bank's Yu invoked Nvidia as a competitor on robotics.
What's the Analyst Forecast for TSLA Stock?
That bullish note stands in contrast to the majority opinion on TSLA stock, which is still a tepid “hold.” Out of the 36 analysts covering Tesla, 10 recommend “strong buy,” one suggests “moderate buy,” 18 recommend “hold,” and seven call it a “strong sell.”
The average 12-month price target is $201.06, representing a discount of about 13% to current prices. The new price target of $295 from Deutsche Bank suggests that TSLA could rally about 27%.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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