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XPeng Inc. shares are trading higher premarket Thursday. The company disclosed that XPENG Motors will showcase its latest technologies and solutions at the Paris Motor Show 2024 in October.
The company plans to unveil its latest innovations, including the Tianji XOS 5.4 smart in-car operating system, designed for the European market.
This system highlights XPENG's vision for adaptive, AI-driven driving experiences in Europe.
The company will also showcase its next-generation smart cockpit with advanced personalization options and frequent OTA updates.
Brian Gu, Vice Chairman and President at XPENG, said, “The European automotive market is undergoing a transformation from electrification to smartification. At the Paris Motor Show, we are not only showcasing highlights from our vehicle portfolio, but also new solutions that we will be integrating in our car models.”
XPENG said it looks forward to further expanding its European footprint with cutting-edge technology and AI-powered solutions.
This month, the company reportedly asked suppliers to ramp up parts capacity as the M03, the first model in its Mona lineup, gains popularity.
According to Benzinga Pro, XPEV stock has lost around 50% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF and Invesco WilderHill Clean Energy ETF .
Price Action: XPEV shares are up 6.94% at $9.24 premarket at the last check Thursday.
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.
PARIS, Sept. 19, 2024 (GLOBE NEWSWIRE) -- XPENG Motors (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese AI mobility company, is set to participate in the Paris Motor Show 2024 from October 14th to October 20th. Showcasing under the theme “Enchanté, Paris!”1, XPENG will present a range of new technologies and solutions on Booth 6A51 in Hall 6, highlighting its commitment to intelligent, sustainable mobility solutions tailored for the European market.
At the show, XPENG will unveil its latest advancements, including the next-generation smart in-car operating system, Tianji XOS 5.4 for the European market. This innovation showcases XPENG's roadmap to bring adaptive, AI-powered driving experiences to European roads. In addition, XPENG will also demonstrate its next-generation smart cockpit, featuring advanced personalized customization options for displays and frequent OTA update.
Visitors will gain insights into XPENG’s future plans, including a roadmap for expanded AI integration and the latest vehicle model incorporating these advancements.
XPENG's participation in the Paris Motor Show underscores its long-term plan to expand globally and become the leading company in AI-powered mobility. As part of this vision, XPENG will continue to leverage its AI expertise and technological innovations to redefine the future of AI mobility.
Brian Gu, Vice Chairman and President at XPENG, said: “The European automotive market is undergoing a transformation from electrification to smartification. At the Paris Motor Show, we are not only showcasing highlights from our vehicle portfolio, but also new solutions that we will be integrating in our car models. We are deeply committed to the European market and are excited about our ongoing efforts to expand our presence in the region.”
The XPENG press conference will be taking place on October 14th at XPENG’s booth in Hall 6 of Paris Expo Porte de Versailles. XPENG remains committed to pushing the boundaries of innovation and looks forward to further expanding its footprint in Europe with cutting-edge technology and AI-powered solutions.
About XPENG
Founded in 2014, XPENG a leading Chinese AI mobility company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy consumers. With the boom of AI technology, it aspires to become a global AI mobility company, with the mission to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.
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For Media Enquiries:PR DepartmentEmail: pr@xiaopeng.comSource: XPENG Motors
_________________________1 “Enchanté, Paris!" is French for "Charmed, Paris!" or "Pleased to meet you, Paris!"
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.
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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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