Shares of Chinese Tesla rival Xpeng climb as EV deliveries return to growth
Publishing timestamp: 2023-07-03 12:44:11
Summary
Xpeng reported delivering 23,205 cars in the second quarter of 2023, surpassing their own forecast but still lower than the previous year. The company's U.S.-listed shares surged before paring gains. Xpeng has been facing challenges from competition and a tough macroeconomic environment in China. Tesla's strategy of cutting prices seems to be working, while Xpeng's losses continue to widen. Xpeng hopes the launch of their new car will boost sales. Other Chinese EV companies like Li Auto and Nio have also reported their delivery figures.
Sentiment: MIXED
Tickers: 9866-HK, 2015-HK, NIO, XPEV, LI, TSLA, 9868-HK,
Keywords: technology, autos, electric vehicles, business news, china, earnings, transportation, nio inc, xpeng inc, electric vehicle manufacturing, li auto inc, tesla inc, united states,
Source: https://www.cnbc.com/2023/07/03/xpeng-xpev-shares-jump-as-chinese-ev-maker-sees-deliveries-rise.html