BYD has told its Indian joint venture partner that it will shelve plans to invest $1 billion in building electric vehicles after its investment proposal faced scrutiny from New Delhi, Reuters reported.
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Morgan Stanley raised its price target on Nio to $18.7, on Xpeng to $25.4, and on Li Auto to $53, all keeping their ratings at Overweight.
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The launch of the Denza N8 comes just a month after the launch of the Denza N7, which will begin deliveries this weekend.
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Nio is considering banning cars with internal combustion engines from charging at some of its busy charging stations in order to prioritize serving purely electric vehicles, the head of the company's energy business said.
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Eve Energy will set up a joint venture in Thailand under which it will build a battery production base with a capacity of at least 6 GWh.
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Li Auto delivered 86,533 vehicles in the second quarter, exceeding the upper end of its guidance range of 76,000 to 81,000 vehicles.
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Volkswagen's deal with Xpeng could be the first of many strategic partnerships between global automakers and Chinese EV startups, Morgan Stanley said.
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It's another sign that China's auto industry is changing rapidly and becoming hyper competitive, forcing major changes at traditional OEMs, Edison Yu's team said.
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While Xpeng surged 26.69 percent in the US, Nio also rose 10.58 percent, Li Auto was up only a modest 3.56 percent -- why?
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Xpeng CEO said he looks forward to working with Volkswagen to bring the best technology and products to the world. Volkswagen China CEO said the two share a common vision for the future of mobility.
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