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U.S. stock market volatility | Electric vehicle stocks slump, Rivian Automotive (RIVN.US) falls nearly 6%.
On Wednesday, electric vehicle stocks fell along with Tesla.
Express News | Shares of EV Stocks Are Trading Lower in Sympathy With Tesla, Which Fell After Reporting Mixed Q2 Earnings
The effect of 'price for quantity' weakened slightly in July for the Sub-Association of China Association of Automobile Manufacturers, and the auto market has entered a period of stability.
The China Federation of Logistics and Purchasing indicated that in July, the effect of trading price for sales volume has slightly diminished, and the automobile market has entered a period of stability.
Citi maintains a 'outperform' rating for Xpeng Motors-W (09868) with a target price of HKD 46.
CITIC CLSA Securities stated that both parties signed a strategic cooperation framework agreement for electronic and electrical architecture technology, and will jointly develop and integrate it into Volkswagen's CMP platform in China based on xpeng's latest generation of electronic and electrical architecture.
China Jul EV Sales Preview: Deutsche Bank Expects Nio at 21,000 Units, Xpeng 10,000, BYD 300,000
Under pressure from the auto sector, Great Wall Motor (02333) fell 6.59%. Tesla's Q2 financial report fell short of expectations.
Jingu Finance News | The bicycle sector is under pressure. As of press time, Great Wall Motor (02333) fell 6.59%, Xpeng (09868) fell 5.3%, Leap Motor (09863) fell 4.94%, Nio Inc (09866) fell 4.29%, and Li Auto Inc (02015) fell 3.28%. In terms of news, Tesla (tesla) announced an adjusted EPS of $0.52 for the second quarter, below the market expectation of $0.6. Net income was $1.478 billion, lower than market expectation of $1.806 billion. During the period, revenue was $25.5 billion, a year-on-year increase of 2%.
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