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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
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
HK stocks anomaly | xpeng-W (09868) fell more than 5%, leading the decline in autos. Tesla's Q2 profit falls short of expectations, and the release of autonomous driving is delayed again.
Auto stocks are collectively down. As of press time, Xpeng Auto-W (09868) fell 5.3% to HK$32.15; Great Wall Motor (02333) fell 4.56% to HK$11.3; Li Auto Inc-W (02015) fell 2.9% to HK$75.4.
XPeng's Volkswagen Cooperation to Further Support Gross Profit Margin -- Market Talk