Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Cover Story: Chinese automakers rev up price war in race for market dominance</li><li>China will do more to open its markets, vice premier says</li><li>China invites Honduras president to visit after establishing diplomatic ties</li></ul>

Cover Story: Chinese automakers rev up price war in race for market dominanceChina will do more to open its markets, vice premier saysChina invites Honduras president to visit after establishing diplomatic ties

CX Daily: Chinese Auto Makers Rev Up Price War in Race for Market Dominance

Equity Bottom-Up

<ul><li>XPeng Inc. has predicted that revenue and vehicle deliveries will nosedive in the current quarter after the Chinese electric-vehicle (EV) upstart reported slowing sales growth and a loss that nearly doubled in 2022.</li><li>The company’s revenue will likely plunge 43.7% to 46.3% year-on-year to between 4 billion yuan ($581 million) and 4.2 billion yuan in the first quarter of 2023.</li><li>The outlook is based on an estimate that its deliveries will plummet 45% to 47.9% year-on-year in the same quarter to around 18,000 to 19,000 vehicles.</li></ul>

XPeng Inc. has predicted that revenue and vehicle deliveries will nosedive in the current quarter after the Chinese electric-vehicle (EV) upstart reported slowing sales growth and a loss that nearly doubled in 2022.The company’s revenue will likely plunge 43.7% to 46.3% year-on-year to between 4 billion yuan ($581 million) and 4.2 billion yuan in the first quarter of 2023.The outlook is based on an estimate that its deliveries will plummet 45% to 47.9% year-on-year in the same quarter to around 18,000 to 19,000 vehicles.

XPeng Predicts Revenue, Deliveries to Nosedive in the First Quarter

<ul><li>Banking / Cover Story: 2008 Redux? SVB collapse raises questions about banking oversight</li><li>Research / China launches campaign to tackle pressing domestic challenges</li><li>Taiwan / Beijing welcomes ex-Taiwan leader’s visit to the mainland</li></ul>

Banking / Cover Story: 2008 Redux? SVB collapse raises questions about banking oversightResearch / China launches campaign to tackle pressing domestic challengesTaiwan / Beijing welcomes ex-Taiwan leader’s visit to the mainland

CX Daily: 2008 Redux? SVB Collapse Raises Questions About Banking Oversight

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.</li><li>On the other hand, we expect its sales volume to rise sequentially every quarter in FY23E, based on our channel checks with its battery supplier and the rollouts of the G6 in 2Q23.</li><li>It appears to us that the automaker has started to prioritize cost optimization and customer needs after senior management changes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.On the other hand, we expect its sales volume to rise sequentially every quarter in FY23E, based on our channel checks with its battery supplier and the rollouts of the G6 in 2Q23.It appears to us that the automaker has started to prioritize cost optimization and customer needs after senior management changes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xpeng Inc. (XPEV US) – 4Q22 earnings miss; sales may rise QoQ in FY23E

Thematic (Sector/Industry)

<ul><li>China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.</li><li>Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.</li><li>PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s passenger-vehicle (PV) retail sales volume rose 11% YoY in Feb 2023, 4% lower than our prior forecast.Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export volume.PV exports surged 86% YoY to about 271,000 units in Feb 2023. Automakers in China added about 131,000 units of inventories into their dealers in Feb 2023 based on our calculations, which has led to 2.2 months of inventories based on our projected retail sales volume for Mar and Apr 2023. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – A trough in the short term?

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

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XPeng (XPEV US)

CX Daily: Chinese Auto Makers Rev Up Price War in Race for Market Dominance

Cover Story: Chinese automakers rev up price war in race for market dominance. China will do more to open its markets, vice premier says

Caixin Global

XPeng Predicts Revenue, Deliveries to Nosedive in the First Quarter

XPeng Inc. has predicted that revenue and vehicle deliveries will nosedive in the current quarter after the Chinese electric-vehicle (EV) upstart...

Caixin Global

CX Daily: 2008 Redux? SVB Collapse Raises Questions About Banking Oversight

Cover Story: 2008 Redux? SVB collapse raises questions about banking oversight. China launches campaign to tackle pressing domestic challenges.

Caixin Global

Xpeng Inc. (XPEV US) – 4Q22 earnings miss; sales may rise QoQ in FY23E

Both Xpeng’s revenue and net loss in 4Q22 missed our prior forecasts, largely due to more intensified competition than expected.

CMB International

China Auto Sector – A trough in the short term?

Wholesale volume also rose 11% YoY last month, 13% higher than our prior projection, again largely due to inventory restocking and higher export...

CMB International

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