Chinese electric vehicle maker Xpeng, who are based in Guangzhou announced disappointing Q1 earnings Tuesday sending the stock 5% lower. $XPEV reported a bigger Non-GAAP loss of -$0.37 EPS for each ADS, missing by $0.04. Revenue of $587.31 million (-45.9% Y/Y) missed by $125.36 million. Forecast deliveries and revenue are all forecasted to be over 35% lower than last year. Xpeng Q1 2023 Earnings Highlights XPEV -ADR Stock Market Reaction (Updated) “During the first quarter of 2023, I took actions … Continue reading “Chinese Electric Car Maker Xpeng Reports Bigger Loss, Puts Hopes on G6”
China’s EV Battery Swapping Start Up U Power Soars 620% for Biggest IPO Debut of 2023
Chinese battery-swapping station developer U Power (UCAR) raised $15 million by offering 2.4 million shares at $6, the low end of the range of $6 to $8. The company offered 0.1 million fewer shares than anticipated. The IPO float is just 4.6% of basic shares outstanding. With such a small float the stock traded wildly on debut, surging as high as $75, up 620% before closing at $43.18. It was the best debut among companies to list in the US … Continue reading “China’s EV Battery Swapping Start Up U Power Soars 620% for Biggest IPO Debut of 2023”
Shell Buys Electric Vehicle Charging Company Volta
Oil major Shell continues to build it’s renewable energy portfolio with the purchase of electric vehicle charging company Volta fort ~$169M. VLTA was trading higher at $0.8899 +0.1628 (+22.3903%)pre-market on the news. Volta (VLTA) went public in August 2021 as part of its merger with special purpose acquisition company TortoiseCorp II and briefly traded over $15 in 2021 with the SPAC mania. Under the deal terms, Shell USA Inc. (SHEL) will acquire all outstanding common shares of Volta (VLTA) at … Continue reading “Shell Buys Electric Vehicle Charging Company Volta”
GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment
Auto giant GM on Tuesday announced a new strategic collaborative agreement to secure a source of nickel and cobalt with Australian company Queensland Pacific Metals. The deal secures a source of nickel and cobalt for the production of new GM Ultium batteries. GM’s goal is reaching 1 million units of EV production capacity in North America by mid-decade. $GM says the raw materials will be used in building a broad range of all-electric vehicles, including the Chevy Silverado EV, GMC … Continue reading “GM Secures Nickel and Cobalt for New EVs with Queensland Pacific Metals Investment”
Nickel Soars 500% on Chinese Bank Short Squeeze, Trading Suspended
LME suspended nickel trading for at least the remainder of the day Tuesday after Nickel prices roughly doubled to all-time highs Tuesday, up 500% from Friday. Nickel soared over $100,000 a ton to an all-time high on the London Metal Exchange when prices surged around $40,000 in just one hour. The move came from a short squeeze with a major Chinese bank where a unit of China Construction Bank Corp. extra time to pay hundreds of millions of dollars in … Continue reading “Nickel Soars 500% on Chinese Bank Short Squeeze, Trading Suspended”
German Solar Electric Vehicle Disruptor Sono Group IPO Debut
Germany-based Sono Group NV $SEV raised $150 million at a $1.1 billion market cap. The company is developing what it believes is disruptive solar technology, as well as a solar and battery powered vehicle. Sono Motors is developing the solar electric vehicle (SEV) for the masses, the Sion. It has reached more than 16,000 reservations with advance payments for the Sion, the solar electric vehicle (SEV) for the masses, German disruptive solar technology company Sono Group (SEV) Sono Group N.V. (parent company to … Continue reading “German Solar Electric Vehicle Disruptor Sono Group IPO Debut”