07.28.23
Xpeng (ticker XPEV, a chinese clone of Tesla), selling BEV in china, and other countries.
VW paid $700m for 5% stake in XPEV when Market cap was $13B, today it is $21B.
Xpeng make affordable BEV's, they differ from the more expensive NIO cars. They are already selling in Europe, but production and sales were struggling in 2023, and therefore financial pressure and value drop followed.
VW cash and backing could do magic to an already promising company. They are already backed by Alibaba and Xiaomi, Qatar and Abu Dhabi funds.
Xpeng sell 4 cars in china,
- G3i small SUV, $22k and up.
- G9 larger 5 seat SUV, $44k and up.
- P5 small sedan, $23k and up.
- P7 larger sedan, $31k and up.
This month, they are planning to begin deliveries of the new small - G6 SUV starting $29k up to $38k.
Their cars are nice and impressive, including Their "own" Autopilot called Xpilot.
I think they are undervalued.
Xpeng are about the size of NIO as a Company, competing directly mostly in China.
They were sued by Tesla for stealing Auto pilot IP through a Chinese ex Tesla Employee.
XPEV IPO'd, not SPAC'd, in Aug 2020 for $15, quickly $22, peaked that year at $64, was down in 2022 below $7. Now is $24.
XPeng delivered 29 vehicles in 2018 and 12,728, 27,041, 98,155 and 120k from 2019-2022, respectively.
In 2023, although aimed to reach 200k, yet only delivered 41.4k in H1.
NIO delivered 54.5k in H1.
In H1 Tesla sold 477k Chinese made cars .
BYDDY sold in H1 617.6k BEV's globally, Tesla sold 888k globally.
China EV market is going through a minor temporary slow down in 2023 due to incentive fluctuations and ICE emission limits fluctuations, as well as Inventory issues in both secrors.
Comentários