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Continue reading ICE or EV? The new 2024 BMW 5 Series gives you the power of choice
ICE or EV? The new 2024 BMW 5 Series gives you the power of choice originally appeared on Autoblog on Wed, 24 May 2023 08:00:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | Comments"XPeng delivered even softer 1Q23 results than we previewed, accompanied by a muted 2Q outlook," Edison Yu's team said.
XPeng (NYSE: XPEV) reported weaker-than-expected first-quarter earnings today, and as usual, Deutsche Bank analyst Edison Yu's team provided their first look.
Here is the research note the team sent to investors today.
1Q23 Earnings First Look
XPeng delivered even softer 1Q23 results than we previewed, accompanied by a muted 2Q outlook.
Volume for 1Q was already reported at 18,230 units, leading to revenue of 4.03bn RMB, essentially in line with our 4.04bn estimate; vehicle pricing was slightly lower, offset by "Services and other."
Total gross margin declined 700bps QoQ to just 1.7%, missing our 5.0% estimate (consensus 6.1%), driven by lower vehicle margin (-2.5% vs. our 0.4% due to aggressive price cuts/promotions).
Opex of 2,654m came in below our model as higher R&D was offset by lower SG&A.
All together, EPS of (2.57) came in about in line with our (2.52) forecast.
Management provided a muted 2Q23 outlook, calling for 21,000-22,000 deliveries, vs. our 24,000 forecast, translating into 4.5-4.7bn RMB in revenue (vs. our 5.6bn).
This implies May/June seeing little to no MoM improvement as April garnered 7,079 units and pricing/mix facing further pressure (G9 demand still struggling and P7i constrained by component supply).
On the earnings call, we will look for further commentary on the exact timing of G6 deliveries (SOP seemingly has already begun), pricing, and volume expectations.
XPeng Q1 earnings miss expectations, gross margin falls to 1.7%
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NIO is holding a launch event for the new ES6 in China, and this article is a live update from CnEVPost based on a live video stream.
NIO (NYSE: NIO) is holding a launch event for the new ES6 in China, and the following is a live update from CnEVPost based on a live video stream.
This post will be continuously updated until the end of the launch, with the latest content at the top.
NIO will open the City NAD function in a small scope in Shanghai in the near future.
The new ES6 comes standard with 23 safety and driver assistance features.
The new ES6 has a range of 490 km with the 75-kWh standard range battery pack and 625 km with a 100-kWh pack.
The new NIO ES6 can get a range of 930 km when equipped with the 150-kWh battery pack.
NIO's 150-kWh semi-solid-state battery pack will be available for use in July.
NIO develops these parts in-house because it can respond to user feedback more quickly.
The new ES6 is equipped with NIO's intelligent chassis controller, third generation continuous damping control system.
All of NIO's cars are built to the highest safety standards, said Li.
The new ES6 can accelerate from 0 to 100 km/h in 4.5 seconds under half-load conditions.
The new NIO ES6 is equipped with NIO's in-house developed high-performance 4-piston calipers, allowing the vehicle to brake from 100 km/h to stop in as short a distance as 34.5 meters.
The NIO ES6 will be known as the EL6 in Europe (because of the lawsuit by Audu).
The new NIO ES6 will be available in 10 exterior colors.
NIO invited several users to jointly present the new ES6 at the launch event, including an architect and an automotive media reporter, the first time it has done so for a new car launch.
William Li, Founder, Chairman and CEO of NIO, began his presentation.
NIO pins high hopes on new ES6 with unprecedented delivery efficiency and marketing campaign
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XPeng reported a negative 2.5 percent vehicle margin for the first quarter, a decline attributed to increased sales promotions and the expiration of the NEV subsidy.
XPeng (NYSE: XPEV) today reported weaker-than-expected first quarter results, with gross margins falling sharply to low single digits due to sales promotions.
The company reported first-quarter revenue of RMB 4.03 billion ($590 million), down 45.9 percent year-on-year and down 21.5 percent from the fourth quarter, according to its unaudited earnings report released today.
This was below Wall Street analysts' estimates of RMB 4.22 billion and lies near the lower end of the guidance range it previously provided of RMB 4 billion to RMB 4.2 billion.
XPeng reported first-quarter vehicle sales revenue of RMB 3.51 billion, down 49.8 percent year-on-year and down 24.6 percent from the fourth quarter of 2022.
The decreases were mainly due to lower vehicle deliveries and the discontinuation of new energy vehicle (NEV) subsidies in China, XPeng said.
Previously published figures have shown that XPeng delivered 18,230 vehicles in the first quarter, slightly above the lower end of the guidance range of 18,000 to 19,000 vehicles.
XPeng's gross margin was 1.7 percent in the first quarter, compared with 12.2 percent and 8.7 percent in the same period last year and the fourth quarter of 2022, respectively.
It reported a negative 2.5 percent vehicle margin in the first quarter compared to 10.4 percent in the same period in 2022 and 5.7 percent in the fourth quarter of 2022.
That decline was due to increased sales promotions and the expiration of the NEV subsidy, XPeng said.
XPeng's R&D expenses in the first quarter were RMB 1.30 billion, up 6.1 percent year-on-year and up 5.3 percent from the fourth quarter of 2022.
These increases were mainly due to higher expenses related to the development of new models to support future growth.
It reported selling, general and administrative expenses of RMB 1.39 billion in the first quarter, a decrease of 15.5 percent year-on-year and a decrease of 21.0 percent from the fourth quarter of 2022.
This was mainly due to lower commissions to franchisees and lower marketing and advertising expenses, XPeng said.
XPeng reported a net loss of RMB 2.34 billion in the first quarter, compared with RMB 1.70 billion in the same period last year and RMB 2.36 billion in the fourth quarter of 2022.
Non-GAAP net loss, excluding stock-based compensation expense, was RMB 2.21 billion in the first quarter compared to RMB 1.53 billion in the same period in 2022 and RMB 2.21 billion in the fourth quarter of 2022.
XPeng reported both basic and diluted net loss per ADS of RMB 2.71 in the first quarter, compared to RMB 2.00 in the same period last year and RMB 2.74 in the fourth quarter of 2022.
It reported a non-GAAP basic and diluted net loss per ADS of RMB 2.57 for the first quarter, compared to RMB 1.80 for the same period last year and RMB 2.57 for the fourth quarter of 2022.
As of March 31, XPeng had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB 34.12 billion.
This compares to RMB 41.71 billion as of March 31, 2022 and RMB 38.25 billion as of December 31, 2022.
XPeng expects second-quarter vehicle deliveries to be in the range of 21,000 to 22,000 units, a decrease of about 36.1 percent to 39.0 percent year-on-year.
It expects total revenue for the second quarter to be between RMB 4.5 billion and RMB 4.7 billion, a decrease of about 36.8 percent to 39.5 percent year-on-year.
Considering XPeng delivered 7,079 vehicles in April, the guidance implies that the company expects it will deliver a total of 13,921 to 14,921 vehicles in May and June.
XPeng's deliveries have continued to be weak since the second half of last year, with the G9 launch failing to generate consumer enthusiasm.
The company's sales now appear to be dampened again by the G6 as potential consumers wait for the model, whose launch and delivery is expected by the end of June.
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Continue reading 2023 BMW i7 xDrive60 Road Test: Exceeding expectations, and then some
2023 BMW i7 xDrive60 Road Test: Exceeding expectations, and then some originally appeared on Autoblog on Wed, 24 May 2023 06:00:00 EDT. Please see our terms for use of feeds.
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BYD has been using blade batteries in its full line of passenger cars and released a bus chassis platform using blade batteries in September last year.
BYD is starting to use its signature blade battery in its energy storage systems, marking another major use of the battery technology in the company's business after passenger cars and electric buses.
BYD launched its first energy storage system based on blade batteries, the BYD MC Cube, at a solar-related trade show today, according to a live video replay.
The energy storage system is equipped with blade battery cells that have passed pinprick tests and adopts a technology called CTS (cell to system).
These blade batteries use a module-less, pack-less design and are integrated directly into the system, reducing the number of components by about 36 percent, the company said.
This approach improves space utilization by about 98 percent, allowing for a structural strength improvement of about 30 percent.
In March 2020, BYD officially unveiled its blade battery based on lithium iron phosphate chemistry, and in July 2020 it launched its flagship sedan Han, the first to carry the battery.
To date, the new energy vehicle giant's entire lineup of passenger cars uses the battery.
On September 19, 2022, BYD brought the battery technology to electric buses by debuting what it called the eBus Blade Platform, a bus chassis technology platform that uses the blade battery, at the IAA Transportation event in Hannover, Germany.
It is worth noting that BYD's previously announced 2022 annual report provides more details about this energy storage system.
BYD MC Cube is a new generation energy storage system with ultra-high capacity density, ultra-safety, ultra-long life and ultra-low cost built by BYD to gain the No. 1 share of the global energy storage market, according to the report.
BYD had already been developing four models of that energy storage system in February 2022, and they would all begin mass production in March 2023, the report said.
When assembled into 20-foot containers, the energy storage system can have a capacity of 5.36 MWh per unit.
BYD's MC Cube highlights the technical capabilities of BYD's energy storage system innovation, which is expected to accelerate the world's energy revolution process, the annual report said.
BYD's installed power and energy storage battery capacity in April was about 9.954 GWh, up 59.47 percent from 6.242 GWh in the same month last year and up 0.64 percent from 8.952 GWh in March, according to data it announced on May 2.
Tesla to build new Megafactory in Shanghai to produce Megapack energy storage system
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