Earnings

Deutsche Bank analyst Edison Yu's team cut their price target on Nio by $5 to $45, but said Nio is on track to return to its product super cycle this year.

Xpeng delivered mixed underlying first-quarter results with guidance reflecting lingering challenges from the Covid lockdowns.

Xpeng resumed double-shift production at the Zhaoqing plant in mid-May and will accelerate deliveries to meet customer demand.

Xpeng expects second-quarter revenue of RMB 6.8 billion to RMB 7.5 billion, below market expectations of RMB 8.33 billion.

Nio has been announcing quarterly earnings after the US stock market closes, and this will be the first time it changes the time to before the market.

Deutsche Bank analyst Edison Yu's team lowered their price target on Xpeng by $2 to $53, taking into account slightly lower expected sales.

Li Auto reported solid Q1 results while Q2 guidance was somewhat soft given uncertainty around the Covid recovery cadence.

Li Auto's guidance for second quarter deliveries is 21,000-24,000 vehicles, meaning it expects 16,833-19,833 combined deliveries in May and June.

At press time, CATL was down 8.64 percent on volume that hit a single-day high since its 2018 IPO in less than half a trading day.

CATL's operating costs rose 199 percent year-on-year to RMB 41.6 billion in the first quarter due to rapidly rising upstream raw material prices.