Xpeng

Xpeng management said earlier this month that Mona's first model will be unveiled in June and will go on sale and begin deliveries in the third quarter.

Amid Xpeng's internal concerns and distributor resistance, its wholesale sales model has only been tested on a small scale so far, according to local media.

"XPeng delivered 1Q24 earnings upside driven by earlier-than-expected recognition of high-margin VW tech and service revenue; 2Q24 volume outlook also came in better than feared," Deutsche Bank said.

The first model from Xpeng's Mona sub-brand will be unveiled in June and will go on sale and start deliveries in the third quarter.

Xpeng's first-quarter revenue beat Wall Street estimates, gross margin rebounded further to a new high since the third-quarter of 2022, despite conservative guidance for second-quarter deliveries.

Between May 1-19, Nio had 10,000 insurance registrations, Tesla 30,800, BYD 154,900, Xiaomi 4,000, Li Auto 18,600, and Xpeng 4,800 units.

Xpeng will spend RMB 3.5 billion ($480 million) in 2024 on R&D of AI technology around smart driving and recruit 4,000 new professionals.

At the end of 2023, Nio was taking about 295 days to clear receipts payable, and Xpeng 221 days, compared with 197 days and 179 days, respectively, in 2021, according to Bloomberg.

Xpeng will offer its autonomous driving and EV technology to other automakers, allowing the company to generate a new stream of revenue, its vice president Brian Gu said in an interview with the South China Morning Post.

The Xpeng G6 debuts in Hong Kong at a starting price of HK$299,900 ($38,440), with the first deliveries of the right-hand drive version expected in the third quarter.