Xpeng

Former Xpeng Internet center vice general manager Liu Fanfan has joined Nio as head of the navigation and location services division, according to local media.

With margins and cash burn looking worse following first-quarter earnings, Xpeng management may be making its last stand with the G6, Deutsche Bank said.

Nio's cumulative sales so far this month were around 5,300 units, with the company launching and starting deliveries of the new ES6 on May 24.

Xpeng will open up the MPV market to a younger demographic with the X9, said He Xiaopeng, chairman and CEO of the EV maker.

Xpeng aims to reach 15,000 monthly deliveries in the third quarter and 20,000 monthly deliveries in the fourth quarter, its management said.

"Xpeng delivered even softer 1Q23 results than we previewed, accompanied by a muted 2Q outlook," Edison Yu's team said.

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.

Tesla vehicles registered 10,200 insurance units in China last week, bringing the number to 26,118 for the first three weeks of May.

Xpeng management previously said that the G6 will be officially launched and delivered by the end of the second quarter, with a price range of RMB 200,000 - 300,000.

Xpeng's financial performance in the first quarter and its outlook for the second quarter will be weak, though the company may see a turnaround after the launch of G6, according to Edison Yu's team.