Connect with us

Business

Investors Are Looking To China To Find The Next Tesla – OilPrice.com

Published

on



Investors Are Looking To China To Find The Next Tesla | OilPrice.com

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

    Premium Content

    Tesla

    Tesla is not the only electric vehicle (EV) maker to have seen an explosive rally of its stock so far this year.  Shares in Tesla’s Chinese competitors have outperformed the global auto index as investor sentiment toward EV stocks has become increasingly positive over the past year, and as some of China’s electric car makers announced major financing milestones.  

    Despite the pandemic, the increase in EVs sales in China, the world’s largest auto market, was larger than the rise in the overall car market last month, although EVs are still a small portion of total vehicle sales in China. 

    Tesla and the race to become ‘the next Tesla’ are fueling a rally in the stocks of Chinese EV manufacturers, which in turn has given rise to increased fund-raising this year, including on the U.S. stock market, Joanne Chiu of The Wall Street Journal writes.

    So far this year, Chinese EV stocks have outperformed the overall market and the global car manufacturing stocks index. The S&P index that tracks Chinese car and car parts makers has gained 30 percent so far this year. To compare, the global car and parts manufacturers’ index has risen by 8.5 percent so far in 2020, according to WSJ estimates of S&P Capital IQ data. 

    The rally in Chinese stocks comes as Tesla has seen an explosive gain in its stock price over the past year. As of the close on Thursday, shares in Tesla have soared by 287 percent year to date, and by 652 percent since August last year. 

    In the global EV market, including in China, Tesla is ahead of competitors and the one to beat. Some analysts believe that some Chinese EV makers, who vie to compete with Tesla on the world’s top car market, could be the ‘Tesla of China’. 

    Related: Russia Doesn’t Expect OPEC+ To Change Course

    Nio, for example, could be the ‘Tesla of China,’ Alexander Potter of Piper Sandler wrote in a note this week, as carried by Business Insider.

    “With a fortified balance sheet and a well-established brand, we think NIO has a shot at earning the ‘Tesla of China’ moniker,” Piper Sandler said. 

    Ari Wald, head of technical analysis at Oppenheimer, told CNBC earlier this month about Nio that “The stock has consolidated since peaking in July and I think this consolidation, it’s allowing previously overbought conditions to recede.” 

    Nio’s American Depositary Receipts (ADR) traded in New York have surged by 232 percent year to date and by 374 percent from year-ago levels. 

    Earlier this week, Nio reported a surge in vehicle deliveries for the second quarter, at 10,331, nearly triple the vehicles it had delivered in the second quarter of 2019. Nio guided for even higher deliveries in the third quarter, signaling that the company believes demand for its EVs will continue to rise. 

    “We believe penetration of NEV demand in China could accelerate from here, more than doubling from 5% in 2019 to 14% by 2025,” J.P. Morgan analyst Nick Lai wrote in a note carried by MarketWatch, commenting on Nio’s performance.

    After Nio listed ADRs in the United States in 2018, Li Auto became last month the second Chinese EV maker to raise money in an initial public offering (IPO) in the U.S. Li Auto, founded five years ago, raised US$1.1 billion by offering 95 million American depositary shares, or ADSs. 

    Li Auto plans to launch a full-size premium electric SUV in 2022, and then expand its product lineup by developing new vehicles, including mid-size and compact SUV models, the company said in an SEC filing Related: Iran Seizes Oil Tanker In Strait Of Hormuz 

    Since their debut on the U.S. market at the end of July, Li Auto’s shares had increased by more than 30 percent. 

    This week, Chinese electric car start-up Xpeng Motors filed for an IPO on the New York Stock Exchange.

    Another Chinese EV manufacturer, Kandi Technologies, said at the end of July it was formally launching “the most affordable electric vehicles (EVs) on the U.S. market,” with the compact model K27 priced at US$12,999 after federal tax credits and a vehicle “the size of a small SUV”, K23, at US$22,499 after federal tax credits. 

    Kandi’s shares on the NASDAQ have soared by over 100 percent in one month. The announcement of the offering on the U.S. market has fueled Kandi’s stock rally. 

    As Chinese EV makers race to compete with Tesla, both in China and outside China, some investors and analysts have realized that the EV revolution is gaining speed. Regardless of whether anyone can beat Tesla in sales numbers or brand awareness, the stock market looks to have grown fond of EV stocks. 

    By Tsvetana Paraskova for Oilprice.com

    More Top Reads From Oilprice.com:

    Download The Free Oilprice App Today


    Back to homepage

    <!–

    Trending Discussions

      –>

      Related posts

      Let’s block ads! (Why?)



      Source link

      Business

      Canadian Police Arrested a Man for Sleeping While His ‘Self-Driving’ Tesla Sped Down the Highway – Robb Report

      Published

      on


      We’ve all felt the need to catch 40 winks at inconvenient times, but one Candian man took his need for shut-eye to a whole new level.

      Alberta police have formally charged a 20-year-old man who was caught asleep behind the wheel of his Tesla while the electric vehicle was speeding on autopilot. Authorities were alerted to the scene on the afternoon of July 9th by a caller who noted that both of the front seats were fully reclined with no visible operator. Sgt. Darrin Turnbull told CBC News on Thursday that the car was traveling 87mph in a zone with a speed limit of 68mph. Both the driver and the passenger appeared to be fully asleep, according to police.

      “Nobody was looking out the windshield to see where the car was going,” Turnbull told CBC. “I’ve been in policing for over 23 years and the majority of that in traffic law enforcement, and I’m speechless. I’ve never, ever seen anything like this before, but of course, the technology wasn’t there.”

      The model in question was a 2019 Tesla Model S, which has an array of autopilot features from auto-steer to “traffic-aware” cruise control, both of which were engaged when the car was stopped. But despite its name, the autopilot function still requires an active driver to monitor the road, making a lack of one remarkably dangerous all on its own. It turned out to be even more detrimental than the concerned police originally thought because once the officers activated their car’s emergency lights, the Tesla began accelerating and eventually reached a speed of 93mph, which was confirmed by a radar scan.

      Officers eventually caught up with the vehicle and issued the sleeping driver a 24-hour license suspension for fatigue before an investigation resulted in a charge of dangerous driving. The driver received a court summons scheduled for this December. Fortunately, no one was injured as the incident ensued, but it acts as a serious cautionary tale as Tesla’s autopilot functions have come under sharp scrutiny for their potential links to more than one crash and related death.

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Business

      No winning ticket sold in Saturday's $5M Lotto 649 draw – CP24 Toronto's Breaking News

      Published

      on


      TORONTO — No winning ticket was sold for the $5 million jackpot in Saturday night’s Lotto 649 draw.

      However, the guaranteed $1 million prize was claimed by a ticket holder in Quebec.

      The jackpot for the next Lotto 649 draw on Sept. 23 will be approximately $6 million.

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Business

      Online thieves scam Toronto couple out of more than $1,000 in PC Optimum points hack – CBC.ca

      Published

      on


      When Chris Eggers and his wife signed up for an in-store text message promotion at a Toronto Shoppers Drug Mart, they thought they’d collect extra PC Optimum points.

      Instead, Eggers alleges, hackers stole them all.

      “Every week, [PC Optimum] would text me, ‘See if you’re a winner and click on the link!'” he explained.

      “One of the links I clicked, and I still have the text, asked me to enter my PC optimum information.”

      So, Eggers, 37, entered the couple’s log-in details.

      “I believe it is at that point that my identity was compromised,” he told CBC Toronto.

      All the text messages came from the same number. But only one, he says, asked him to enter his account information.

      Eggers signed up for an in-store contest at the end of August at a Toronto’s Shoppers Drug Mart that would send him text messages like these. (Chris Eggers)

      A few days later, the couple was alerted that all their points had been cashed in.

      “My wife got emails saying that our PC Optimum points were being redeemed at Vaughan Mills Mall, 600,000 of them,” Eggers explained.

      “And so, of course, we panic, you know, try to open the app and change everything, but at that point it was all gone.”

      Hackers redeemed more than $1,100 worth of points

      Emails the couple supplied to CBC Toronto show a total of $1,149.99 worth of merchandise was redeemed at the Shoppers Drug Mart located in the Vaughan Mills Shopping Centre in Vaughan, Ont. north of Toronto.

      Eggers notified Loblaw Companies Ltd., the corporation that operates the PC Optimum program, and has since filed a report with York Regional Police.

      Eggers’s wife received a series of email alerts from PC Optimum congratulating them for redeeming points, as scammers used their account to redeem over $1,100 worth of merchandise. The couple desperately tried to change their passwords, but weren’t fast enough and all their points were stolen. (Chris Eggers)

      Scammers have targeted the reward system before.

      Two years ago, CBC News interviewed eight people across Canada who said they’d each had more than 100,000 points stolen from their accounts after Loblaw merged its two rewards programs — PC Plus and Shoppers Optimum — to form PC Optimum on Feb. 1, 2018.

      The reported thefts are just one more problem plaguing Loblaw, which was already dealing with technical glitches involving PC Optimum, and fallout from a bread price-fixing scandal, including the related controversy over asking some people to send their ID to collect a $25 gift card as compensation for the overpriced bread.

      No connection to text promotion, Loblaw says

      When the company replied to Eggers days later, he was told his email had been compromised and there was no connection to the in-store text promotion.

      That’s something Eggers still has trouble accepting.

      “I don’t believe that because if somebody was going to compromise my email, then they would have gone after my banking,” he said.

      The PC Optimum card replaced the PC Plus and Shoppers Optimum loyalty rewards cards following the 2014 merger of Loblaw and Shoppers Drug Mart. Technical issues, including the loss of points and an inability to register, have plagued the new Optimum card since its launch on Feb. 1, 2018. (Evan Mitsui/CBC)

      “It’s quite a leap to think that when you get into somebody’s email that they have a Shoppers Optimum and that’s … the cherry they want to pick.”

      In a statement to CBC News, Loblaw says the company reviewed screen shots of Eggers’s contest text messages and related links and has “not found any site/page that asked for PC Optimum account information.”

      “The links provided simply show a promotional code,” the statement reads

      Loblaw apologizes for ‘the inconvenience this has caused’

      However, the retailer does acknowledge recent “smishing campaigns” — text messages asking for information, claiming to be from PC Optimum in recent months. 

      “We’re still reviewing to see if that could be the case in this instance,” the company said, adding their investigation is ongoing.

      “We are committed to understanding the scenario and how we can best help our customers moving forward.”

      Loblaws says representatives have worked with Eggers and his wife to restore their points and secure their account.

      The company also says it apologizes for “the inconvenience this has caused [for the couple] and the delay in resolving it.”

      Eggers says he’s happy to have their points back but worries others could have also been hacked.

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Trending