Charged: Xpeng planning to go beyond cars as Hertz places $4B Tesla order
SEV automaker Sonos Motors files proposed IPO to list on Nasdaq
Welcome to The Fly's latest edition of "Charged," where we look back at some recent analysts' notes, news and activity in the electric vehicle and clean energy space.
TESLA RESULTS, HERTZ ORDER: Shares of Tesla (TSLA) are in the spotlight on Monday after Morgan Stanley analyst Adam Jonas raised the firm's price target on the shares to $1,200, citing better-than-expected third quarter results and higher volume assumptions. Meanwhile, Hertz (HTZZ) announced an initial order of 100,000 Tesla vehicles valued at $4.2B in its first big push to electrify the company's fleet since it emerged from bankruptcy proceedings.
Last week, Tesla reported better than expected third quarter results. The company reported third quarter non-GAAP earnings per share of $1.86, with consensus at $1.58, and revenue of $13.76B, with consensus at $13.62B. Tesla said, "The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit. Additionally, we reached an operating margin of 14.6%, exceeding our medium-term guidance of 'operating margin in low-teens'. Perhaps more impressively, this level of profitability was achieved while our ASP decreased by 6% YoY in Q3 due to continued mix shift towards lower-priced vehicles. Our operating margin reached an all-time high as we continue to reduce cost at a higher rate than declines in ASP."
SONO GROUP FILES FOR IPO: Sono Group N.V., the parent company to Sono Motors, announced that it has publicly filed a registration statement on Form F-1 with the Securities and Exchange Commission for an initial public offering for its common shares in the U.S. Sono Motors says it is developing "the world's first solar electric vehicle - SEV - for the masses, the Sion." Sono Motors says it has amassed more than 14,000 reservations with advance payments for the Sion. These vehicles will be produced through contract manufacturing with customer deliveries expected to begin in the first half of 2023.
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