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XPeng Motors delivered a record 3,478 of its smart electric vehicles (EVs) in September 2020, representing a surge of 145% year-on-year.XPeng (XPEV) figures showed that delivery numbers rose 31% from the month of August. The deliveries consisted of 2,573 P7s, the company’s smart sports sedan, and 905 G3s, its compact smart SUV.In the third quarter of 2020, the Chinese smart electric vehicle company delivered a total of 8,578 smart EVs, consisting of 6,210 P7s and 2,368 G3s, showing an increase of 266% year-over-year.XPeng started mass delivery of the P7 in late June this year. As of September 30, 2020, a cumulative total of 6,535 P7s were delivered.“We are pleased to have achieved a record month of deliveries, which demonstrates our ability to execute our strategy, accelerate sales of our Smart EVs and expand our service and charging network,” XPeng Ceo He Xiaopeng.Last week, the company announced the building of a new...
BlackLine announced on Friday that it has acquired UK-based Rimilia in a deal worth $150 million. Rimilia provides artificial intelligence-powered cloud-based accounts software that helps organizations control cash flow and cash collection in real time.Under the terms of the deal, BlackLine (BL) will pay $120 million in cash and an additional $30 million cash will be paid upon meeting certain earnout conditions. The accounting automation software provider said that it will fund the acquisition with available cash-in-hand and the transaction would have no material impact on its 3Q results.BlackLine stated that the buyout will enhance its “capabilities into an adjacent area, adding AR [augmented reality] automation to financial close automation and accelerating BlackLine's larger, long-term plan for transforming and modernizing Finance & Accounting.” (See BL stock analysis on TipRanks)On Oct. 2, Raymond James analyst Brian Peterson said that the deal is well covered by BlackLine’s approximately $630 million of net cash available at...
(Bloomberg Opinion) -- Ever since LVMH Moet Hennessy Louis Vuitton SE said it was walking away from Tiffany & Co., the question has been why?The obvious answer is that LVMH chairman Bernard Arnault is trying to shave the $16 billion purchase price that now looks too high given the damage inflicted on the luxury industry by Covid-19. But saving a couple of billion dollars is a rounding error to a company with a market capitalization of about $240 billion. It could hardly be worth getting dragged into an acrimonious fight.Another possibility is that he’s interested in pursuing alternative opportunities. One recurring scenario among the market speculation is that LVMH could look to make a bid for Cartier-owner Cie Financiere Richemont SA. LVMH needs to bulk up in the faster-growing jewelry market, where it lacks scale — that’s why it struck the deal with Tiffany in the first place. Richemont is currently the world’s biggest branded jeweler...
Noble Energy shareholders have approved the $4.1 billion takeover by energy company Chevron Corp. on Friday. The companies expect to close the deal in the fourth quarter. Noble Energy and Chevron shares rose about 1.4% and 1.1%, respectively.Chevron (CVX) had agreed to acquire the oil and gas producer Noble Energy in an all-stock deal on July 20. At the time of the deal, the transaction was valued at $5 billion, or $10.38 per share, based on Chevron’s closing price on July 17. Including the debt of $8 billion, the enterprise value was $13 billion, marking it one of the biggest oil deals of 2020. The acquisition value has dropped by almost $1 billion, as oil stocks were hit hard by the coronavirus-induced plunge in in crude demand, Bloomberg reported.Chevron said in a July report that Noble Energy (NBL) “brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern...
Xpeng Inc (NYSE: XPEV) says it has achieved a record month and quarter in terms of deliveries -- joining the ranks of other electric vehicle manufacturers benefiting from increased consumer interest.What Happened: The China-based company said there was a 266% increase year-on-year in the third quarter as it delivered 8,578 EV units.For September, there was a 145% increase year-on-year in deliveries as the company delivered 3,478 vehicles.The P7 sedan accounted for 2,573 deliveries in the month, registering a third consecutive month where it saw a rise, the company said.Cumulatively, 14,077 vehicles have been delivered this year, as of Q3.P7 has the longest range among electric vehicles sold in China at 438 miles, according to CNBC.Why It Matters: Chinese automakers have reported record deliveries in the third quarter, alongside Tesla Inc (NASDAQ: TSLA).Tesla saw a quarter-over-quarter growth of 53.67% and delivered 139,300 vehicles in the period.Nio Inc (NYSE: NIO) deliveries rose 18.15%...
Oct.05 -- Melanie Sanders, partner at Bain & Company, discusses the outlook for retail spending in China amid the eight-day-long Golden Week holiday that began last Thursday, and how the coronavirus outbreak is affecting demand for online shopping in the region. She speaks with Yvonne Man and Haslinda Amin on "Bloomberg Markets: China."...
