Core Viewpoint - Xiaopeng Motors (09868.HK) announced record vehicle delivery data for October 2025, highlighting significant growth and brand enhancement in the electric vehicle market [1] Group 1: Delivery Performance - In October 2025, Xiaopeng Motors delivered 42,000 smart electric vehicles, representing a year-on-year increase of 76% and a month-on-month increase of 1%, setting a new monthly delivery record [1] - For the first ten months of 2025, the total vehicle deliveries reached 355,209 units, a substantial increase of 190% compared to the same period last year [1] Group 2: Global Expansion - In October 2025, Xiaopeng Motors accelerated its global expansion by entering seven new markets across Asia, Europe, and Africa, including Lithuania, Latvia, Estonia, Cambodia, Morocco, Tunisia, and Qatar [1] Group 3: Technology and Innovation - The user engagement for Xiaopeng's advanced driver-assistance system, XNGP, remained strong, with a monthly active user penetration rate of 86% for urban intelligent driving in October 2025 [1] - On November 5, 2025, Xiaopeng Motors will host the 2025 Xiaopeng Technology Day in Guangzhou, showcasing advancements in artificial intelligence technology and innovations in areas such as physical AI and Robotaxi [1]

Core Viewpoint - CalPERS plans to vote against Elon Musk's $1 trillion compensation package for Tesla, which poses a significant obstacle to the company's attempt to grant one of the largest compensation plans in U.S. corporate history [2][3]. Group 1: Compensation Plan Details - CalPERS holds approximately 5 million shares of Tesla stock and believes the proposed CEO compensation is significantly larger than that of peers [3]. - The $1 trillion compensation plan is a 10-year proposal that requires Musk to meet specific performance targets to receive full rewards, potentially increasing his shareholding to at least 25% if targets are met [4]. Group 2: Market Reactions and Predictions - Tesla's stock price fell over 4.6%, underperforming the broader U.S. market and most large tech companies [4]. - Morgan Stanley warns that if Musk's compensation plan is rejected at the upcoming shareholder meeting, Tesla's stock could face an immediate drop of over 10%, casting a shadow over the company's strategic future [7][8]. Group 3: Leadership and Talent Implications - The failure of the compensation plan may be interpreted as a "vote of no confidence" in Musk's leadership, potentially leading to significant market reactions and strategic uncertainties for Tesla [8][9]. - There are concerns that Musk might choose to leave Tesla if the plan is rejected, which could severely impact the company's future and its ability to attract and retain top talent in AI and engineering [9][11].

Core Viewpoint - Tesla (TSLA.US) has recently faced downgrades from two Wall Street firms to a "neutral" rating, highlighting short-term uncertainties and market concerns regarding the upcoming Robotaxi launch [1] Group 1: Rating Downgrades - Baird and Argus analysts have removed their bullish ratings on Tesla, citing market instability and reputational risks stemming from public disputes involving CEO Elon Musk and former President Trump [1] - Baird's analyst Ben Kallo noted that the recent conflict underscores the key person risk associated with Musk's political activities, adding uncertainty to Tesla's outlook and raising concerns about brand damage [1] Group 2: Market Expectations and Competition - Kallo expressed that the market has overly high expectations for the Robotaxi business, indicating that the challenges in advancing this initiative will likely exceed expectations, with profitability potentially falling short of overly optimistic investor estimates [1] - Argus analyst Bill Selesky pointed out that Tesla's stock price is currently influenced by "non-fundamental events," and the expiration of electric vehicle tax credits may further weaken demand for Tesla's new vehicles [1] Group 3: Delivery Forecast Adjustment - Kallo has revised the delivery forecast for the second quarter of 2026 from 404,800 units to 377,000 units, reflecting the impact of the cancellation of electric vehicle tax credits [2]