NIO Inc. (NYSE:NIO) is set to release its quarterly earnings with an anticipated EPS of -$0.24, showing improvement from the previous year.The company has experienced a 37% increase in stock value year-to-date, driven by new model introductions and strong delivery figures.Projected revenue for the upcoming quarter is approximately $3.14 billion, with concerns about high debt levels and negative cash flow remaining.NIO Inc. (NYSE:NIO) is a prominent player in the electric vehicle (EV) market, known for its i ...

Global BEV sales grew +31% y/y in Sep-25 (+20% m/m) landing at an all-time monthly high of c.1.5m units. This leaves 3Q25 sales at 3.9m units (+32.% y/y), which is also a historic record. On a regional basis, the US led global growth in 3Q (+33% y/y) a first since 2Q24 driven by pre-buying before EV credits ended on September 30, 2025. Europe came second with a slightly lower +32% y/y growth despite a seasonally lower sequential development (-2% q/q). We expect global BEV sales to grow strongly at: +27% y/y ...

Core Viewpoint - Tesla Inc. shares experienced a 1.61% increase in after-hours trading following President Trump's announcement of tax deductions for middle-income Americans on interest for electric vehicle (EV) purchases, including Tesla vehicles, as part of the Big, Beautiful Bill [1][4]. Group 1: Tax Deductions and Policy Changes - President Trump stated that middle-income individuals would receive a deduction on interest for purchasing Tesla vehicles, highlighting that many were unaware of this benefit [2][4]. - The tax deduction allows taxpayers to deduct up to $10,000 annually in interest on vehicle loans until 2028, applicable to singles earning up to $100,000 and couples earning up to $200,000 [4]. - The deduction is not exclusive to Tesla and applies to all EVs, which Trump described as an "unbelievable boon for car sales" [3][4]. Group 2: Industry Impact and Automaker Responses - The Trump administration has made several decisions favoring internal combustion engine (ICE) vehicles, including the termination of the $7,500 Federal EV Credit and relaxed Corporate Average Fuel Economy (CAFE) standards [5][6]. - Major automakers like Ford and General Motors have reduced their EV initiatives, with Ford's CEO predicting only 5% EV adoption in the U.S. and GM reporting a significant demand pullback for EVs [6]. - GM announced a $1.6 billion charge related to its EV efforts, indicating financial strain due to the changing policy landscape [6]. Group 3: Tesla's Sales Performance - Tesla's sales have declined significantly, with a 36% year-over-year drop in October, selling only 26,000 units in the U.S. [7]. - The company's Gigafactory in Shanghai reported a 9.9% decline in sales for the Model Y SUV and Model 3 Sedan, with over 61,497 units sold in October, including exports [7]. Group 4: Market Performance and Metrics - Tesla scores well on momentum and quality metrics, showing satisfactory growth but poor value, with a favorable price trend in the medium and long term [8]. - TSLA stock closed at $403.99, rising to $410.50 in after-hours trading [8].

18 November 2025 | 7:03AM CST Equity Research XPeng Inc. (XPEV): 3Q25 First Take: Operating profit in line, 4Q25E revenue guidance below expectation XPeng reported 3Q25 result with total revenue and operating profit in line with expectation, with higher revenue and gross margin from services and others mitigating the impact from lower vehicle sales and margin. However, 4Q25E revenue guidance was below expectation, with revenue of Rmb21.5bn-23.0bn (-17%/-16% vs.GSe/Consensus at the midpoint) and vehicle sale ...

Core Viewpoint - The investment proposition for Ford and Tesla differs significantly, with Ford focusing on value and potential upside while Tesla is viewed as a growth stock with high expectations [1] Ford Motor Company - Ford's CEO Jim Farley has committed to investing $5 billion in a new universal EV platform, aiming to produce a $30,000 pickup truck by 2027 [2] - Ford's Model e segment reported a loss of $3.7 billion in the first nine months of 2025, contrasting with a profit of $7.4 billion from the Ford Pro segment, which focuses on commercial and government sales [4] - The F-150 Lightning, Ford's electric pickup, is underperforming with only 23,034 units sold, while Tesla's Cybertruck is projected to reach 250,000 units annually by 2025 [6][8] - Ford is heavily investing in EV production despite current losses, as it needs to remain relevant in the evolving auto market [8][9] Tesla - Tesla's sales declines in 2025 raise concerns, but the company's future growth is tied to its robotaxi business and the rollout of unsupervised full self-driving (FSD) technology [10] - Tesla maintains a strong market position, being profitable and cash-generative despite increased competition and regulatory challenges [12] - The development of FSD and the potential for existing Tesla vehicles to become robotaxis are seen as significant value drivers for the company [13] - Tesla plans to produce its dedicated robotaxi, the Cybercab, in volume by 2026 [13] Investment Comparison - Tesla's growth is organic and slower than expected, while Ford is reacting to market changes due to its struggles in the EV sector [16] - For investors willing to take on risk, Tesla is considered the better investment option compared to Ford, which faces challenges in gaining EV market share [15][16]

Core Insights - Rivian Automotive Inc. has shown limited progress in the electric vehicle sector despite a 78% revenue increase to $1.56 billion, compared to $1.3 billion in the previous quarter [1][2] - The company reported a net loss of $1.16 billion for the quarter, slightly higher than the $1.1 billion loss in the same quarter last year [2] - Rivian produced 10,720 vehicles and delivered 13,201 during the quarter, while also reducing its total target for 2025 [2] Product Development - Rivian is banking on the upcoming R2 model, set to launch next year with a base price of $45,000, significantly lower than its current models, which range from $71,000 to $122,000 [3] - Preparations for the R2 launch in the first half of 2026 are reportedly on track [3] Market Challenges - The U.S. electric vehicle market is facing a downturn, with expectations that EV sales will drop from 8% of new vehicle sales in Q3 to 4% in Q4 and into the following year [4] - Challenges such as range anxiety, tire wear, and insufficient public charging infrastructure continue to hinder EV adoption [4] Stock Performance - Rivian's stock has declined by 6% this year, while the broader market has increased by 16%, and even Tesla's stock has risen by 4% despite its own struggles [5][6] - The recent earnings report did not significantly alter investor sentiment regarding Rivian's future prospects [5][6]

Core Insights - Rivian Automotive experienced a significant decline in revenue growth, dropping from 167% in 2022 to 12% in 2024, indicating major challenges ahead [1] - The company faces two primary challenges: the need to introduce more affordable car models and the impact of losing tax credits for electric vehicle (EV) manufacturers [1] Industry Context - Other automakers, such as Stellantis and General Motors, are also reducing EV production due to weakening demand and loss of tax credits, highlighting a broader issue in the EV market [2] - The overall sentiment in the automotive industry suggests a decline in enthusiasm for high valuations of car stocks, with established players trading at around 10 times earnings [5][6] Financial Performance - Rivian's stock has plummeted 90% since its IPO, yet it still holds a market value of over $16 billion while incurring significant annual losses [4] - The company reported a net loss of $4.75 billion last year and returned to gross losses of $206 million last quarter after two quarters of gross profits [10]

TSMC (2330.TW) Earnings Call Summary Company Overview - **Company**: Taiwan Semiconductor Manufacturing Company (TSMC) - **Ticker**: 2330.TW - **Market Cap**: NT$38.5 trillion / $1.3 trillion - **Enterprise Value**: NT$36.8 trillion / $1.2 trillion - **12-Month Price Target**: NT$1,720.00 - **Current Price**: NT$1,485.00 - **Upside Potential**: 15.8% Key Highlights from the Earnings Call Industry and Market Dynamics - **AI Demand**: TSMC's management expressed a significantly more positive outlook on AI demand compared to three months ago, indicating exponential growth in AI token demand every three months. The long-term AI revenue CAGR guidance remains at mid-40%, with potential for upward revision in the future [2][25][27]. - **Non-AI Market Recovery**: The non-AI segment has shown signs of recovery after bottoming out, contributing to overall revenue growth [22]. Financial Performance - **3Q25 Results**: - Revenue: NT$989.92 billion (up 6.0% QoQ, 30.3% YoY) - Gross Profit: NT$588.54 billion (GM: 59.5%) - Operating Income: NT$500.69 billion (OpM: 50.6%) - Net Income: NT$452.30 billion (EPS: NT$17.44, up 13.6% QoQ, 39.0% YoY) [21][40]. - **4Q25 Guidance**: Revenue expected to be in the range of US$32.2-33.4 billion, with GM guidance of 59-61% and OpM of 49-51% [39]. Capacity and Technology Developments - **Advanced Packaging (CoWoS)**: TSMC is increasing capacity for CoWoS, expecting a 61% CAGR in capacity and a 54% CAGR in shipments from 2025 to 2027. The annual capacity is projected to reach 1,740k wafers by 2027 [3][31]. - **N2 Technology**: N2 is on track for volume production in 4Q25, with significant demand expected from smartphones and AI/HPC applications. Projections indicate N2 will account for 9.0% of wafer revenue in 2026, higher than N3's initial ramp-up share [23][24]. Financial Guidance Revisions - **Revenue Guidance**: TSMC raised its 2025 revenue guidance to mid-30% YoY growth (in USD), up from 30% previously, driven by strong AI demand [4][22]. - **Capex Guidance**: Slightly increased to US$40-42 billion from US$38-42 billion, with a reduction in GM dilution guidance from overseas fab expansion to 1-2 percentage points [4]. Earnings Revisions - **EPS Revisions**: EPS estimates for 2025, 2026, and 2027 have been raised by 4.9%, 6.9%, and 8.5% respectively, reflecting stronger 3Q25 results and favorable FX rates [44][45]. Risks and Considerations - **Potential Upside in AI Revenue**: Management indicated that while the AI revenue CAGR guidance remains unchanged, there is potential for upward revision, with further details expected in early 2026 [25][27]. - **Market Conditions**: Investors should consider the potential impact of macroeconomic conditions and competition in the semiconductor industry on TSMC's performance [8]. Conclusion TSMC's earnings call highlighted robust growth driven by AI demand, a recovery in non-AI markets, and significant advancements in technology and capacity. The company has raised its revenue and EPS guidance, reflecting a strong outlook for the coming years.

Core Insights - Magna International Inc. (NYSE:MGA) is recognized as one of the best dividend stocks with yields exceeding 4% [1] - The company is a leading global automotive supplier, producing a diverse range of components and serving major automakers worldwide [2] - Magna is strategically positioned in the electric vehicle (EV) market, enhancing its growth potential [3][4] - The company has a strong dividend history, increasing payouts for 15 consecutive years, with a current quarterly dividend of $0.485 per share and a yield of 4.46% as of October 12 [5] Company Overview - Magna International operates over 340 manufacturing facilities across 29 countries, showcasing its extensive international presence [2] - The company produces various automotive components, including body structures, seating systems, and powertrains [2] Growth Strategy - Magna is actively expanding its operations in the electric vehicle sector, positioning itself at the forefront of the industry's transition [3] - The recent assembly contract with XPENG for the European market highlights Magna's growth potential in the evolving EV landscape [4] Dividend Performance - The company has demonstrated a consistent commitment to returning value to shareholders through dividends, with a notable track record of 15 years of increasing payouts [5] - The current dividend yield of 4.46% makes Magna an attractive option for income-focused investors [5]

Core Insights - Ferrari's long-term financial guidance has disappointed investors, leading to a significant drop in stock price [1][4] Financial Projections - Ferrari projects 2025 net revenue to reach or exceed 7.1 billion euros ($8.24 billion), an increase from the previous estimate of over 7 billion euros, but still deemed insufficient by investors [2] - The adjusted EBITDA for 2025 is expected to be greater than 2.72 billion euros ($3.14 billion), up from 2.68 billion euros ($3.1 billion), yet still not meeting investor expectations [2] - For 2030, Ferrari targets revenue of 9 billion euros ($10.4 billion) with adjusted EBITDA of 3.6 billion euros ($4.16 billion) or more, which reflects a compound annual growth rate (CAGR) of only 6%, below the 10% rate forecasted in 2022 [3] Market Reaction - Following the updated guidance, Ferrari's stock fell over 10%, indicating investor dissatisfaction with the company's conservative outlook [4] Electric Vehicle Strategy - Ferrari's initial target of 40% of sales from electric vehicles (EVs) has been revised down to only 20%, with the remainder split between gas-powered and hybrid vehicles [4] - The company attributes this shift to a "client-centric" approach, suggesting that demand for electric Ferraris is not as strong as anticipated [5] - Despite the adjustments, Ferrari plans to launch its EV, the Ferrari Elettrica, in 2026, which will feature a four-seat grand touring design with over 1,000 horsepower [6][7] Executive Statement - Ferrari's executive chair, John Elkann, emphasized the company's commitment to innovation through the integration of technology, design, and manufacturing in the development of the Elettrica [8]