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M&A activity to accelerate this year despite war disruption, Goldman Sachs says | Reuters Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Chairman & CEO of The Goldman Sachs Group, Inc. David Solomon speaks during The Australian Financial Review Business Summit in Sydney, Australia, March 4, 2026. REUTERS/Jeremy Piper Purchase Licensing Rights, opens new tab March 20 (Reuters) - Goldman Sachs (GS.N), opens new tabexpects mergers and acquisi ...

Core Viewpoint - Xpeng has reported its first quarterly profit, driven by strong sales of high-margin electric vehicle (EV) models and profitable technology partnerships [1]. Group 1: Financial Performance - Xpeng's vehicle sales increased by 30%, reaching 19.07 billion yuan ($2.77 billion) in the October-December period [2]. - Total revenue for the fourth quarter rose to 22.25 billion yuan, surpassing analysts' average estimate of 22.13 billion yuan [4]. - The company posted a profit of 383.21 million yuan, a significant improvement from a loss of 1.33 billion yuan in the same period last year [4]. Group 2: Product and Technology Development - The P7 model, featuring advanced driver-assistance technology and fast charging, has distinguished itself in the competitive Chinese EV market [2]. - Xpeng is rebranding itself as a "physical AI" company, aiming to license its technology to other automakers, similar to Tesla's approach [3]. - The collaboration with Volkswagen to develop new EVs in China using Xpeng's technology is expected to generate significant revenue from technology service fees [3][4]. Group 3: Future Outlook - Analysts believe that Xpeng's second-generation "Vision to Action" architecture could enhance margins and sales of its premium models in upcoming quarters [5]. - The company anticipates first-quarter revenue between 12.20 billion yuan and 13.28 billion yuan, which is below analysts' average estimate of 17.38 billion yuan [5]. - Xpeng plans to launch EVs for the Latin American market at an event in Mexico later this month [5].

Economic Indicators - The number of Americans filing for initial jobless claims fell by 8,000 to a 9-week low of 205,000, compared to the expected 215,000 [1] - The U.S. Philly Fed manufacturing index rose unexpectedly to a 6-month high of 18.1 in March, surpassing expectations of 8.3 [1] - U.S. January new home sales decreased by 17.6% month-over-month to a 3-1/4-year low of 587,000, below the expected 722,000 [1] - The Conference Board's leading economic index for the U.S. fell by 0.1% month-over-month in January, aligning with expectations [1] Market Performance - Wall Street's major indices ended lower, with notable declines in the Magnificent Seven stocks, including Tesla (TSLA) down over 3% and Meta Platforms (META) down more than 1% [2] - Mining stocks also fell, with Newmont Mining (NEM) dropping over 6% and Coeur Mining (CDE) tumbling more than 5% [2] - Micron Technology (MU) was the top percentage loser on the Nasdaq 100, sliding over 3% after announcing increased spending on production despite positive FQ2 results [2] - Five Below (FIVE) surged more than 10% after reporting strong Q4 results and issuing optimistic Q1 guidance [2] Oil and Geopolitical Impact - Brent crude prices increased by over 2%, while WTI crude rose about 0.70% amid ongoing Middle East conflict [3] - The U.S. is considering plans to take over Iran's Kharg Island to pressure Tehran, impacting market sentiment and leading to a decline in S&P 500 E-Mini futures [4] - Oil prices are influencing stock prices and Federal Reserve policy, with a 93.8% probability of no rate change and a 6.2% chance of a 25 basis point rate hike at the Fed's April meeting [5] Regulatory Changes - The Fed and other regulators proposed allowing America's largest banks to hold billions of dollars less capital, easing post-2008 financial crisis rules [6] Market Events - Wall Street is preparing for "triple-witching," with about $5.7 trillion in notional options linked to U.S. stocks, indexes, and ETFs set to expire [7] - The Euro Stoxx 50 Index is down 0.02%, with energy stocks declining despite rising oil prices, marking a potential third consecutive weekly loss [9] - ECB officials are now expecting interest rate hikes in 2026 due to inflation risks from the Middle East conflict [9] Corporate News - Unilever Plc rose over 1% after confirming talks with McCormick regarding a takeover offer for its foods business [10] - Alibaba Group fell over 6% in Hong Kong after reporting weaker-than-expected FQ3 revenue, while Li Ning gained more than 8% after strong annual earnings [12]

Group 1 - Investors are concerned about the effects of a price war in China on the profitability of electric vehicle (EV) manufacturers [1]

Core Insights - Uber Technologies is entering the robotaxi market through a $1.25 billion partnership with Rivian Automotive to enhance its robotaxi capabilities [1][4] Group 1: Partnership Details - Rivian will supply Uber with 50,000 vehicles over the next five years, as Uber has ceased its own self-driving software development and vehicle manufacturing [4] - Uber will invest up to $1.25 billion in Rivian through 2031, contingent on achieving autonomous performance milestones [7] - Uber or its fleet partners will purchase 10,000 fully autonomous R2 robotaxis, with an option to buy up to 40,000 more by 2030 [7] Group 2: Market Context - The robotaxi market is becoming increasingly competitive, with Tesla planning significant investments, and the market opportunity is estimated to be worth $5 trillion to $10 trillion globally in the long term [2] - Rivian is expected to invest over $1 billion tied to meeting self-driving milestones, which will help gather real-world driving data to advance its self-driving models [6][5] Group 3: Deployment Plans - Initial commercial deployments for the Uber-Rivian robotaxi service are planned for San Francisco and Miami in 2028, with plans to scale to 25 cities by 2031 [7]

Company Overview - Xpeng Inc, a Chinese electric vehicle manufacturer, is set to launch electric vehicles (EVs) specifically for the Latin American market [1]. Market Expansion - The launch event for the new EVs will take place in Mexico on March 25 [1].

Market Overview - U.S. stock futures showed signs of stabilization with S&P 500 futures up 0.12%, Nasdaq 100 futures up 0.06%, and Dow Jones Industrial Average futures up 0.19% as market participants brace for volatility [1][2] - Major indexes are recovering from a lackluster session where S&P 500 fell 0.27% to 6,606.49, Nasdaq Composite declined 0.28% to 22,090.69, and Dow Jones fell 0.44% to 46,021.43 [3] Technical Indicators - All three major indexes are trading below their 200-day moving averages, indicating a loss of medium-term momentum [4] - The CBOE Volatility Index (VIX) remains elevated near 24, reflecting investor anxiety over inflation and geopolitical instability [4] Economic Data and Federal Reserve Insights - The Federal Reserve maintained the benchmark interest rate at 3.5% to 3.75% and signaled only one rate cut for 2026, down from previous projections [5] - The Bureau of Labor Statistics is set to release the Employer Costs for Employee Compensation report, which will be closely monitored for wage-push inflation [6] Sector Performance and Corporate News - The semiconductor sector is under scrutiny following Micron Technology's earnings report, which showed record revenue but led to a 3.9% drop in shares due to high capital expenditures exceeding $25 billion in 2026 [7] - Nvidia experienced volatility with a 1% decline, as investors question the sustainability of growth despite a bullish forecast for the AI data center market [8] - Tesla shares fell 3.2% amid rising commodity costs affecting the broader EV sector [8] - FedEx shares rose in premarket trading after reporting quarterly earnings of $5.25 per share, exceeding analyst expectations [9] - Boeing was a laggard in the Dow, falling 2.28%, while Chevron gained 1.39% benefiting from rising crude oil prices [9]

Core Viewpoint - Geely Auto reported a significant increase in revenue but faced challenges with net profit growth, indicating a trend of revenue growth without corresponding profit increase [2][4][14]. Financial Performance - In 2025, Geely achieved revenue of 345.23 billion, a year-on-year increase of 43.73%, while net profit was 16.85 billion, up only 1.32% [2][4][15]. - The total sales volume reached 3.02 million units, reflecting a 39% increase year-on-year [4][15]. Market Competition - Geely's product structure has deteriorated, with low-priced models like the Geely Galaxy seeing a 150% increase in sales, while high-priced models like Zeekr stagnated with only a 1% increase [7][17]. - The competitive landscape is intensifying, leading to a price war among automakers, which has pressured Geely's market position [14][20]. Export Performance - Geely's export growth was only 0.4%, placing it at the bottom among leading automakers, while the overall export of Chinese passenger cars grew by 21.1% [9][20]. - In 2025, Geely exported 420,000 units, significantly lower than competitors like Chery and BYD, which exceeded one million units [10][21]. R&D Investment - Geely increased its R&D spending to 17.62 billion, a 69% increase year-on-year, indicating a strong commitment to innovation [10][22]. - The CEO expressed ambitions for Geely's smart driving technology to surpass Tesla's FSD within the year, a statement that has drawn skepticism from the market [9][22][24]. Sales Targets - For 2026, Geely set a sales target of 3.45 million units, a 14% increase from 2025, but faced a challenging start with only a 1% growth in the first two months of the year [3][11][24].

Core Insights - Tesla's Model Y has been recognized as the best-selling vehicle globally for three consecutive years, specifically in 2023, 2024, and 2025 [1][2]. Sales Performance - Cumulative sales of the Model Y have reached 4 million units worldwide, as reported by Tesla on Chinese social media [2]. - In the U.S., the Model Y was the best-selling electric vehicle (EV) last year, with sales of over 357,528 units, although this represented a 4% decline compared to the previous year [3]. - Tesla experienced a significant decline in sales, with a 26% year-over-year drop in January sales in the U.S. market and a 17% decline in Europe during the same month [4]. Future Prospects - CEO Elon Musk announced that the highly anticipated Tesla Roadster could debut in April, which may provide a boost in sales for the company [5]. - Tesla is set to begin production at its $4.3 billion battery plant in Michigan in collaboration with South Korea's LG Energy Solutions [5].