Gartman: Tesla stock surge reminds me of dot-com era’s now defunct businesses
Dennis Gartman of the University of Akron Endowment Investment Committee on Tesla and Apple stocks, the price of gold and his investing tips ahead of the presidential election.
Chinese electric-car maker XPeng Inc.’s shares surged 54% Thursday in their New York Stock Exchange debut.
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Xpeng American depository shares opened for trading at $23.10 apiece after pricing at $15 on Wednesday evening.
The initial public offering raised $1.5 billion through the sale of 99.7 million shares. Strong demand allowed XPeng to increase the size of its share sale, which was originally slated for 85 million shares at a price between $11 and $13 each. XPeng was valued at $10.8 billion at its IPO price.
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Filings show XPeng lost $113 million on revenue of $142 million in the six months through June. The company had delivered 1,966 flagship P7 sedans and 18,741 G3 SUVs through July 31.
Shares of electric-vehicle makers have been red hot this year. Tesla Inc.’s stock price had surged 415% this year through Wednesday while Chinese rival Nio Inc. was up 408%.
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XPeng’s offering was led by Credit Suisse Securities, J.P. Morgan Securities and BofA Securities, which all acted as joint bookrunners.
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