People visit XPENG booth at 2025 Spring International Auto Show in Qingdao, Shandong province, China, on March 7, 2025.
Cfoto | Future Publishing | Getty Images
Chinese electric vehicle maker Xpeng delivered 35,045 vehicles in April, sustaining its record of delivering more than 30,000 vehicles for the sixth consecutive month.
That represents a 273% year-on-year increase in deliveries. The automaker on April 15 announced the launch of its renewed flagship model, the X9, starting from 359,800 yuan ($49,482).
Its competitor Leapmotor surpassed the 40,000-unit mark and delivered 41,039 vehicles in April, close to its 2024 record of 42,517 vehicles delivered in December 2024.
Niodelivered 19,269 vehicles for its main brand in April, more than the 10,219 delivered in March. One of its sub-brands, Onvo, delivered 4,400 vehicles in April, marking a decline from the 4,820 vehicles delivered the previous month.
The other sub-brand under Nio, Firefly, on April 19 officially launched its namesake model, a compact electric car that starts at 119,800 yuan. The carmaker also announced that deliveries started April 29. Based on CNBC’s calculations of publicly available figures, 231 Firefly cars were delivered in April.
Industry giant BYD sold 372,615 passenger vehicles in April, reflecting a 45.09% year-on-year increase. It had also reported 79,086 vehicles sold overseas in April, topping its record of 72,723 in March.
The EV juggernaut unveiled five new car models at the Shanghai Auto Show, an industry exhibition which ran from April 23 to May 2.
Some automakers struggle to boost deliveries
Not all automakers’ delivery volumes grew from the previous month.
Geely-owned Zeekr‘s April deliveries fell to 13,727 units, down from 15,422 the previous month. Deliveries also fell 14.7% year on year, based on CNBC’s calculations of publicly available numbers.
Li Auto delivered 33,939 vehicles in April, down from the 36,674 vehicles delivered the month prior, but still marking a year-on-year growth of 31.6%.
Xiaomi delivered over 28,000 vehicles in April, below its record of more than 29,000 the previous month. That comes after the crash of an SU7 vehicle in China on April 2 that left three dead
In light of the accident, safety concerns “took centerstage” at the Shanghai Auto Show this year, Nomura analysts said in a note dated April 28.
The note added that companies are “moving towards embracing more Lidars onto their models.” Lidar, short for light detection and ranging, can help construct maps of the environment, which can be used in driver-assistance systems in vehicles.
StubHub, the ticketing marketplace that spun out of eBay in 2020, has resumed its plans to go public and is now aiming to hold its IPO next month, CNBC has learned.
The company originally paused its IPO plans in April as the stock market was reeling from President Donald Trump’s “liberation day” tariffs. The decision came after StubHub submitted its prospectus in March indicating it would list on the New York Stock Exchange under the ticker “STUB.”
StubHub now expects to kick off its IPO roadshow after Labor Day, Sept. 1, and make its debut later in the month, according to a source familiar with the matter who asked not to be named because the discussions are confidential.
The company didn’t immediately respond to a request for comment.
StubHub also filed an updated IPO prospectus on Monday. It reported revenue growth in the first quarter of 10% from a year earlier to $397.6 million. Operating income came in at $26.8 million for the period, after the company lost $883,000 in the year-ago period, but its net loss widened to $35.9 million from $29.7 million a year ago.
The IPO market has come to life in recent months after an extended dry spell due to high inflation and rising interest rates. A flurry of startups have made their public debuts, including rocket maker Firefly Aerospace, design software company Figma, crypto firm Circle and AI infrastructure provider CoreWeave. Bullish, the cryptocurrency exchange that counts Peter Thiel as an investor, also filed its IPO prospectus last month.
StubHub has been a longtime player in the ticketing industry since its launch in 2000. It was purchased by eBay for $310 million in 2007, but was reacquired by its co-founder Eric Baker in 2020 for $4 billion through his new company Viagogo.
The company had sought a $16.5 billion valuation before it began the IPO process, CNBC previously reported. StubHub didn’t provide an expected pricing range for its shares in the filing.
As it prepares to go public, StubHub is contending with hefty competition in the online ticketing market. In addition to Ticketmaster, which is owned by Live Nation, StubHub is up against secondary market companies, including Vivid Seats, SeatGeek and TicketNetwork
For the first quarter, StubHub reported gross merchandise sales of $2.08 billion, up 15% from a year prior. That was a slowdown from 47% expansion the previous quarter. StubHub said GMS, or the total value paid by buyers for tickets and fulfillment, builds in each quarter and that initial sales for major concert tours typically occur near the end of the year.
U.S. President Donald Trump (L) listens as Nvidia CEO Jensen Huang speaks in the Cross Hall of the White House during an event on “Investing in America” on April 30, 2025 in Washington, DC.
Andrew Harnik | Getty Images
President Donald Trump on Monday said that he initially asked Nvidia for a 20% cut of the chipmaker’s sales to China, but the number came down to 15% after CEO Jensen Huang negotiated with him.
The comments came after news broke over the weekend that Nvidia agreed to pay the federal government a 15% cut in return for receiving export control licenses that will allow it to once again sell the H20 chip to China and Chinese companies. Nvidia’s Huang visited Trump in the White House on Friday.
“I said, ‘listen, I want 20% if I’m going to approve this for you, for the country,'” Trump said in a press conference in Washington.
Trump said that Nvidia’s H20 is an “old chip that China already has” and is “obsolete.” He compared the H20 chip to Nvidia’s current fastest artificial intelligence chip, which is called Blackwell, and said that he wouldn’t allow those to be sold to China without significant downgrades, such as a 30% to 50% reduction in performance.
“The Blackwell is super-duper advanced. I wouldn’t make a deal with that,” Trump said, adding that it was possible to make a deal for a “somewhat enhanced in a negative way” version of Blackwell.
“That’s the latest and the greatest in the world. Nobody has it. They won’t have it for five years,” Trump said.
One reason for the U.S. export controls is fear that providing advanced chips to China could allow the foreign power to leapfrog the U.S. in AI capabilities. Many have said that could pose a threat to the national security of the U.S.
Trump said that China already has chips with some similar capabilities to the H20.
Huang has said that it is better for U.S. national security if Chinese AI developers use U.S. technology, and that denying them access to Nvidia chips would actually encourage the Chinese chip industry to develop and catch up.
“He’s selling a essentially old chip,” Trump said. “Huawei has a similar chip.”
The H20 is a Chinese-specific chip that has had its performance slowed down. It is related to Nvidia’s H100 and H200 chips that are used in the U.S. The H20 was introduced after the Biden administration implemented export controls on AI chips in 2023.
In April, the Trump administration said it would require a license to export the H20 chip, and in May, Huang said that “effectively closed” the market off to Nvidia. Huang said that Nvidia was expecting to sell about $8 billion in H20 chips in the July quarter before sales were stopped.
“While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide,” an Nvidia spokesperson told CNBC on Monday.
Trump on Monday also said that Huang plans to visit him again to negotiate export licenses for the Blackwell chips.
“I think he’s coming to see me again about that,” Trump said.
A White House official confirmed to CNBC that AMD, the second-place AI chip maker, will also pay 15% to receive an export license for its China-focused AI chip, the Instinct MI308.
Peter Thiel-backed cryptocurrency exchange Bullish raised the size of its initial public offering.
Bullish is aiming to raise $990 million, offering 30 million shares priced between $32 and $33 apiece, and targeting a valuation of $4.8 billion, according to a Monday filing with the Securities and Exchange Commission.
The company, led by former New York Stock Exchange president Tom Farley, had previously marketed 20.3 million shares at a proposed range between $28 and $31 a share and sought a $4.2 billion valuation, per a filing last week.
Bullish granted its underwriters, led by JPMorgan, Jefferies and Citigroup, a 30-day option to sell an additional 4.5 million shares. Bullish stock will trade on the New York Stock Exchange under ticker symbol “BLSH.”
BlackRock and Cathie Wood’s ARK Investment Management have indicated interest in purchasing up to $200 million of the shares, according to the updated filing.
Bullish, which also owns the crypto media site CoinDesk, is the latest crypto firm to join the public market, reflecting reinvigorated capital markets driven by investor confidence and increasing regulatory support and clarity from Washington. The stablecoin issuer Circle made its highly successful debut in June. In May, Mike Novogratz’s Galaxy Digitaluplisted to the Nasdaq and stock and crypto trading app eToroopened trading to the public.
Crypto custody startup BitGo has confidentially filed for a U.S. listing as has Gemini, the crypto exchange run by Tyler and Cameron Winklevoss.
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