Xpeng’s Uncertain Outlook; Erdogan Courts Tesla; KKR Buys into SingTel.

Xpeng’s Uncertain Outlook

The share price of Chinese electric-vehicle (EV) maker XPeng [9868.HK] has a very wide price-target gap, Bloomberg reported, with analysts anticipating anywhere between a rise of 172% and a drop of 75% over the next 12 months. “There is some split in the market over XPeng’s outlook given the fierce price wars in China,” according to Steven Leung, Executive Director at UOB Kay Hian Hong Kong [U10.SI]. Meanwhile, Singapore start-up Singauto Technology [S63.SI] is to unveil an EV cold storage truck on Tuesday.

Erdogan Courts Alibaba, Tesla

Alibaba [9988.HK] announced on Friday that it is to invest $2bn in Turkey, after CEO Michael Evans met with President Recep Tayyip Erdoğan in İstanbul. Via a statement, Evans said the company had already invested $1.4bn into the country in the form of e-commerce marketplace Trendyol, which is Turkey’s biggest. Following the meeting, Erdoğan then traveled to the US, where he will attend the 78th session of the UN General Assembly. Erdoğan has asked Elon Musk to build a Tesla [TSLA] factory in Turkey.

KKR Buys Stake in SingTel

KKR [KKR.N] is to pay some $806.9m for a 20% stake in Singapore Telecommunications’ (SingTel) [Z74.SI] regional data centre business, with an option to raise its stake to 25% by 2027. The investment firm is one of southeast Asia’s biggest investors in the infrastructure needed for the internet and artificial intelligence (AI) services, for which demand is spiking. Singtel will use the funds to expand to markets across the region, among them Indonesia, Thailand and Singapore itself.

Muted Sales Forecast from Adobe

Adobe [ADBE] is integrating AI features across its graphic design products, and some investors had hoped that demand for these tools would drive up revenue, Bloomberg reported. However, Adobe has issued a sales outlook which, while it met analysts’ expectations, was more muted than some had hoped. The company anticipates sales of between $4.98bn and $5.03bn in the period ending November. On 1 November, it will raise the price of its products to cover the new AI features.

Instacart IPOs

After some years of prevarication, Instacart is going ahead with its IPO. Incorporated as Maplebear, it was hoping to raise up to $660m on Monday at a valuation of more than $9bn before it begins trading on Tuesday under the ticker CART. Instacart will be hoping that the resounding success of Arm’s [ARM] IPO last week bodes well for its own, more modest offering. Several other IPOs are in the pipeline, including marketing start-up Klaviyo, which is expected to price its IPO today.