|Bid||14.100 x 0|
|Ask||14.120 x 0|
|Day's Range||13.440 - 14.160|
|52 Week Range||10.080 - 19.140|
|Beta (3Y Monthly)||0.92|
|PE Ratio (TTM)||8.86|
|Earnings Date||Aug 21, 2019|
|Forward Dividend & Yield||0.35 (2.48%)|
|1y Target Est||21.74|
Volocopter, the German air-taxi startup, has raised €50 million in its Series C funding round, with the financing led by Chinese auto major Zhejiang Geely Holding Group Co., the company that owns Volvo, Lotus, and other car manufacturers. "Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies," said Li Shufu, chairman of Geely, in a statement.
German startup Volocopter said it plans to form a partnership with Zhejiang Geely Holding Group that will bring its air taxis to China and that it has raised 50 million euros ($55.13 million) in fresh funding from the Chinese company and others. Volocopter, which says it is building the world's first manned, electric and vertical takeoff air taxis, said in a statement on Monday that the other investors in the new funding round include German luxury car maker Daimler , which it had previously raised money from. Geely's chairman Li Shufu said in the statement that the investment reflected how the Chinese company is transitioning to become a mobility technology group, investing in and developing a wide range of next-generation technologies.
The promise of flying cars has become an idea more synonymous with the tech world's shortcomings than its exciting potential, but today one of the startups that has been focused on actually trying to make small, airborne vehicles a reality is announcing a fundraise and says it's on track for a commercial launch in two to three years. Volocopter, which has been building drone-like autonomous electric flying taxis for its own (as-yet unlaunched) urban commercial passenger transportation service -- the latest model is its two-passenger VoloCity announced earlier this summer -- has closed €50 million ($55 million) in funding led by Zhejiang Geely Holding Group Co., Ltd, the Chinese automotive company that owns Volvo, Lotus and a number of other car brands. In this latest round, a Series C that brings the total raised to €85 million, Geely is investing alongside Daimler -- the German car giant that owns Mercedes and a number of other brands -- and other unnamed new and existing investors in the Bruchsal, Germany-based company.
Geely will take a minority stake in German flying taxi start-up Volocopter, the latest investment from the Chinese carmaker in Europe’s largest economy after it controversially bought into Mercedes-Benz owner Daimler last year. The group’s holding company is the lead investor in a financing round by Volocopter to raise €50m, with the aim of bringing its VoloCity all-electric aircraft to commercial launch within the next three years. In addition to the funding, Geely aims to work with Volocopter to launch air taxis in Chinese cities, adding to the company’s growing transportation arsenal.
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Today we'll take a closer look at Geely Automobile Holdings Limited (HKG:175) from a dividend investor's perspective...
(Bloomberg Opinion) -- France SA’s romance with the Chinese car industry could be nearing its end.Dongfeng Motor Corp., a state-owned giant that runs joint ventures with PSA Group, Nissan Motor Co. and Honda Motor Co., is looking at options for its 12.2% stake in PSA including a sale or bond issuance backed by the stock, people familiar with the matter told Bloomberg News on Thursday.On purely financial terms, such a move makes a great deal of sense. Dongfeng bought the shares as part of a 2014 bailout of the maker of Peugeot and Citroen cars, brokered by the French government. That investment has done rather well: PSA has seen the third-best share performance in Bloomberg’s Global Automobile Valuation peer group over the past five years, after Geely Automobile Holdings Ltd. and Fiat Chrysler Automobiles NV. The 800 million euros ($897 million) Dongfeng spent at the time is now worth around 2.2 billion euros. On top of that, the operational ventures that underpinned the shareholding have seen better days. Listed subsidiary Dongfeng Motor Group Co.’s sales of Peugeot- and Citroen-branded cars fell by about half in the first six months from a year earlier and are running at less than a quarter of their level in 2015. In the key crossover SUV market, models like Citroen’s C5 Aircross and Peugeot’s 4008 have simply failed to catch fire against competition from Asian and domestic rivals.Unless there’s a serious pick-up in the second half, Dongfeng’s PSA production lines, dedicated to turning out as many as 600,000 vehicles a year, will be running at little better than 25% utilization – levels at which it should be hard for the business to make money. Losses at Dongfeng’s PSA venture were already running at the equivalent of $251 million in 2018; it would hardly be surprising if they were worse this year.Management in China clearly see little sign that sales are about to pick up. Dongfeng’s dealer network for PSA-branded cars shrank by almost 80% between 2015 and 2018, and now stands at just 666 outlets compared with 1,186 for Renault-Nissan marques. The showrooms that remain suffer low productivity, shifting an average of 400 PSA vehicles each in 2018 compared with 1,431 at Nissan outlets and 761 at Honda-branded locations. (For what it’s worth, Renault does even worse, on just 204 vehicles).There’s a more proximate issue, too. Cash has been looking a little tight for Dongfeng’s listed subsidiary of late, owing largely to a huge increase in working capital, two years of negative Ebit, and net debt of 2.15 billion euros that was running at 8.1 times Ebitda at the end of December. In the 2018 fiscal year, operating cash flows actually turned negative to the tune of about 1.25 billion euros, a relatively rare event for carmakers that aren’t in the grip of a financial crisis or corporate scandal.Dongfeng still has ample liquidity. Its ratio of short-term assets to short-term liabilities was 1.36 at the end of December, above the industry average. But China’s auto market is grim, with sales declining from a year earlier for 12 straight months even as the government ratchets up pressure to spend money on the switch to electric vehicles. Faced with such headwinds, 2.2 billion euros could come in handy.At present there’s no word that Dongfeng is planning to unwind the JV to manufacture PSA cars in China – but it would probably welcome such an outcome, especially if it could persuade its European affiliate to pay to take more control of the partnership in the manner of the deal last year between BMW AG and Brilliance China Automotive Holdings Ltd.Dongfeng’s partnerships with Nissan and Honda are clearly the better performers, and PSA may feel it needs more of a free hand to turn around its Chinese operation. If a sale of a strategic stake can help ease the path toward that happier outcome, both sides stand to benefit.To contact the author of this story: David Fickling at email@example.comTo contact the editor responsible for this story: Matthew Brooker at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Today we'll look at Geely Automobile Holdings Limited (HKG:175) and reflect on its potential as an investment. In...
FRANKFURT/BEIJING (Reuters) - China's Beijing Automotive Group Co Ltd (BAIC) has bought a 5% stake in Daimler, cementing their long-standing alliance after China's Geely emerged as a potential rival by also taking a stake in the German automaker. BAIC has been Daimler's main partner in China for years, operating Mercedes-Benz factories in Beijing through Beijing Benz Automotive.
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Moody's Investors Service ("Moody's") says that Geely Automobile Holdings Limited's ("Geely") profit warning for its first half 2019 results is credit negative, but has no immediate impact on its Baa3 issuer rating. On 8 July, Geely announced that it expects its first half 2019 consolidated net profit attributable to the equity holders to decline to about RMB4.0 billion from the RMB6.7 billion achieved in the first half of 2018. The expected profit decline is attributable to a decrease in overall sales volumes in the Chinese auto market, and to Geely's lowering of dealer inventories, ahead of the introduction of a new emission standard in July, that resulted in negative impact on the company's sales volumes and profit margin.
China's top search engine operator Baidu Inc has joined hands with Zhejiang Geely Holding Group and Japan's Toyota Motor Corp to cooperate on areas related to artificial intelligence (AI) amid a push for self-driving cars. Under their partnership, Geely [GEELY.UL] and Toyota have joined Apollo, an autonomous driving platform by Baidu. Baidu will provide Apollo Minibus, a software product for autonomous bus vehicles, to Toyota's e-Palette vehicles in the future, and will work with the automaker to explore more uses of autonomous driving technologies, said Li Zhenyu, vice president of Baidu who is in charge of its intelligent driving unit.
China's top search engine operator Baidu Inc has joined hands with Zhejiang Geely Holding Group and Japan's Toyota Motor Corp to cooperate on areas related to artificial intelligence (AI) amid a push for self-driving cars. Under their partnership, Geely and Toyota have joined Apollo, an autonomous driving platform by Baidu. Baidu will provide Apollo Minibus, a software product for autonomous bus vehicles, to Toyota's e-Palette vehicles in the future, and will work with the automaker to explore more uses of autonomous driving technologies, said Li Zhenyu, vice president of Baidu who is in charge of its intelligent driving unit.
Geely Automobile Holdings Limited's (HKG:175) most recent earnings announcement in April 2019 revealed that the...
China-based Zhejiang Geely Holdings is tapping Zenuity, the joint venture between Volvo and Swedish technology company Veoneer, as its preferred driver assistance and autonomous vehicle software supplier for its range of car brands. The decision means Zenuity's software will likely end up in vehicles under the brands Geely Auto, Geometry, Volvo Cars, performance brand Polestar, British carmaker Lotus and the subscription-based automaker Lynk & Co. Geely Holdings' total group sales last year were 2.15 million vehicles, according to the company.
Aug.20 -- Bill Russo, a former Chrysler executive and now chief executive officer of consultancy Automobility Ltd., talks about Chinese electric vehicle makers including Geely Automobile Holdings Ltd. and BYD Co., and its foreign competitors. He speaks with Bloomberg's Paul Allen and Shery Ahn on "Bloomberg Daybreak: Asia."