|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.8000 - 2.9500|
|52 Week Range||1.3600 - 4.4000|
|Beta (5Y Monthly)||1.17|
|PE Ratio (TTM)||34.30|
|Forward Dividend & Yield||0.03 (0.87%)|
|Ex-Dividend Date||May 28, 2021|
|1y Target Est||N/A|
A policy shift by China's government is ratcheting up pressure on automakers to hasten development of green vehicles or pay rivals such as Tesla Inc and Chinese startups for green credits. Regulators are putting more teeth on a system of tradable green car credits to wean the industry off a decade-long policy of subsidies which has helped create some of the biggest companies in the industry. The system gives automakers credits for selling electric or fuel-efficient vehicles that can offset penalties on their more carbon-intensive models.
Chinese automaker and Volvo Cars owner Geely Automobile Holdings Ltd (OTC: GELYY) unveiled a high-end electric vehicle (EV) brand, Zeekr, to capitalize on the growing demand in China and snatch a pie of Tesla Inc (NASDAQ: TSLA) and NIO Inc (NYSE: NIO), Reuters reports. According to Bloomberg, the target market has also attracted tech firms Xiaomi Corp (OTC: XIACY) and Huawei Technologies Co. The initiative builds on parent Zhejiang Geely Holding Group and Geely Automobile’s joint investment of $306 million (2 billion yuan) to position Zeekr as a startup under the Geely group, which also holds a 9.7% stake in Germany’s Daimler AG (OTC: DMLRY). The Zeekr cars will be priced at around 300,000 yuan (roughly $46,000). The company is playing with the idea of car-using rights and subscriptions for customers. Geely aims to launch at least two models annually in the next three years, after launching Zeekr 001 this year with a starting price of 281,000 yuan. The company has set a sales target of up to 8,000 units in the fourth quarter. The target could exceed over 50,000 in 2022 after the addition of two more models. Geely’s plant has an annual manufacturing capacity of 300,000 EVs. The plant could produce six models on its production line and develop higher production abilities soon. Zeekr will employ a direct sales model. The brand planned to launch over 100 stores in 2021. Geely sold 68,142 new-energy vehicles last year, accounting for around 5% of total deliveries. Geely has also partnered with Baidu Inc (NASDAQ: BIDU), Tencent Holdings Ltd (OTC: TCEHY), and Apple Inc (NASDAQ: AAPL) manufacturing partner Foxconn Technology Co Ltd (OTC: FXCOF) for the initiative. The company targets European exports from late-2022 or early 2023, followed by the U.S. It aims to create its eco-system around Zeekr, akin to Nio, by offering branded products like furniture, clothes, and drinks. Price action: GELYY shares traded higher by 2.38% at $52.82 on the last check Thursday. See more from BenzingaClick here for options trades from BenzingaHuawei Targets Over B On Self-Driving, EV Technologies R&D, Amid Claims Of Beating Tesla: Bloomberg© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Chinese automaker Geely, owner of Volvo Cars, on Thursday launched a high-end electric vehicle (EV) brand called Zeekr, targeting growing Chinese demand for premium EVs that has boosted sales for Tesla and Chinese peer Nio. Parent Zhejiang Geely Holding Group and Geely Automobile said last month they would jointly invest 2 billion yuan ($306 million) in the new venture, seeking to position Zeekr as a startup under the Geely group, which is also known overseas for its 9.7% stake in Germany's Daimler AG. The price tag for Zeekr cars will be around 300,000 yuan, and Flynn Chen, Zeekr's vice president, said the brand would explore new sales and marketing methods, including allowing customers to subscribe to car-using rights and offering a stake in the company to car buyers.