|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.8800 - 1.9400|
|52 Week Range||1.2600 - 2.4100|
|Beta (3Y Monthly)||1.34|
|PE Ratio (TTM)||8.91|
|Forward Dividend & Yield||0.04 (2.30%)|
|1y Target Est||N/A|
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."
(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Boris Johnson is back in campaign mode following a tricky visit to flood-hit areas of northern England, where his government’s response was criticized by local residents. In a speech at the London Electrical Vehicle Factory in Coventry, the prime minister said getting Brexit done would trigger a wave of investment, and blamed Jeremy Corbyn’s Labour Party for the U.K.’s delayed departure from the European Union.Key Developments:Johnson said a government led by Corbyn would offer “dither, delay, discord, division”Corbyn said a Labour government would not allow a referendum on Scottish independence in its first termFormer Tory minister David Gauke urges voters not to back JohnsonCabinet minister Michael Gove says a majority Conservative government would get a free-trade agreement with the EU done by the end of the Brexit transition period in Dec. 2020Johnson Pledges Investment Boom After Brexit (5:05 p.m.)At a Coventry factory where China’s Geely Automobile Holdings makes London taxis, Boris Johnson promised to boost research and development, including putting more money into electric car charging and offshore wind farms.“We are seeing a new industrial revolution: a green industrial revolution,” Johnson said in a speech. “Creating thousands of environmentally sustainable technologies and thousands of jobs. A glorious rebuttal to the skeptics who said it couldn’t be done.”Johnson said getting Brexit done would trigger a wave of investment into the U.K., and blamed Jeremy Corbyn’s Labour Party for forcing the government to delay Britain’s departure from the European Union. He repeated some familiar attack lines, saying a Corbyn government offered only “dither and delay” and accused Labour of supporting a second referendum on Scottish independence next year -- something Corbyn denied earlier.Voters Quiz Johnson on Tory Funding Cuts (4:15 p.m.)During his visit to flood-hit areas of northern England, Boris Johnson has been meeting local residents -- and there have been some uncomfortable exchanges. In one clip posted by ITV, Johnson was asked about council funding cuts by his Conservative Party since the financial crisis.“Are you going to put it back, what’s been cut over austerity?” a woman asked. When Johnson started to reply about funds for flood relief, another resident interjected: “You’re not answering the question.”“We are increasing funding or councils, I don’t know the exact figures,” Johnson then said.The impact of almost a decade of austerity on local services in England was laid bare in a report by the Institute for Fiscal Studies on Wednesday. With councils concentrating resources on the most needy residents, services including housing, planning, transport and culture have seen their budgets slashed in half since 2009-10.Brutal Cuts to U.K. Local Services Laid Bare as Austerity EndsJudge Blocks Postal Strike During Election (2:40 p.m.)A London judge blocked a potential strike by Royal Mail Plc workers during the peak Christmas holiday season, which this year includes the Dec. 12 general election. The Communication Workers Union members voted 97% in favor of action, but Royal Mail complained of “potential irregularities” in the ballot.The court’s decision removes the risk that large numbers of postal votes could be caught up in strike action ahead of the general election.Brexit Cost U.K. Tesla’s Gigafactory (2:30 p.m.)There was bad news for Boris Johnson’s claim that Brexit will unleash commercial opportunities, as Elon Musk said Tesla Inc. has rejected the U.K. as “too risky” for its European gigafactory.The U.K. was once a candidate for the company’s research and manufacturing facilities, Musk said as he announced he has opted for Germany instead. The uncertainty around the U.K. leaving the European Union made it far too risky a proposition, he told Auto Express.Corbyn: No Scottish Referendum in First Term (12:10 p.m.)Jeremy Corbyn said a Labour government would not allow a referendum on Scottish independence in its first term.“No referendum in the first term for a Labour government because I think we need to concentrate completely on investment across Scotland,” Corbyn said in pooled comments. “I’m very clear that a Labour government’s priority is investment in Scotland.”The issue is a key one because Boris Johnson’s Conservatives have repeatedly said a vote for Corbyn means a vote for two referendums next year -- one on Brexit and one on Scottish independence.Lib Dems See Boost in Farage Pullback (11:45 a.m.)The Liberal Democrats are trying to cash in on Nigel Farage’s decision to pull Brexit Party candidates out of Conservative-held seats.In an interview, party leader Jo Swinson said Farage’s gambit makes it easier for her party to appeal to moderate Tory voters who are appalled by the association with the Brexit Party. She’s also keen to remind voters that U.S. President Donald Trump urged Farage and Johnson to work together.Read more: U.K.’s Liberal Democrats See Opportunity in Brexit Party RetreatVoter to Johnson: Flood Aid ‘Too Late Now’ (10:15 a.m.)Boris Johnson’s visit to flood-stricken areas of northern England has not yet produced the kind of footage the prime minister will have been hoping for.Walking around with reporters and TV cameras in tow, he asked a local woman: “What more can we do?”“It’s a little bit too late now,” she replied, filming the encounter on her smartphone. Another voter declined to discuss the issue with Johnson, turning away when the premier approached.Speaking to Sky News, Johnson said there’s “a lot more still to be done” to help areas affected by flooding, and to prevent recurrences.Labour Pledges ‘Rescue Plan’ for NHS (10 a.m.)The opposition Labour Party pledged to end what it described as a “crisis” in the state-run National Health Service with a funding boost of 26 billion pounds ($33.4 billion). The increase in health spending by an average 4.3% a year will be funded by higher taxes on businesses and the wealthiest taxpayers, Labour said in an emailed statement. The party said it represents 6 billion pounds more in real terms than the government announced last year.“The world-class health service we all need and depend on needs proper funding,” Labour’s economy spokesman John McDonnell will say in a speech in London on Wednesday, according to the party. “Labour’s policies to tax the richest in society and invest for the future through our Social Transformation Fund mean we will be able to improve millions of lives.”Johnson to Vow to End Brexit ‘Groundhoggery’ (9:40 a.m.)In a speech later on Wednesday, Boris Johnson will vow to end the “groundhoggery” of Brexit if he wins a majority in the Dec. 12 election and “unleash Britain’s potential” with a clean energy revolution.“We can get out of the rut,” Johnson will say, according to lines briefed by his office. A coalition formed by Labour Party Leader Jeremy Corbyn and Nicola Sturgeon’s Scottish National Party lies in wait for the U.K. if the Tories don’t succeed, he’ll say.“The country can either move forwards with policies that will deliver years of growth and prosperity, or it can disappear into an intellectual cul-de-sac of far-left Corbynism,” Johnson will say. “We can honor the wishes of the people, or else we can waste more time, at the cost of a billion pounds per month, and have two more referendums, one on Scotland and one on the EU -- an expense of spirit and a waste of shame, more political self-obsession and onanism.”Gove: Tory Majority Only Way to Get Brexit Done (8:30 a.m.)Cabinet minister Michael Gove disputed David Gauke’s assertion (see 7:30 a.m.) that voting for the Conservatives risked a hard split from the European Union. During his broadcast round, Gove told the BBC that Gauke was “precisely wrong” and said a parliamentary majority for the Tories would allow the government to deliver a free-trade agreement with the EU by the end of 2020.“The only way we can get Brexit done and move on with the people’s priorities, investing in policing and education, is by making sure that we have a functioning majority government,” Gove said. He said politicians’ warnings of a no-deal Brexit at the end of 2020 are attempts to “raise bogeys and make people’s flesh creep.”Gove also addressed the flooding in northern England that has rapidly become a key campaign issue. He said the government is releasing extra funds to help affected communities. “It’s certainly an emergency and it deserves a national response.”Gauke: A Vote for Johnson Means ‘Hard Brexit’ (7:30 a.m.)Former Tory Cabinet minister David Gauke urged voters not to support Boris Johnson, warning that “a Conservative majority after the next election will take us in the direction of a very hard Brexit.” Gauke told BBC radio it’s doubtful a free-trade deal with the European Union can be negotiated by Dec. 2020, when the Brexit transition period is due to end.“I think in reality the prime minister is so boxed in that the Conservative Party would not allow him to extend the implementation period even if he wanted to -- and he shows no signs of wanting to do so,” said Gauke, who plans to stand as an independent candidate.Gauke also said he’s “impressed” by Liberal Democrat leader Jo Swinson. “I think if I was living in a lot of constituencies, I would lend my vote to the Liberal Democrats.”Earlier:Johnson Asks Troops to Fight Floods as Weather Hits U.K. BallotU.K. Recent Election Polls Summary: Conservative 40%, Labour 29%Brexit Bulletin: Johnson Told He Can’t Avoid EU ResponsibilitiesJohnson Aims Not to Be Swept Away By Floods: U.K. Campaign TrailTo contact the reporters on this story: Alex Morales in London at email@example.com;Kitty Donaldson in London at firstname.lastname@example.org;Robert Hutton in London at email@example.comTo contact the editors responsible for this story: Tim Ross at firstname.lastname@example.org, Stuart Biggs, Thomas PennyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hong Kong's benchmark stock index had its best week in two months, as investors were buoyed by perceived progress in talks to resolve 16 months of the bruising trade war between the United States and China.The Hang Seng Index rose 2 per cent this week to close at 27,651.14, its best weekly performance since September 13, led by the shares of property developers, banks and insurers. Shanghai's benchmark Composite Index rose 0.2 per cent to close the week at 2,964.18, while the Shenzhen Composite Index advanced 0.7 per cent to 1,648.68.Geely Automobile Holdings rose 1.8 per cent to HK$15.54 after advancing by as much as 3.4 per cent on the Hong Kong exchange. China's largest privately owned carmaker, Geely said it plans to sell a US dollar-denominated perpetual bond to raise capital for expansion. Moody's Investors Services assigned a Baa3 senior unsecured rating to the plan, with a "stable" outlook."The proposed perpetual securities issuance will further boost Geely's liquidity buffer and support its ongoing investments in research and development, without significantly affecting its solid credit metrics and reported net cash position," Moody's vice-president Gerwin Ho said in a research note on the proposed issuance.CK Life Sciences, the drugmaker under Hong Kong conglomerate CK Hutchison, fell 10 per cent to HK$1, reversing two days of jaw-dropping gains that saw the pharmaceutical company's valuation more than triple on news that its drug for early-stage skin cancer showed positive results from clinical trials.Some investors sought to lock in their gains ahead of uncertainties over what could unfold over the weekend, sending key indexes to close lower for the day in Hong Kong and mainland China.The Hang Seng ended Friday 0.7 per cent lower than the previous day's close, while the China Enterprises Index that tracks the performance of Chinese companies declined 0.5 per cent.In Shanghai, the Composite Index fell 0.5 per cent while Shenzhen's benchmark dipped 0.2 per cent."We saw a correction today because the HSI rose to overbought level at 27,900 points yesterday, " said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai. "While waiting for more news about the trade deal, some investors choose to lock in profits."Still, companies took advantage of the buoyant sentiments, with six companies banging a ceremonial gong to market the trading debut of their shares on the Hong Kong stock exchange.Three of the stocks jumped by at least 30 per cent from their initial public offered prices when trading began, while the remainder dropped below their IPO prices.Aluminium producer United Company Rusal fell 3.9 per cent to HK$3.49 after reporting an 8.8 per cent decline in its nine-month revenue.The Hang Seng Index opened lower on Friday, as news broke an hour before trading began that a student who took a fall at a car park on Monday had died from his injuries, raising concerns that this death could cause Hong Kong's unprecedented anti-government protests to further deteriorate. Shares of Link Reit, one of the biggest operators of suburban shopping centres and car parks in Hong Kong, reversed two days of gains with a decline of 1.1 per cent to HK$85.1, as the deceased had fallen at its Sheung Tak Estate car park.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
Volvo Cars will merge its engine development and manufacturing assets with those of parent Geely, creating a division to supply in-house brands Lotus, LEVC, Lynk and Proton, and also potential rivals with next-generation combustion and hybrid engines. It marks the latest example of consolidation in the engine manufacturing sector as tighter emissions rules hike development costs at a time when the expansion of electric cars calls into question the long-term demand for gas guzzlers. Rival Volkswagen , which is in the midst of ramping up mass production of electric cars, has already warned its in-house suppliers to create structures to consolidate combustion engine assets.
German startup Volocopter said Singapore is emerging as one of the most likely destinations for the commercial launch of its electric helicopters, where it hopes to offer short-hop flights for the price of a limousine ride. The co-founder of the company, which is working with Singapore regulators to conduct a public test flight in coming months, said the city-state, Dubai and Germany were the markets most open to its air taxis. A number of firms are trying to bring so-called air taxis to mass market but a lack of regulation and infrastructure, and safety concerns have proved barriers.
China's top technology hub Hangzhou plans to assign government officials to work with 100 private companies including e-commerce giant Alibaba, according to state media reports, in a move likely to raise concerns over the growing role of the state. The step underscores how Chinese government and party authorities are growing more deeply integrated into the private sector, as its economy sputters amid an intensifying trade war with the United States. The city of Hangzhou, home to Alibaba Group Holding Ltd, will designate government officials to work with 100 local companies in the eastern province of Zhejiang, the local government said on its website.
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.
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.
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.