|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.0800 - 2.1400|
|52 Week Range||1.2300 - 2.4700|
|Beta (5Y Monthly)||1.28|
|PE Ratio (TTM)||9.79|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jun 14, 2019|
|1y Target Est||N/A|
LG Chem, the world's top electric vehicle (EV) battery maker, is in talks with a "couple" of automakers to create joint ventures to produce automotive batteries, Chief Executive Officer Hak Cheol Shin told Reuters on Friday. LG Chem is already moving ahead with battery joint ventures with GM and Geely and hopes to expand to other carmakers, Shin said, without elaborating. "Our joint ventures with Geely and GM have been already announced, and we have ongoing discussions with a couple of other automakers," he said.
Automakers including Volvo and Lincoln are rolling out advanced filtration systems — and Chinese carmaker Geely has announced it will make cars with "comprehensive virus protection." Could they entice wealthy consumers worried about the coronavirus?
Geely Automobile Holdings, China's largest private carmaker and owner of Volvo Cars, has obtained regulatory approval for a secondary listing on Shanghai's Nasdaq-like exchange for start-ups, as it redefines itself as a technology company with its line-up of 10 electric cars by 2025.The Hangzhou-based carmaker aims to raise as much as 20 billion yuan (US$2.94 billion) on the Star Market to finance its development of new technologies and models, according to an announcement by the Shanghai Stock Exchange."The green light for Geely underscores the important role of the carmaking industry in China," said Ding Haifeng, a consultant with Shanghai-based financial advisory firm Integrity. "Regulators hope that companies like Geely would use the funds to propel technological development in next-generation cars."Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.The approval for Geely on the Science and Technology Innovation Board, as the Star Market is formally known, is significant for another reason: the exchange is the test bed for a new registration-based listing regime that cuts waiting time, providing a more timely fundraising avenue for China's private sector as they occupy the driver's seat of entrepreneurship and innovation.The Geely Preface sedan making an appearance at the Beijing Auto Show on September 26, 2020. Photo: Agence France-Presse alt=The Geely Preface sedan making an appearance at the Beijing Auto Show on September 26, 2020. Photo: Agence France-PresseGeely, which began as a maker of refrigerator compressors during the late 1980s founded by Zhejiang entrepreneur Li Shufu, said it plans to sell 1.73 billion shares on the Start Market, or 15 per cent of its enlarged capital, according to a September 1 prospectus. The carmaker was requested to clarify its growth potential and strategies of its new-energy vehicle segment during its Star Market listing hearing, the exchange said.The carmaker, which has been making vehicles since 1997, is one of an estimated 500 Chinese carmakers and start-ups that have piled into the market for new-energy vehicles (NEVs), responding to the Chinese government's Made in China 2025 industrial master plan to seize the technological leadership in the future of mobility. The plan calls for Chinese marques to make up 25 per cent, or 3 million units, of the country's NEV sales by 2025.Li Shufu, founder and chairman of Geely Automotive Holdings, the largest shareholder of Daimler AG, during a meeting in Brussels on February 23, 2018. Photo: AFP alt=Li Shufu, founder and chairman of Geely Automotive Holdings, the largest shareholder of Daimler AG, during a meeting in Brussels on February 23, 2018. Photo: AFPThe Star Market, launched in July 2019, was ordered into existence by Chinese President Xi Jinping and is part of Beijing's efforts to underpin promising technology firms amid the escalating US-China tensions.China Evergrande New Energy Vehicle Group, a car unit of the mainland's largest property developer, has also unveiled its plan to float shares on the Star Market.Brian Gu, president of US-listed electric vehicle Xpeng Motors, told the South China Morning Post on Saturday that the Guangzhou-based carmaker was also studying the feasibility of offering shares on the Star Market in Shanghai, but it would take some time before making a final decision. The electric car maker last month raised US$1.7 billion in New York to replenish its research and development on new cars.At present, Tesla, banking on its locally built Model 3 cars, was ahead of its Chinese rivals with strong sales on the mainland.Geely which has a 6.8 share of the mainland car market, delivered 530,446 cars in the first half of this year, down 19 per cent owing to Covid-19 pandemic. Its profits dropped 43 per cent to 2.3 billion yuan.The company's Geometry cars are also closely monitored by analysts and industry officials who believe it has the potential to become one of the top-selling NEV brands.Geely's shares gained 0.5 per cent to HK$15.26 (US$1.98) on Monday on the Hong Kong exchange. It advanced by as much as 25 per cent to a year-high of HK$19.06 on July 13, as it accelerated its plan to raise additional capital in Shanghai. Citigroup raised its target price for Geely by 20 per cent to HK$20 after the company made public the Shanghai listing plan in June.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 © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.