|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||64.49 - 65.99|
|52 Week Range||25.77 - 88.76|
|Beta (5Y Monthly)||1.34|
|PE Ratio (TTM)||15.42|
|Forward Dividend & Yield||0.65 (0.98%)|
|Ex-Dividend Date||May 27, 2020|
|1y Target Est||N/A|
China's Geely Automobile and its Swedish sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric vehicles, the companies said. A year ago the two said they were planning to merge, giving Volvo access to public markets, as global automakers pursue alliances to respond better to the cost of the transition to electric cars, tougher emission rules and autonomous driving. Geely and Volvo on Wednesday said they had decided to preserve their existing separate corporate structures after "a detailed review of combination options" but would launch a new company to combine their existing powertrain operations.
Volvo Cars and Geely Auto have cancelled plans to merge and will instead pool electric vehicle technology and software development in efforts to drive savings across the two companies. The tie-up plans, announced last February, were put on ice later in the year as Geely Auto, which is quoted in Hong Kong, pursued a separate listing in Shanghai that prevented it from merging during the sale process. The two businesses, owned by Geely holding company, said on Wednesday they will combine several functions while remaining separate, including joint software development and procurement.
Here's the latest news from the growing Chinese electric vehicle sector. Nio Begins Testing Second-Gen Power Swap Station: Nio Inc – ADR (NYSE: NIO), which unveiled its second-generation battery swapping station at the Nio Day event Jan. 9, is progressing well on the project. The EV startup has completed verification and has begun testing of the new battery swapping station, with formal deployment expected as early as April, Chinese media outlet Autohome reported. CEO William Li and President Qin Lihong were reportedly present to for the testing. XPeng, Nio Report Chinese New Year Travel Statistics: Xpeng Inc – ADR (NYSE: XPEV) vehicles were driven a cumulative 17.267 million kilometers across China during the Chinese New Year holiday week of Feb. 11 to Feb. 17, the company said in a release. This resulted in carbon emission reduction of 1,086 tons, XPeng said. XPeng noted that its XPILOT autonomous driving system was used for a total of 25,326 hours during the week, with 353,010 km under Navigation Guided Pilot highway driving, which was unveiled in January, and 2.171 million km under Adaptive Cruise Control. Meanwhile, Nio users drove a total of 30 million km in the same week, a 318% year-over-year increase, the company said in a WeChat post. Nio Pilot, the company's autonomous driver assistance system, was used for more than 4 million km. Batteries were changed at the power swap stations more than 38,000 times. Related Link: Chairman Of Oil Giant Sinopec Visits Nio Battery Swap Station Geely Confirms EV Plans: Chinese automaker Geely Automobile Holdings Ltd (OTC: GELYF) confirmed it will form a separate all-electric vehicle company, cnEV Post said, citing an internal memo by Chairman Li Shufu. Geely and Apple Inc (NASDAQ: AAPL) foundry Hon Hai Precision Industry Co., Ltd.-ADR (OTC: HNHPF) supplier had announced in mid-January a 50-50 joint venture to provide OEM production and comprehensive, customized consulting services to global automakers. Baidu Taps Mobike Co-Founder For Geely JV: Chinese search engine Baidu Inc (NASDAQ: BIDU) has appointed Mobike co-founder Xia Yiping as CEO of its EV venture with Geely, Reuters reported. Mobike is a bike sharing system, and it was acquired by food delivery company Meituan in 2018. Xiaomi Plays Down Rumors: After rampant rumors regarding a potential EV venture, Chinese smartphone manufacturer Xiaomi said in a filing with the Hong Kong exchange that it has not initiated any formal project regarding the study of the electric vehicle manufacturing business. The company added that it has been paying attention to the developments in the electric vehicle industry, and has continuously studied the relevant industry trends. It advised shareholders and prospective investors to exercise caution when dealing in the shares and other securities of the company in the wake of the rumors. Related Link: Xpeng Begins Rolling Out Highly-Anticipated NGP Autonomous Driving Features Photo courtesy of Nio. See more from BenzingaClick here for options trades from BenzingaWhy Wedbush Expects Apple To Find An EV Partner In 2021Chairman Of Oil Giant Sinopec Visits Nio Battery Swap Station© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.