|Bid||215.60 x 0|
|Ask||215.80 x 0|
|Day's Range||214.00 - 219.00|
|52 Week Range||95.00 - 223.30|
|Beta (5Y Monthly)||1.21|
|PE Ratio (TTM)||22.77|
|Forward Dividend & Yield||6.00 (2.77%)|
|Ex-Dividend Date||Apr 01, 2021|
|1y Target Est||159.27|
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.
Truckmaker AB Volvo said on Thursday a shortage of semiconductors has hit production at its factory in Ghent, Belgium, and warned of further stoppages. The Swedish company, a rival of Germany's Daimler and Traton, said this month that the chip shortage had put supply chains under pressure, causing production disturbances this quarter. Semiconductor shortages have hit global automakers, forcing them to cut or halt production as the chip industry struggles to keep up with a recovery in the car sector.