Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Suning.com Co., Ltd.    002024   CNE000001KF2

SUNING.COM CO., LTD.

(002024)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

China's Geely starts online auto sales as virus epidemic keeps buyers at home

share with twitter share with LinkedIn share with facebook
share via e-mail
02/21/2020 | 03:52am EDT
FILE PHOTO: A building of the Geely Auto Research Institute is seen in Ningbo

Chinese automaker Geely has launched a service for customers to buy cars online and get them delivered directly to their homes, in a bid to drum up sales as the coronavirus outbreak prompts buyers to stay away from showrooms.

Other carmakers like Tesla, BMW and Mercedes-Benz have also started to promote products heavily online in recent weeks as the health crisis escalated and authorities warned people to stay away from public places.

Consumers can order and customize their cars on Geely's website, it said in a statement. It will also offer test drives where potential consumers will be able to arrange a drive starting from their home address in coordination with local dealerships.

The coronavirus has killed 2,236 people and stricken more than 75,400 in mainland China, and strict public health measures

to contain its spread have severely disrupted business and consumer activity.

Sales of passenger cars in China, the world's largest auto market, plunged 92% in the first 16 days of February compared with the same period a year earlier, data from one industry group showed.

Victor Yang, a senior official at Geely, told Reuters promoting online sales will allow automakers to directly reach customers through sales and marketing and help them build experience should they want to continue to do so in future.

Geely, which is China's most globally-known automaker thanks to its investment in Volvo and Daimler, said that car production in February is around one-third of its usual monthly output, but around 90% of workers will return to work by the end of this month, Yang said, adding the automaker has bought facial masks for workers and dealers.

Geely has partnered with third-party online sales platforms including Tmall, JD.com and Suning.com in the past but it is the first time the Zhejiang-based automaker is selling cars through its website. Tesla, which is building cars from its $2 billion factory in Shanghai, has been promoting online sales for years.

Nationwide car sales are likely slide more than 10% in the first half of the year due to the outbreak, and around 5% for the whole year, provided the epidemic is effectively contained before April, the China Association of Automobile Manufacturers (CAAM) told Reuters last week.

(Reporting by Yilei Sun and Brenda Goh; Editing by Kim Coghill)

Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -3.77% 45.515 Delayed Quote.-37.77%
DAIMLER AG -8.06% 27.2 Delayed Quote.-44.91%
JD.COM, INC. -4.43% 40.15 Delayed Quote.13.97%
SUNING.COM CO., LTD. 1.14% 8.89 End-of-day quote.0.11%
TESLA, INC. -2.61% 514.36 Delayed Quote.22.96%
VOLVO -3.74% 113.4 Delayed Quote.-24.92%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on SUNING.COM CO., LTD.
03/25Chinese consumers urged to splurge as economy begins path to normality
RE
03/15SUNING COM : Net Profit Fell 17% in 2019
DJ
02/21China's Geely starts online auto sales as virus epidemic keeps buyers at home
RE
02/04Chinese Supermarkets Fined, Warned Against Price Gouging Amid Outbreak -- Upd..
DJ
02/04Chinese Supermarkets Fined, Warned Against Price Gouging Amid Outbreak
DJ
01/23Chinese listed companies ramp up virus efforts after president's call
RE
2019GLOBAL MARKETS LIVE : TechnipFMC, LVMH, J&J, Glencore…
2019China moves to regulate 'blind' business expansion of financial holding firms
RE
2019Retailer Carrefour says strategic overhaul on track as first half profits ris..
RE
2019China's Didi Chuxing to allow app users to access rivals' services
RE
More news
Financials (CNY)
Sales 2019 290 B
EBIT 2019 13 669 M
Net income 2019 11 825 M
Finance 2019 14 538 M
Yield 2019 1,92%
P/E ratio 2019 7,04x
P/E ratio 2020 35,2x
EV / Sales2019 0,24x
EV / Sales2020 0,26x
Capitalization 82 665 M
Chart SUNING.COM CO., LTD.
Duration : Period :
Suning.com Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUNING.COM CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 14,24  CNY
Last Close Price 8,96  CNY
Spread / Highest target 143%
Spread / Average Target 58,9%
Spread / Lowest Target 19,4%
EPS Revisions
Managers
NameTitle
En Long Hou President
Jin Dong Zhang Chairman
Xiao Ling Wang Chairman-Supervisory Board
Zhong Xiang Xiao Chief Financial Officer
Wei Min Sun Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
SUNING.COM CO., LTD.0.11%11 650
BEST BUY CO., INC-28.85%16 053
HIKARI TSUSHIN, INC.1.39%8 399
TECH DATA CORPORATION-9.03%4 638
YAMADA DENKI CO., LTD.-2.61%3 781
K'S HOLDINGS CORPORATION-2.84%2 206