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    DAI   DE0007100000

DAIMLER AG

(DAI)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 01/25 03:59:59 pm
69.26 EUR   +1.41%
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China's Geely to press on with methanol vehicles, chairman says

06/13/2021 | 06:21am EST
FILE PHOTO: Zhejiang Geely Holding Group's Chairman Li attends Baidu's annual AI developers conference Baidu Create 2019 in Beijing

BEIJING (Reuters) - Chinese automaker Geely will keep working on vehicles powered by methanol even though the effort may fail, chairman Li Shufu said on Sunday.

Zhejiang-based Geely, among a small number of automakers developing methanol-powered vehicles, is testing methanol taxis in some western Chinese cities as well as developing methanol-powered trucks at its commercial vehicles unit.

Li said Geely, which owns Volvo Cars and 9.7% stake in Daimler AG, invested in Carbon Recycling International, an Icelandic company, to work on technologies to produce methanol with carbon dioxide, in a way to lower overall carbon emissions.

"We will keep exploring methanol vehicle technologies. Of course it might fail in the end, but currently we are still working on it," Li told an industry conference in the western city of Chongqing, without elaborating.

Methanol fuel would boost China's energy independence as the country has huge amounts of coal, which can be converted to methanol. Geely's Li has also said he expects methanol vehicles to be cleaner than gasoline models.

Li did not offer details of the technology. He has told Reuters that Geely would expand production of methanol-powered vehicles.

Geely is also developing battery electric vehicles, petrol-electric hybrid cars and hydrogen commercial vehicles.

China, the world's biggest auto market, is developing electric and hydrogen fuel-cell vehicles.

(Reporting by Yilei Sun and Tony Munroe; Editing by William Mallard)


ę Reuters 2021
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Sales 2021 132 B 149 B 149 B
Net income 2021 12 660 M 14 312 M 14 312 M
Net cash 2021 17 729 M 20 042 M 20 042 M
P/E ratio 2021 5,92x
Yield 2021 6,47%
Capitalization 73 626 M 83 053 M 83 234 M
EV / Sales 2021 0,42x
EV / Sales 2022 0,35x
Nbr of Employees 289 282
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Number of Analysts 23
Last Close Price 68,82 €
Average target price 91,57 €
Spread / Average Target 33,1%
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Managers and Directors
Ola Kńllenius Chairman-Management Board
Harald Emil Wilhelm Chief Financial Officer
Bernd Pischetsrieder Chairman-Supervisory Board
Markus Schńfer Chief Operating Officer
Clemens A. H. B÷rsig Member-Supervisory Board
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