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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Geely Automobile Holdings Limited    175   KYG3777B1032

GEELY AUTOMOBILE HOLDINGS LIMITED

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China auto sales jump in 'Golden September' as shoppers return to showrooms

10/13/2020 | 06:33am EST
Staff sprays disinfectant near Xpeng P7 sedan displayed at XPeng Motors headquarters in Guangzhou

BEIJING/SHANGHAI (Reuters) - China auto sales marked a sixth straight month of gain, rebounding a solid 12.8% in September as the world's biggest vehicle market comes off lows hit during the coronavirus lockdown.

This time of year, known as "Golden September, Silver October", is usually a highpoint in sales for the industry, with consumers venturing out to make purchases after having stayed away from showrooms during the stifling summer months.

Sales reached 2.57 million vehicles last month but were still down 6.9% for the year to date at 17.12 million vehicles, according to the China Association of Automobile Manufacturers (CAAM).

"Based on our dealer channel checks, the growth in momentum extended into the October Golden Week, as retail sales exceeded dealers' expectations," said Haitong International analyst Shi Ji.

The Beijing auto show, promotional events and policies enacted by local governments to support the auto sector helped sales growth in September, senior CAAM official Chen Shihua told reporters.

Passenger vehicle sales rose 8% in September. Geely Automobile Holdings Ltd, Great Wall Motor Co Ltd and Toyota Motor Corp were among those that booked double-digit growth.

New energy vehicles did particularly well with sales surging 67.7% to 138,000 for their third consecutive month of gain. NEVs include battery-powered electric, plug-in petrol-electric hybrid and hydrogen fuel-cell vehicles.

NEV makers such as home-grown Nio Inc and Xpeng Inc as well as foreign firms like U.S. leader Tesla Inc are expanding manufacturing capacity in China where the government has aggressively promoted greener vehicles to reduce air pollution.

Tesla on Tuesday cut prices for Model S sedans by around 4% in the United States as well as other key markets like China. Tesla also cut the starting price of its Chinese-made Model 3 sedan this month by about 8% to 249,900 yuan ($36,805).

For trucks and other commercial vehicles, which constitute around a quarter of the overall market, sales surged 40% in September, driven by government investment in infrastructure and as buyers upgraded to comply with tougher emissions rules.

(Reporting by Yilei Sun and Brenda Goh; Editing by Christopher Cushing and Edwina Gibbs)

By Yilei Sun and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED 2.18% 21.05 End-of-day quote.38.12%
GREAT WALL MOTOR COMPANY LIMITED -0.14% 14.32 End-of-day quote.148.61%
NIO LIMITED -5.09% 43.04 Delayed Quote.970.65%
SILVER 0.62% 24.1825 Delayed Quote.34.87%
TESLA, INC. 0.95% 599.04 Delayed Quote.615.99%
TOYOTA INDUSTRIES CORPORATION 0.38% 7880 End-of-day quote.24.49%
TOYOTA MOTOR CORPORATION 0.24% 7181 End-of-day quote.-6.91%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5155 Delayed Quote.-6.12%
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Financials
Sales 2020 92 894 M 14 226 M 14 226 M
Net income 2020 7 313 M 1 120 M 1 120 M
Net cash 2020 17 357 M 2 658 M 2 658 M
P/E ratio 2020 27,6x
Yield 2020 0,92%
Capitalization 207 B 26 659 M 31 641 M
EV / Sales 2020 2,04x
EV / Sales 2021 1,72x
Nbr of Employees 38 000
Free-Float 58,5%
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Technical analysis trends GEELY AUTOMOBILE HOLDINGS LIMITED
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Mean consensus BUY
Number of Analysts 32
Average target price 18,21 CNY
Last Close Price 21,05 CNY
Spread / Highest target 68,1%
Spread / Average Target -13,5%
Spread / Lowest Target -67,9%
EPS Revisions
Managers
NameTitle
Sheng Yue Gui Chief Executive Officer & Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Siu Lun Ang Executive Director
Jian Yang Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
GEELY AUTOMOBILE HOLDINGS LIMITED38.12%26 087
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DAIMLER AG14.99%73 797
GENERAL MOTORS COMPANY20.46%63 106
BMW AG1.57%58 162