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GEELY AUTOMOBILE HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  09:44 2022-08-16 pm EDT
17.34 HKD   -0.57%
08/09SET ADDS NEW LISTED SECURITIES : GEELY28C2301A to be traded on August 10, 2022
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08/08Geely Sales Rise 24% in July on Strong EV Demand
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08/08Geely Automobile Holdings Limited Reports Unaudited Group Sales Results for the Month and Year to Date Ended July 2022
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China unveils plans to spur car demand, may extend EV tax break

07/07/2022 | 12:53am EDT

BEIJING, July 7 (Reuters) - China on Thursday announced a raft of new steps to spur consumer demand for cars, saying it would consider extending a tax break for electric vehicles and outlining plans to build more charging stations and encourage lower charging fees.

The plans, announced by the Ministry of Commerce as part of a joint statement with 16 other departments, boosted shares of Chinese automakers, with Geely surging 6% and Great Wall Motor rising 4%.

The world's largest car market has been hit hard in recent months by stringent lockdowns in Shanghai and other parts of the country to curb the spread of the Omicron coronavirus variant.

As part of the new efforts, authorities last month halved the auto purchase tax to 5% for cars priced under 300,000 yuan ($45,000) with 2.0-litre or smaller engines.

Buyers of certain fully electric and partly electric vehicles have not had to pay the purchase tax since 2014. A plan to reinstate it next year may now be scrapped, the ministry said, confirming a stance first flagged last month by the country's cabinet.

The halving of the tax has helped the market rebound with June passenger car sales jumping 22% from a year earlier to 1.9 million units, according to preliminary data from an auto association.

EV sales soared 130% to 546,000 units last month, accounting for nearly 30% of total vehicle sales. Sales for market leader BYD Co Ltd more than tripled to 134,000.

The commerce ministry statement did not make a mention of any extension of subsidies for what China calls new energy vehicles - a programme that has been credited with supercharging the sector's growth.

Reuters reported in May that authorities were in talks with automakers about extending the programme.

The ministry also said it would encourage the replacement of older vehicles, increase credit support for car purchases and remove barriers to selling second-hand cars across different provinces. (Reporting by Brenda Goh in Shanghai and Sophie Yu in Beijing; Additional reporting by Miyoung Kim in Singapore; Editing by Edwina Gibbs)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED -0.46% 17.34 Delayed Quote.-18.97%
MSCI SINGAPORE (GDTR) -2.32% 5736.12 Real-time Quote.-6.46%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.10% 6.79756 Delayed Quote.6.83%
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Financials
Sales 2022 129 B 19 062 M 19 062 M
Net income 2022 6 676 M 984 M 984 M
Net cash 2022 26 083 M 3 843 M 3 843 M
P/E ratio 2022 21,6x
Yield 2022 1,45%
Capitalization 151 B 22 288 M 22 288 M
EV / Sales 2022 0,97x
EV / Sales 2023 0,75x
Nbr of Employees 44 000
Free-Float 57,3%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 15,10 CNY
Average target price 16,32 CNY
Spread / Average Target 8,07%
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Managers and Directors
Sheng Yue Gui Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Yang Wang Independent Non-Executive Director
Qing Heng An Independent Non-Executive Director
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