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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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Exclusive: GM thinks bigger in China with plan to import full-size SUVs

11/05/2020 | 08:45pm EST
FILE PHOTO: General Motors sign is seen at the third China International Import Expo (CIIE) in Shanghai

SHANGHAI (Reuters) - General Motors Co plans to sell full-size sport-utility vehicle (SUV) models in China for the first time, and will import a range of models to beef up its product lineup into the world's biggest car market, its China chief told Reuters.

The plan would mark a change of tack for GM, which currently produces all of the vehicles it sells in China within the country, which is set to be the only major economy to grow this year amid the COVID-19 pandemic.

GM, China's second-biggest foreign automaker, is aiming to offer four models as it looks to improve its brand image and support a sales recovery: Chevrolet's Tahoe and Suburban, Cadillac's Escalade and the GMC Yukon Denali.

The Detroit-based company is showcasing those models at the China International Import Expo, or CIIE, an annual import show in Shanghai which started on Wednesday and runs into next week.

"Our intention is to get customer reaction and find a way to sell these cars in China," said GM's China chief Julian Blissett.

The automaker sees opportunities for such vehicles, partly because Chinese families are expanding, he added.

"We are looking into a variety of market sales plans for these vehicles, including online sales, leasing and others," he said, declining to give a detailed timeframe for the plan.

GM's Buick and Cadillac mid-size SUVs helped the group's Chinese sales grow 12% in the third quarter this year, the first quarterly growth in the past two years.

But it does not have full-size SUV models, which usually have a third row of seats and has room for six or seven people.

BATTLEGROUND

China, where over 25 million vehicles were sold last year, is a crucial battleground for global automakers including Volkswagen AG, the biggest foreign player by sales volumes, GM and Toyota as well as local leaders Geely and Great Wall.

The country has seen an auto sales pick up in recent months following a COVID-19-induced slump, and authorities say they have largely brought the epidemic under control following its emergence in the central city of Wuhan at the end of last year.

The expansion plan would also mark GM's first official sales in China of GMC vehicles, a premium brand in the group. Previously GMC vehicles were only sold in the country via unofficial grey importers.

The imports will, however, not change GM's basic production strategy in China. It will still mostly sell vehicles made in China - for now, at least.

"Depending on however we go we might make other decisions," Blissett said.

GM has a Shanghai-based joint venture with SAIC Motor Corp Ltd making Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group, producing no-frills mini-vans, which has started manufacturing higher-end cars.

Blissett said GM expected "a strong November and December" in China after positive October sales. The carmaker is also considering exporting China-made electric vehicles globally, he told Reuters.

The company's rivals, from Tesla Inc to BMW, are among a growing number of automakers using China as an export hub for electric vehicles.

(Reporting by Yilei Sun and Brenda Goh; Editing by Pravin Char)

By Yilei Sun and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -0.53% 69.41 Delayed Quote.-3.90%
GEELY AUTOMOBILE HOLDINGS LIMITED -4.88% 31.2 End-of-day quote.17.74%
GENERAL MOTORS COMPANY -3.03% 49.97 Delayed Quote.20.00%
SAIC MOTOR CORPORATION LIMITED 2.31% 25.7 End-of-day quote.5.16%
TESLA, INC. -2.23% 826.16 Delayed Quote.17.07%
TOYOTA INDUSTRIES CORPORATION -2.32% 8420 End-of-day quote.2.81%
TOYOTA MOTOR CORPORATION -1.65% 7733 End-of-day quote.-2.82%
VOLKSWAGEN AG -0.07% 151.88 Delayed Quote.-0.35%
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Financials
Sales 2020 91 933 M 14 187 M 14 187 M
Net income 2020 7 238 M 1 117 M 1 117 M
Net cash 2020 17 579 M 2 713 M 2 713 M
P/E ratio 2020 34,4x
Yield 2020 0,75%
Capitalization 256 B 39 510 M 39 509 M
EV / Sales 2020 2,59x
EV / Sales 2021 2,15x
Nbr of Employees 38 000
Free-Float 58,5%
Chart GEELY AUTOMOBILE HOLDINGS LIMITED
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Mean consensus BUY
Number of Analysts 32
Average target price 25,79 CNY
Last Close Price 26,07 CNY
Spread / Highest target 85,3%
Spread / Average Target -1,10%
Spread / Lowest Target -58,0%
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Managers and Directors
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 LIMITED17.74%39 510
TOYOTA MOTOR CORPORATION-2.82%208 300
VOLKSWAGEN AG-0.35%97 768
DAIMLER AG-2.65%72 771
GENERAL MOTORS COMPANY20.00%71 522
BMW AG-3.90%54 163