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    175   KYG3777B1032

GEELY AUTOMOBILE HOLDINGS LIMITED

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Geely Automobile : EV brand Zeekr sells out of deliverable cars for this year

06/15/2021 | 04:31am EDT
FILE PHOTO: Visitors check a Zeekr 001, a model from Geely's new brand Zeekr, at its factory in Ningbo

BEIJING (Reuters) - Zeekr, a new premium electric vehicle (EV) brand launched this year by Geely, has sold out of deliveries for this year, Chief Executive An Conghui said on Tuesday.

Geely, the owner of Volvo Cars, in April launched Zeekr to target growing Chinese demand for premium EVs that has boosted sales for Tesla Inc and Chinese peer Nio Inc.

Parent Zhejiang Geely Holding Group and Geely Automobile jointly invested 2 billion yuan ($306 million) in the Zeekr venture.

Executives said that Zeekr would use a direct sales model to manage pricing and inventory. The brand plans to open more than 100 stores this year. Geely is making Zeekr 001 cars in China's eastern city of Ningbo.

(Reporting by Yilei Sun and Tony Munroe, editing by Louise Heavens)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GEELY AUTOMOBILE HOLDINGS LIMITED -2.78% 22.75 End-of-day quote.-14.15%
TESLA, INC. -1.95% 644.78 Delayed Quote.-8.63%
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Financials
Sales 2021 109 B 16 684 M 16 684 M
Net income 2021 8 019 M 1 233 M 1 233 M
Net cash 2021 20 403 M 3 136 M 3 136 M
P/E ratio 2021 23,0x
Yield 2021 1,27%
Capitalization 187 B 28 703 M 28 726 M
EV / Sales 2021 1,53x
EV / Sales 2022 1,28x
Nbr of Employees 38 000
Free-Float 58,4%
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Mean consensus BUY
Number of Analysts 32
Last Close Price 19,03 CNY
Average target price 23,89 CNY
Spread / Average Target 25,5%
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Managers and Directors
Sheng Yue Gui Chief Executive Officer & Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Cheuk Yin Lee Independent Non-Executive Director
Sau Hung Yeung Independent Non-Executive Director
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