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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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Geely's new EV plant will build premium Polestar cars - sources

10/25/2020 | 11:23pm EST
FILE PHOTO: A man looks at a Polestar Precept car at the Beijing International Automotive Exhibition

BEIJING/SHANGHAI (Reuters) - An electric vehicle (EV) factory planned by Chinese automaking group Geely will produce cars under the premium Polestar marque, two people with direct knowledge of the matter told Reuters on Monday.

Zhejiang Geely Holding Group Co Ltd plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, showed documents on its website.

Geely and Polestar declined to comment on the marque.

The plan comes as foreign automakers including BMW AG and Tesla Inc expand EV production in the world's biggest market, sourcing major EV components such as batteries locally and often exporting the end product.

Hangzhou-based Geely is China's most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler AG. Its Hong Kong-listed Geely Automobile Holdings Ltd is planning a Shanghai float.

Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east.

It also plans to begin production of the Precept sedan, displayed at this year's China auto show.

Polestar aims to eventually offer bigger, more sporty vehicles at its showrooms, which currently span nine countries and whose number it plans to raise to 45 from 23 by year-end.

Polestar Chief Executive Thomas Ingenlath told Reuters the firm is scouting markets in Asia-Pacific and the Middle East.

Geely is also building a factory in China to make sport-utility vehicles under the Lotus marque, Reuters reported.

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

By Yilei Sun and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.15% 199.9 Delayed Quote.27.41%
BMW AG -1.40% 73.09 Delayed Quote.-0.07%
DAIMLER AG 0.89% 56.59 Delayed Quote.14.62%
GEELY AUTOMOBILE HOLDINGS LIMITED 0.00% 22.9 End-of-day quote.50.26%
TESLA, INC. 2.05% 585.76 Delayed Quote.600.12%
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Financials
Sales 2020 92 777 M 14 113 M 14 113 M
Net income 2020 7 303 M 1 111 M 1 111 M
Net cash 2020 17 357 M 2 640 M 2 640 M
P/E ratio 2020 25,2x
Yield 2020 1,00%
Capitalization 189 B 28 748 M 28 748 M
EV / Sales 2020 1,85x
EV / Sales 2021 1,56x
Nbr of Employees 38 000
Free-Float 58,5%
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Technical analysis trends GEELY AUTOMOBILE HOLDINGS LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 17,85 CNY
Last Close Price 19,25 CNY
Spread / Highest target 83,8%
Spread / Average Target -7,29%
Spread / Lowest Target -62,7%
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
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