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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Suning.com Co., Ltd.    002024   CNE000001KF2


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China's Geely starts online auto sales as virus epidemic keeps buyers at home

02/21/2020 | 03:52am EST
FILE PHOTO: A building of the Geely Auto Research Institute is seen in Ningbo

Chinese automaker Geely has launched a service for customers to buy cars online and get them delivered directly to their homes, in a bid to drum up sales as the coronavirus outbreak prompts buyers to stay away from showrooms.

Other carmakers like Tesla, BMW and Mercedes-Benz have also started to promote products heavily online in recent weeks as the health crisis escalated and authorities warned people to stay away from public places.

Consumers can order and customize their cars on Geely's website, it said in a statement. It will also offer test drives where potential consumers will be able to arrange a drive starting from their home address in coordination with local dealerships.

The coronavirus has killed 2,236 people and stricken more than 75,400 in mainland China, and strict public health measures

to contain its spread have severely disrupted business and consumer activity.

Sales of passenger cars in China, the world's largest auto market, plunged 92% in the first 16 days of February compared with the same period a year earlier, data from one industry group showed.

Victor Yang, a senior official at Geely, told Reuters promoting online sales will allow automakers to directly reach customers through sales and marketing and help them build experience should they want to continue to do so in future.

Geely, which is China's most globally-known automaker thanks to its investment in Volvo and Daimler, said that car production in February is around one-third of its usual monthly output, but around 90% of workers will return to work by the end of this month, Yang said, adding the automaker has bought facial masks for workers and dealers.

Geely has partnered with third-party online sales platforms including Tmall, JD.com and Suning.com in the past but it is the first time the Zhejiang-based automaker is selling cars through its website. Tesla, which is building cars from its $2 billion factory in Shanghai, has been promoting online sales for years.

Nationwide car sales are likely slide more than 10% in the first half of the year due to the outbreak, and around 5% for the whole year, provided the epidemic is effectively contained before April, the China Association of Automobile Manufacturers (CAAM) told Reuters last week.

(Reporting by Yilei Sun and Brenda Goh; Editing by Kim Coghill)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO -2.55% 194.8 Delayed Quote.27.41%
AT HOME GROUP INC. -1.04% 18.94 Delayed Quote.248.00%
BMW AG -0.07% 73.04 Delayed Quote.-0.07%
DAIMLER AG -0.25% 56.45 Delayed Quote.14.62%
JD.COM, INC. -4.54% 85.35 Delayed Quote.153.79%
JUST GROUP PLC -2.86% 56 Delayed Quote.-27.03%
SUNING.COM CO., LTD. -0.44% 8.96 End-of-day quote.-11.37%
TESLA, INC. -3.10% 567.6 Delayed Quote.600.12%
WILL GROUP, INC. 0.91% 999 End-of-day quote.-20.21%
WORLD CO., LTD. -0.97% 1324 End-of-day quote.-50.80%
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More news
Sales 2020 280 B 42 575 M 42 575 M
Net income 2020 1 079 M 164 M 164 M
Net cash 2020 259 M 39,4 M 39,4 M
P/E ratio 2020 75,2x
Yield 2020 0,29%
Capitalization 83 490 M 12 694 M 12 696 M
EV / Sales 2020 0,30x
EV / Sales 2021 0,26x
Nbr of Employees 42 196
Free-Float 29,4%
Duration : Period :
Suning.com Co., Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SUNING.COM CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 14
Average target price 11,83 CNY
Last Close Price 9,15 CNY
Spread / Highest target 53,0%
Spread / Average Target 29,3%
Spread / Lowest Target 3,83%
EPS Revisions
En Long Hou President
Jin Dong Zhang Chairman
Xiao Ling Wang Chairman-Supervisory Board
Wei Min Sun Vice Chairman
Xiang Sheng Meng Director & Senior Vice President
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1st jan.Capitalization (M$)
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