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Brokerage Focus: Orient maintains a 'buy' rating on Geely Auto (00175), and expects the continued layout of electric vehicles to increase the company's sales volume.
Jingu Financial News | Orient Securities released research reports indicating that Geely Auto (00175) achieved significant year-on-year growth in both revenue and profit due to the increase in sales volume and continuous optimization of the product structure in the first quarter. The profit growth rate far exceeded the revenue growth rate. The bank believes that according to the company's plan, the company will continue to expand multiple new energy vehicle models by 2024, which is expected to drive the company's sales volume to continue to rise. Geely Galaxy E5 will be the first to be equipped with the new generation 'Shield Short Sword' battery, which is expected to be launched in August, and a new plug-in hybrid SUV model will also be released later this year. The fifth model of the extreme brand, Jike MIX, has already debuted at the Beijing Auto Show.
Express News | EU Member States Are Likely to Support the Imposition of Proposed Tariffs on Chinese Electric Vehicles in November- FT
By January to June 2024, China will account for 65% of the world's electric vehicle market share.
In the first six months of 2024, China's export of electric vehicles performed well in the South American and Southeast Asian markets, which is a result of China's strong industry chain and the double growth of domestic market and export.
Geely Launches Galaxy E5 All-electric SUV With Starting Price of $15,750
In June, global auto sales fell by 1% year-on-year to 7.8 million units, with Chinese car companies accounting for 33%.
In June 2024, China accounts for 33% of the world's automotive market share.
China Jul NEV Wholesale at 950,000, Down 3% From Jun, CPCA Estimates Show
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