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At least Zeekr benefits from having a powerful parent, Geely Automobile, which is part of China’s largest privately owned auto group Zhejiang Geely. But Geely Automobile, which will maintain control of the business after the IPO, has a market capitalisation of only $12.3 billion. The company, owned by Chinese automaker Geely Automobile, hopes to use funds raised to expand its product line. The company reported a net loss of 3.9 billion yuan ($534 million) for the six months to the end of June 2023, compared with a 3.1 billion yuan loss a year earlier. Revenue grew by 136% to 21 billion yuan, with 13.2 billion yuan of that total coming from vehicle sales.

Persons: Zeekr, Xi Jinping, Joe Biden, Antony Currie, Thomas Shum Organizations: Reuters, U.S, Geely Automobile, HK, Graphics, European Union, Zhejiang, Investors, Revenue, Thomson Locations: HONG KONG, New York, Beijing, Washington, Brussels, China, U.S, Europe, China’s, Hong Kong

☆ Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
▼ + stars: | 2023-11-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

At the time of its initial public offering last year, Polestar was targeting annual sales of about 290,000 vehicles by the end of 2025. For 2023, Polestar now expects to deliver "approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries of between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar's gross margin was 1.1% in the first nine months of 2023 and 4.9% in 2022. Production of the Polestar 4, a smaller crossover SUV, will begin in China next week as planned, the company said.

Persons: Polestar, Thomas Ingenlath, Volvo — Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Geely Automobile, Geely, Volvo, Revenue Locations: Shanghai, China, Swedish, United States

☆ China EV brand Zeekr to launch its first luxury sports car
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A man walks past a sign of Geely's new premium electric vehicle (EV) brand Zeekr at its factory in Ningbo, Zhejiang province, China April 15, 2021. REUTERS/Yilei Sun/File PhotoSHANGHAI, Aug 10 (Reuters) - China's Zeekr, Geely Automobile's (0175.HK) electric vehicle brand, said on Thursday it will launch its first luxury sports car, which will be priced above 1 million yuan ($140,000). BYD launched an electric off-road SUV with a starting price of 1.098 million yuan as the first model under its luxury brand Yangwang in January. Founded in 2021 as a premium EV brand, Zeekr has three models for sales with starting prices ranging from 189,800 yuan to 499,000 yuan. ($1 = 7.2116 Chinese yuan renminbi)Reporting by Zhang Yan, Brenda Goh; Editing by Edmund Klamann and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Geely Automobile's, Tesla, EVs, BYD, Zeekr, Zhang Yan, Brenda Goh, Edmund Klamann Organizations: REUTERS, Yilei, HK, EV, Thomson Locations: Ningbo, Zhejiang province, China

☆ Top Wall Street analysts see solid potential in these five stocks
▼ + stars: | 2023-07-23 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Bachman reiterated a buy rating on Salesforce and raised his price target to $255 from $245. DellPersonal computer makers, including Dell (DELL), have been facing significant headwinds, as the demand for desktops and laptops plunged following a pandemic-driven rush. Ho raised the price target on DELL to $60 from $48 and reiterated a buy rating. In line with his bullish stance, Rakesh increased his price target for RIVN to $30 from $27 and maintained a buy rating. Rakesh raised his price target for MBLY to $48 from $43 and reiterated a buy rating on the stock.

Persons: Mike Blake, Keith Bachman, Salesforce, Bachman, Sidney Ho, Ho, Rivian, Vijay Rakesh, Rakesh, Mobileye, bode Organizations: Reuters, BMO Capital, Service, Dell, Deutsche Bank, Solutions, Gartner, DELL, Mobileye, EV, Geely Automobile, Porsche, Volkswagen Locations: San Diego , U.S, 2H23E, Israel

☆ Geely, Renault strike deal to develop gasoline engines, hybrid technology
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. REUTERS/Aly SongJuly 11 (Reuters) - China's Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Saudi Aramco (2222.SE), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years.

Persons: Aly Song, Eric Li, Harish Sridharan, Nivedita Bhattacharjee, Eileen Soreng Organizations: REUTERS, Geely Automobile Holdings, HK, Renault SA, Geely Holding, Renault, Volvo, Proton, Nissan, Mitsubishi Motors, Torino, JV, Reuters, Saudi Aramco, Geely, Aramco, Thomson Locations: Shanghai, China, Saudi, Bengaluru

☆ As investor focus shifts to EVs, analysts expect these auto stocks to soar
▼ + stars: | 2023-07-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Investors are piling into electric vehicle stocks after the latest Tesla numbers showed it beat expectations for vehicle deliveries. Vanda Research in a Thursday note said it's seeing signs of some rotation from AI stocks to EVs. "We expect to see more retail demand for EV stocks going forward," the note said, highlighting "laggards" such as Nio , Li and Plug in particular. Its base case for China-made EVs implies 38% annual offshore sales growth through 2030. EV stocks with upside To see which EV stocks are expected to continue to rise, CNBC Pro screened two ETFs on FactSet: the KraneShares Electric Vehicles & Future Mobility Index ETF and the Global X Autonomous & Electric Vehicles ETF .

Persons: Li, Morgan Stanley, BYD, Tesla, Bernstein, — CNBC's Michael Bloom, John Melloy, Fred Imbert Organizations: Vanda Research, EV, CNBC Pro, KraneShares Electric Vehicles, Global, Autonomous & Electric Vehicles ETF, Geely Automobile Locations: China, New York, Milan, Paris

LONDON, June 28 (Reuters) - Zeekr, Geely Automobile's (0175.HK) electric brand, said on Wednesday that two of its all-electric luxury cars are available for pre-order in the Netherlands and Sweden, joining a growing number of Chinese EV makers launching vehicles in Europe. Deliveries for the Zeekr 001 estate and the Zeekr X SUV are set to begin in the autumn, the company said. Pricing for the Zeekr 01 starts at 59,490 euros ($65,076) including taxes, while the Zeekr X starts 44,990 euros. "Our plan is that through 2026 we will cover the majority of western Europe," he told Reuters. Other Chinese EV makers including BYD, Xpeng and Aiways have all launched sales in Europe, seeking to gain market share while many consumers are still new to EVs.

Persons: Geely Automobile's, Spiros Fotinos, Europe's, Fotinos, Nick Carey, Johan Ahlander, Sameer Manekar, Janane Venkatraman, David Evans Organizations: HK, EV, Reuters, Thomson Locations: Netherlands, Sweden, Europe, Gothenburg, Spiros, Denmark, Germany, France, Norway, China, Stockholm, Amsterdam, Bengaluru

☆ China's EV maker Zeekr opens orders for two luxury cars in Sweden, the Netherlands
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

June 28 (Reuters) - China's EV maker Zeekr, a unit of Geely Automobile (0175.HK), said on Wednesday two of its all-electric luxury SUVs are now available for pre-order in the Netherlands and Sweden. Deliveries are set to begin in the autumn, the company added. Zeekr will open its flagship stores in Stockholm and Amsterdam by the end of this year, it said. Reporting by Sameer Manekar in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Janane Organizations: Zeekr, Geely Automobile, HK, Thomson Locations: Netherlands, Sweden, Stockholm, Amsterdam, Bengaluru

☆ Aston Martin's Lawrence Stroll explains why the company stock spiked this year
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAston Martin's Lawrence Stroll explains why the company stock spiked this yearLawrence Stroll, Aston Martin executive chairman, joins 'Squawk on the Street' to discuss what Stroll will do with recent investment from Geely Automobile Holdings, whether Stroll is concerned about the relationship between the U.S. and China, and more.

Persons: Lawrence, Aston Martin Organizations: Aston, Geely Automobile Holdings, U.S Locations: China

☆ UK equities rise on upbeat global mood, BT Group tumbles on weak cash flow
▼ + stars: | 2023-05-18 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"There's clearly a lack of real strategy and it's not enough to just say we're going to cut costs. Vodafone Group Plc (VOD.L) earlier this week said it would cut 11,000 jobs globally over three years after it warned that a poor performance in its biggest market Germany would hit cash flow. The blue-chip FTSE 100 (.FTSE) rose 0.6%, reflecting an upbeat mood in global markets on hopes that Washington is edging closer to a deal to raise the U.S. debt ceiling and avert a default. Among other movers, luxury group Burberry Group Plc (BRBY.L) fell 6.2% as continued weakness in the United States overshadowed a stronger-than-expected fourth quarter sales driven by a rebound in China. EasyJet Plc rose 1% after the airline posted a first-half loss in line with its guidance.

Spot lithium carbonate prices assessed by Fastmarkets fell to 260,000 yuan ($38,079.06) per tonne this week, less than half the price quoted last November. Five analysts polled by Reuters last month had expected the price would drop to 300,000 yuan by the end of this year. "The unprecedented price cuts among traditional auto makers will eat EVs' market share in the short term, hitting lithium demand further," said Vicky Zhao, a Beijing-based senior analyst at Fastmarkets. Lithium prices in the United States and Europe have also fallen, albeit less sharply, amid rising but still tight supplies and a stronger outlook for EV sales. ($1 = 6.8279 Chinese yuan renminbi)Reporting by Siyi Liu and Dominique Patton; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Renault, Geely ink pact with Aramco for engine venture
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +1 min

The drive train system of a Renault Twingo Electric automobile on the production line at the Renault Revoz d.d. French car maker Renault signed a deal with Aramco and China's Geely Automobile Holdings in which the Saudi oil producer would become a potential minority stakeholder in a new powertrain technology company, the companies said in a joint statement on Thursday. Geely and Renault are expected to retain equal equity stakes in the new independent entity, the statement said, adding that the new company will be dedicated to internal combustion and hybrid powertrain technologies. Reuters reported in January that the car makers were working to finalize a deal to join with Aramco to develop and supply gasoline engines and hybrid technologies, citing three people with knowledge of the talks. The new company would have an annual production capacity of more than 5 million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, the companies said.

1 EV maker worldwide in 2022, but China's BYD (002594.SZ) and others are closing the gap fast, according to a Reuters analysis of global and regional EV sales data provided by EV-volumes.com. In fact, BYD passed Tesla in EV sales last year in the Asia-Pacific region, while the Volkswagen Group (VOWG_p.DE) has been the EV leader in Europe since 2020. Reuters GraphicsThe most significant challenges to Tesla are coming from established automakers and a group of Chinese EV manufacturers. Tesla's vehicles offered features, such as the ability to navigate into a parking space or make rude sounds, that other vehicles lacked. IDRA, the Italian company that builds huge presses to form large one-piece castings that are the building blocks of Tesla vehicles, said it is now getting orders from other automakers.

☆ China has to figure out how to care for 400 million people over the age of 60 by 2040 — and it's off to a rocky start
▼ + stars: | 2023-02-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +11 min

By 2040, it's expected to have 400 million people above the age of 60 — more people than in the entire US. "It's obvious that relying on contributions from medical insurance schemes to fund age care services is not likely to be viable in the longer term," she said. Alzheimer's is quickly rising as a concern in China, Luk said. "Is China aging rapidly? Beijing has been pressuring the private sector into building daycare centers, wards, and other age care infrastructure to shore up gaps in local government finances, Gu said.

☆ Geely's EV brand Zeekr raises $750 million in fresh funding round
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 13 (Reuters) - Zeekr, the electric car brand of China's Geely Automobile Holdings (0175.HK), is raising $750 million from five new and existing investors in a funding round that values the brand at $13 billion. Zeekr, which sells two purely electric car models, said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand. The investors include Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O) - majority owned by Intel Corp (INTC.O) - and the Guangzhou city municipal government’s investment arm Yuexiu Industrial Fund, both new investors in the company. Supporters of the funding round also include Chinese battery maker CATL (300750.SZ), already among Zeekr's backers. Reporting by Zhang Yan and Brenda Goh; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Can Chinese stocks rally further? One investment bank thinks so — and names its top stock picks
▼ + stars: | 2023-01-31 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

The recovery in Chinese stocks gained steam on Monday, as China's benchmark index came within striking distance of a bull market. Chinese stocks have been buoyed by Beijing's easing of Covid-19 restrictions and a waning regulatory crackdown. "We started the year with an overweight call on China, and while that is a consensus view, there are now concerns on China rally being too sharp/too quick. The extreme inflows in the past 3 months, indeed, pose a threat to the continuity of market rally for next 3 months," Bernstein analyst Rupal Agarwal wrote in a note on Jan. 27. Bernstein's screen for undervalued stocks that have underperformed the market rally tuned up a raft of names.

☆ Analysis: Renault cedes power at Nissan for uncertain benefits
▼ + stars: | 2023-01-30 | by ( Gilles Guillaume | ) www.reuters.com time to read: +5 min

[1/2] The Nissan logo is seen on a car wheel at Nissan Gallery in Yokohama, Japan November 29, 2021. REUTERS/Androniki ChristodoulouPARIS, Jan 30 (Reuters) - Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%. The deal sees Nissan commit to invest in Renault's flagship Ampere electric vehicle unit, which was the French group's key goal. "It is interesting for Renault to see Nissan enter Ampere, if only for financing projects.

TOKYO/PARIS, Jan 26 (Reuters) - French car maker Renault (RENA.PA) and its Japanese partner Nissan Motor (7201.T) aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday. Renault has consistently declined to comment publicly about the talks with its Japanese partner, while a spokesperson for Nissan declined to comment on Thursday. French newspaper Le Figaro reported late on Wednesday that the companies would announce 4 to 5 joint projects to relaunch the alliance. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O).

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

According to the document, Aramco's investment would be used to support development of decarbonization technologies for gasoline engines. SUBJECT TO BOARD APPROVALSThe oil company's deal with Geely and Renault still needs approval by the boards of the automakers, one of the people said. For Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. In that kind of arrangement, gasoline engines could be designed to operate in an "exceptionally efficient mode," one of the sources said. Geely has a previously announced a hybrid gasoline engine development deal with Mercedes-Benz (MBGn.DE) and holds a stake in the German automaker.

Its dependency on parent Vingroup (VIC.HM) may be a turnoff, too. Success has yet to translate to returns for parent Vingroup, owned by Vietnam’s richest man, Pham Nhat Vuong. VinFast’s net loss nearly doubled to 34.5 trillion dong ($1.45 billion) for the first nine months of 2022 compared with the same period last year, while the top line shrank 6% to 10.5 trillion dong. VinFast reported a net loss of 34.5 trillion dong ($1.45 billion) for the nine months to the end of September, according to the prospectus, widening from 18 trillion dong a year earlier. Revenue fell to 10.5 trillion dong, down from 11.2 trillion dong in the same period last year.

HONG KONG, Nov 9 (Reuters Breakingviews) - As automakers hesitate to invest in legacy motors, China’s Geely and France’s Renault (RENA.PA) are teaming up to supply gas guzzlers and more to rivals. Founder Li Shufu wants new-energy vehicles to account for 50% of Hong Kong-listed Geely Automobile’s (0175.HK) sales next year. Renault boss Luca de Meo says European car sales at the company he leads will be 100% electric by 2030. By hitching itself to Renault, Geely can shift gears faster to make the most of the window of opportunity. Together, they sold nearly 5 million cars last year, most of which were internal combustion engines.

☆ Renault to Pair Up With China’s Geely in Combustion-Engine Venture
▼ + stars: | 2022-11-08 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—France’s Renault SA and China’s Geely Automobile Holdings Ltd. are forming a joint venture focused on gasoline-powered engines and hybrid technology, the latest example of auto makers sharing the burden of development costs as the industry grapples with the transition toward electric vehicles. Renault announced the deal Tuesday as it detailed plans to split itself into several divisions, including the combustion-engine-focused venture with Geely and another on electric vehicles and software, which it plans to spin off as soon as next year. It said it was in talks with longtime alliance partner Nissan Motor Co. about the Japanese company investing in the EV business, though didn’t provide a time frame for reaching an agreement.

☆ Renault, Geely clinch deal for internal-combustion joint venture
▼ + stars: | 2022-11-08 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

The joint venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). They said it would have the capacity to supply about 5 million engines and hybrid systems per year once operational. Renault and Geely Automobile also have an existing joint venture in South Korea.

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