DIRS.INFO The most relevant business & tech news

☆ Volvo Car's sales up 8% in March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, April 5 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales increased by 8% year-on-year in March to 63,132 cars, helped mainly by the company's fully electric cars. Volvo Car, majority-owned by China's Geely Holding (0175.HK), said in a statement its fully electric models made up 41% of all its cars sold globally in the first three months of this year. In Europe, Volvo Car's fully electric models made up 62% of overall sales in the first three months of 2023. In February, the group's total car sales were up 22%, helped by a 187% month-on-month jump for its recharge models, with fully electric cars accounting for 19% of total sales. (This story has been refiled to say Volvo Car instead of Volvo Cars in paragraph 2)Reporting by Louise Breusch Rasmussen, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ China's Meizu unveils first smartphones since deal with Geely founder
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

A company run by Geely Chairman Eric Li took a majority stake in Meizu last year, making the Volvo owner the first established carmaker to enter the premium smartphone sector. He later named the company Xingji Meizu, with the brand as its smartphone arm. Other tech-auto partnerships in China include Huawei Technologies (HWT.UL), whose Harmony operating system powers Seres cars. Meizu, a two-decade-old Chinese consumer electronics company, rose to prominence early in the 1ast decade as an up-and-coming Chinese Android. ($1 = 6.8766 Chinese yuan renminbi)Reporting by Josh Horwitz, Zhang Yan and Brenda GohOur Standards: The Thomson Reuters Trust Principles.

☆ We're aiming for a 100% increase in electric vehicle car volumes, Chinese automaker says
▼ + stars: | 2023-03-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're aiming for a 100% increase in electric vehicle car volumes, Chinese automaker saysDaniel Li, CEO of Geely Holdings Group, discusses its target of selling 1.6 million units in 2023.

☆ Volvo Cars' sales rise 22% in February
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, March 3 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday sales grew 22% year-on-year in February to 51,286 cars helped by a jump for its recharge models, sending its shares up. Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said in a statement sales of fully electric cars soared 187% to account for 19% of total sales. All recharge models, also including those not fully electric, were up 49% to account for 40% of total sales. Volvo Cars' shares rose 3% in early trade. In January, the group's total car sales were up 2% as they were held back in China by Chinese New Year calendar effects.

"We don't see (price cuts) at this point in time," Rowan told Reuters. "Demand for our (battery electric vehicles) is the highest that we've ever seen, the backlog for that as well." Those price cuts are expected to hit EV startups like U.S. firm Rivian RIVN.O more than established brands. Henrik Fisker, CEO of U.S. EV maker Fisker (FSR.N), told Reuters he also has no plans to lower prices, arguing that the EV startup's cars were already competitively priced. Despite the price cuts, some suppliers say they have seen no EV production surge so far.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said its fourth-quarter operating profit dropped to 3.4 billion crowns ($322.2 million)from 3.7 billion crowns a year earlier. "Despite the global turbulence, uncertainty and our recent price increases, we continue to see healthy demand for our cars," Volvo Cars said, adding it expected a "solid" double-digit growth in retail sales during 2023. Volvo Cars and its peers have faced lingering chip shortages over the past year that have periodically hit manufacturing with the Sweden-based company forced at times to halt production at some factories temporarily. However, Volvo Cars reaffirmed its mid-decade targets, which include by 2025 selling 1.2 million cars per year. This, like Volvo, is despite its vehicles sales rising.

☆ Chinese New Year slows Volvo Cars' sales growth in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said the increase at group level was led by markets such as Britain, Italy and Belgium while in China sales fell 20% due to the timing of the Chinese New Year. It said fully electric vehicles accounted for 16% of total sales. Recharge models, also including those not fully electric, accounted for 41%. In December, the car sales growth stood at 13%. In 2022, sales were down 12% for the full year.

☆ Exclusive: Volvo readies EV blitz in biggest product revamp under Geely
▼ + stars: | 2023-02-02 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

[1/5] A Volvo S60 is displayed during the inauguration of Volvo Cars first U.S. production plant in Ridgeville, South Carolina, U.S., June 20, 2018. The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford Motor Co (F.N) in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

☆ Volvo Cars' sales growth accelerates to 12% in November
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Dec 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars. "Overall underlying demand for the company's cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars," it said in a statement. The sales growth accelerated compared with October when it was 7%. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 20% of sales, up from 15% the previous month. Recharge models, including those not fully electric, accounted for 42%, up from 37%.

☆ Geely's Zeekr plans electric vehicle sales in Europe in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Zeekr 001 electric vehicle (EV) by Geely is seen displayed at the Zeekr booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, Nov 2 (Reuters) - Zhejiang Geely Holding Group's (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr's CEO said. Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). An said Geely would market its 001 electric crossover in Europe next year. The base model Zeekr 001 sells for the equivalent of $41,000 in China compared with $40,000 for the Tesla (TSLA.O) Model Y after a recent price cut.

☆ Volvo Cars' sales up 7% in October on "robust" underlying EV demand
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Nov 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars. "Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars," it said in a statement. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%. The group last week reported a drop in quarterly operating profit as higher costs bite and predicted slightly lower wholesale volumes in 2022 than last year.

Oct 27 (Reuters) - Swedish automaker Volvo Cars (VOLCARb.ST) expects lower wholesale volumes this year, it said on Thursday as it reported a drop in third-quarter operating profit, hit by higher costs and lower volumes. The Gothenburg-based company now expects 2022 wholesale volumes to be "slightly lower" compared with the year before, down from a previous forecast for better wholesales volumes than in 2021. In addition, Volvo said it had been forced to conduct spot buying of semiconductors to fill production shortfall and logistics costs, in addition to mounting raw material costs that all hurt its operating profit. Only this week, the shortage saw Volvo having to shut one of its Swedish factories for a week. Stockholm-listed Volvo, majority owned by Chinese automotive company Geely Holding [RIC:RIC:GEELY.UL], said its quarterly operating profit fell to 2.1 billion Swedish crowns ($193.41 million) from 3.3 billion a year ago.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

Search resuls for: "Geely Holding"

15 mentions found