|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||1.6500 - 1.6900|
|52 Week Range||1.2600 - 3.1200|
|Beta (3Y Monthly)||0.61|
|PE Ratio (TTM)||7.71|
|Forward Dividend & Yield||0.04 (1.84%)|
|1y Target Est||N/A|
Swedish carmaker Volvo, which is owned by China's Geely, is cutting several hundred jobs, Swedish radio reported on Friday citing sources. "As a growing company Volvo Cars is constantly reviewing its cost base. This becomes even more important in light of the headwinds the industry is facing and Volvo Cars is now increasing its focus on costs related to staffing and bought services," the company said in an emailed statement.
Geely, China's highest profile car maker with investments in Volvo and Daimler, launched a premium all-electric car brand "Geometry" on Thursday as it pushes ahead with its plans to boost production of new energy vehicles. The move comes as automakers race to develop vehicles powered by means other than petrol to meet an expected rise in demand as the world's top car market enforces official production quotas designed to reduce smog. Geometry will take overseas orders but will mainly focus on the Chinese market and will launch more than 10 pure electric models in multiple segments by 2025, Geely said in a statement on Thursday.
FRANKFURT/BEIJING (Reuters) - Daimler will build its next generation of Smart electric cars in China through a joint venture with Geely, as a way to increase economies of scale in a market segment that is struggling to turn a profit. China's Geely built a stake of almost 10 percent in Daimler last year, saying it wanted to forge an alliance to develop electric and self-driving cars to better compete against new competitors such as Uber and Google. Daimler said on Thursday it would build the next generation of Smart-branded city cars at a purpose-built factory in China, and planned to share its expertise in manufacturing, engineering and design with Geely.
Both Daimler and Geely declined a Reuters request for comment. Last year, Geely built up an almost 10 percent stake in Daimler in a $9 billion bet by its chairman and became the biggest shareholder in Daimler.
China's Geely Automobile Holdings said on Thursday that it will invest more in new energy vehicles and higher-end models after forecasting flat sales in 2019 due to uncertainty about domestic demand. Geely, China's highest profile car maker globally thanks to the Geely group's investments in Volvo and Daimler, sold 1.5 million cars last year, 20 percent higher than the figure for 2017.
Geely, China's highest profile car maker globally thanks to the Geely group's investments in Volvo and Daimler, sold 1.5 million cars last year, 20 percent higher than the figure for 2017. It achieved a record net profit of 12.55 billion yuan ($1.88 billion) in 2018, an 18 percent jump from the previous year.
Volvo Cars will pay a dividend of 2.9 billion Swedish crowns ($311 million) after record sales in 2018, the company said on Thursday, with almost all of it slated to boost the coffers of its debt-laden Chinese parent Geely. The payment comes as carmakers are grappling with the fallout of trade wars, rising costs for developing electric and driverless cars, and an industry downturn that has dented even the most profitable companies. The trade war caused Volvo to postpone plans for a listing last year and generated additional costs to retool its factories to limit the tariff impact.
Zhejiang Geely Holding's Chairman, Li Shufu, said on Wednesday China's automotive industry faces restructuring and bankruptcies in the next three to five years as the industry transforms. Li made the comments ...
Chinese-owned Volvo Cars reported a fall in 2018 profit margins as a prolonged trade war between Washington and Beijing pushed up costs and resulted in pricing pressure in its main market China. The Swedish carmaker, owned by China's Geely, will increase volumes and cut operational costs to try to offset the impact on margins that is expected to persist this year, CEO Hakan Samuelsson told Reuters. "We have a very, very strong product offering and a modest market share outside Sweden, so we are expecting and planning for further growth," Samuelsson said.
FRANKFURT/STOCKHOLM (Reuters) - Volvo Cars, owned by China's Geely , could in future seek external investors for its Polestar performance electric car brand and list the unit on the stock market but has no immediate plans to do so, the company said on Thursday. Germany's Capital magazine had earlier quoted Volvo Chief Executive Hakan Samuelsson as saying that Polestar could tap financial investors to help stem the costs of developing new electric powertrains as a precursor to listing.
Volvo Cars, which is owned by China's Zhejiang Geely Holding Group [GEELY.UL], is voluntarily recalling about 200,000 cars after it found an engineering issue that could potentially cause fuel leakage in the engine compartment over time. The group said its probe had identified that some vehicles may have small cracks inside one of the fuel lines in the engine compartment, which along with a pressurized fuel system may over time lead to fuel leakage in the engine compartment. About 219,000 cars of 11 different models produced in 2015 and 2016 had been affected, the Swedish company said, with the highest number of impacted cars in Sweden, the UK and Germany.
BEIJING/SHANGHAI (Reuters) - The Chinese owner of Lotus plans to start producing the British sports car brand in China for the first time with the opening of a new 9 billion yuan ($1.3 billion) factory in Wuhan city, company job advertisements and government documents showed. The previously unreported plans are Zhejiang Geely Holding Group's [GEELY.UL] first move to shake up the British brand since its purchase of a majority stake in 2017. The move is in line with Geely's ambitions to build more up-market cars and throw off its reputation for copycat designs and shoddy quality.
BEIJING/SHANGHAI (Reuters) - China's Geely Group [GEELY.UL] said it has not sold any shares in Daimler AG (DAIGn.DE), denying a Bloomberg report that the Chinese firm had slashed its 9.7 percent stake in the German carmaker by more than half. "As a long-term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged," a Hangzhou-based spokesman for Geely told Reuters on Friday.
Chinese billionaire Li Shufu's Geely Group cut its 9.7 percent stake in carmaker Daimler AG by more than half, Bloomberg reported on Friday, citing people familiar with the matter. Li had taken a 9.69 ...
STOCKHOLM/LOS ANGELES (Reuters) - Volvo Cars, owned by China's Geely, has no current plans to go for a stockmarket listing, its chief executive said, more than two months after the Swedish carmaker postponed its flotation blaming trade tensions and an automotive stocks downturn. Volvo and its parent had been working on an initial public offering, potentially valuing the carmaker at $16 billion to $30 billion. "There are no plans or time schedule for entering into the equity market," Chief Executive Hakan Samuelsson told Reuters on the sidelines of the Los Angeles Auto Show on Wednesday.
Volvo Cars has decided to delay building Lynk & Co branded cars at its plant at Ghent in Belgium because of increased macro-economic uncertainty, a spokesman for the Geely-owned [GEELY.UL] Swedish carmaker said on Friday. Lynk & Co, co-owned by Volvo's owner and its two brands Volvo and Geely Auto, began selling its first model in China last year. The vehicle is currently produced at a Volvo-operated plant in Taizho in China.
Chinese automaker Zhejiang Geely Holding Group [GEELY.UL] said on Tuesday it signed an agreement with China Aerospace Science and Industry Corp (CASIC) [SASAAI.UL] to jointly develop "supersonic" trains in the country. The strategic framework agreement aims to combine two technologies – magnetic levitation to eliminate ground friction, and vacuum tubes to reduce air resistance – to achieve a "hypersonic" mode of transportation, Geely said in a statement. China runs the world's longest high-speed rail line and is looking to build its own supersonic transport network.
China's Geely Automobile Holdings posted an 18 percent jump in annual net profit, driven by higher sales of its sedans and sports utility vehicles (SUVs). But, as Francis Maguire reports, Geely forecast flat sales growth in 2019 due to uncertainty about domestic demand.
The Chinese owner of Lotus plans to start producing the British sports car brand in China for the first time with the opening of a new 9 billion yuan ($1.3 billion) factory in Wuhan city, company job advertisements and government documents showed. Laura Frykberg reports.