Geely Automobile Hldgs에 대한 매도 수량은 투자자에게 Geely Automobile Hldgs의 주식 하락에 베팅하는 정도를 알려줍니다. 매도 수량 데이터는 2주마다 업데이트됩니다.

Geely Automobile Hldgs (OTC:GELYY) 주식, 공매도 수량 보고

Geely Automobile Hldgs

Based in Hangzhou, Zhejiang province, Geely Automobile Holdings manufactures and sells passenger vehicles and automotive parts. Geely is the largest local brand manufacturer and the third largest passenger vehicle brand in terms of sales volume in China. The firm formed a joint venture with Volvo in 2016 to build cars under the Lynk & Co brand. The brand targets a young audience with sales and marketing approaches closely resembling those of modern lifestyle brands. Including Lynk & Co, Geely sold about 1.7 million cars in 2023. The domestic market accounts for more than 80% of Geely's revenue, with the rest coming from other parts of the world.

Equities

News

Media

General

BYDDY

GELYY

HYMTF

RNSDF

TSLA

VOLVF

지리 자동차 홀딩스(OTC:GELYY)는 2026년까지 최초의 프리미엄 전기차(EV)를 한국에 공개할 예정인 것으로 알려졌으며, 이는 여전히 현대자동차(OTC:HYMTF)와 기아차가 지배하고 있는 시장에 중국 자동차 제조업체들이 침투하려는 노력을 의미한다.

중국의 지리 자동차, 2026년까지 한국 프리미엄 전기차 출시 목표: 보도

Markets

Tech

지난 금요일 주식 상장 첫날, 중국의 ZEEKR Intelligent Technology Holding Limited(NYSE:ZK) 의 뉴욕 상장주는 기존 공개매수 가격 대비 약 35% 높은 가격으로 마감했다.  



어떤 일이 있었나: ZEEKR은 미국의 21백만 개의 미국 예탁증서 주식을 1주당 21달러의 가격으로 책정했다. 



금요일, 중국의 전기차 기술 브랜드인 ZEEKR의

중국의 전기차업체 지커가 뉴욕 거래소 상장 첫날 35% 급등, 시가 총액 68억 달러에 도달

GEELY AUTOMBL HL UNSP/ADR by Geely Automobile Holdings Ltd.

Geely Automobile Holdings Ltd

The European Union has decided to slash <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">tariffs on electric cars</a> made by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in China, a move that could potentially reshape the electric car market in the region.
What Happened: The EU has <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_24_4301">lowered</a> the tariffs on Tesla&#8217;s China-made electric vehicles, setting them significantly lower than those imposed on other electric car manufacturers.
The European Commission&#8217;s decision comes two months after the EU raised tariffs on electric cars imported from China, citing unfair state subsidies.
Initially set at 20.8%, the tariff on Tesla&#8217;s China-made vehicles has now been reduced to 9% by the European Commission, the EU&#8217;s executive arm. This is in addition to the existing EU duty of 10% on all electric vehicle imports, but it still remains considerably lower than the additional tariffs imposed on other Chinese automakers, ranging from 17% to 36.3%.
The European Commission stated that the new tariff reflects the level of subsidies Tesla receives in China. This decision could potentially give Tesla a competitive edge in the European market.
The Chinese state-owned carmaker SAIC Motor, owner of the iconic MG brand, has been slapped with an additional 36.3% tariff, designated for "non-cooperating companies," according to the European Commission. 
Geely Automobile (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), which owns Volvo, faces an extra 19.3% tariff, while cars produced by BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), currently competing with Tesla for the title of the world&#8217;s top battery EV seller, are now subject to an additional 17% duty.
See Also: <a href="https://www.benzinga.com/news/24/08/40306075/tesla-cybertruck-lead-engineer-confirms-rear-wheel-drive-variant-of-stainless-steel-truck-has-not-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Cybertruck Lead Engineer Confirms Rear-Wheel Drive Variant Of Stainless Steel Truck Has Not Been Canceled</a>
Why It Matters: The reduction in tariffs for Tesla vehicles comes amid a broader context of trade tensions between the EU and China. In June, Chinese carmakers reportedly <a href="https://www.benzinga.com/news/24/06/39397202/chinese-carmakers-urge-beijing-to-increase-tariffs-on-eu-gasoline-cars-in-retaliation-for-ev-tariffs">urged Beijing to increase tariffs</a> on European gasoline-powered cars in retaliation for the EU&#8217;s tariffs on Chinese EVs. 
The European Union has proposed tariffs of up to 38.1% on Chinese electric vehicles, which EU leaders framed as a <a href="https://www.benzinga.com/news/24/06/39434833/europes-ev-tariffs-seen-as-minor-speed-bump-for-byd">measure to counter unfair competition</a>. However, investors see these additional costs as a minor hurdle for China&#8217;s leading EV manufacturers.
In July, Chinese EV makers began pivoting to alternative markets such as Africa, Southeast Asia, and South America, amid the tariff hurdles imposed by the EU and the U.S. This strategic shift was seen as a way to mitigate the <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">impact of protectionist policies</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/government/24/08/40441110/whats-going-on-with-chinese-ev-stocks-nio-xpeng-and-li-auto-on-monday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Chinese EV Stocks, Nio, XPeng And Li Auto On Monday?</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

BYDDF

GELYF

Elon Musk's Tesla Gets A Breather As EU Slashes Tariffs On Its China-Made EVs Even As SAIC, Geely, And BYD Face Hefty Duties

Chinese auto conglomerate Geely&#8217;s luxury EV brand Zeekr Intelligent Technology Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) is reportedly exploring manufacturing cars in European factories associated with its parent company to circumvent <a target="_blank" href="https://www.benzinga.com/topic/european-union" rel="noreferrer noopener">European Union</a> tariffs and expand its global presence.
Currently, all Zeekr vehicles are produced in China and face a 19.9% duty on EU imports, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-19/geely-s-zeekr-considers-building-evs-in-europe-to-avoid-tariffs?srnd=phx-industries&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Zeekr Chief Executive Officer Andy An stated in an interview that they are actively working on localizing production in Europe, with plans to utilize existing facilities within the Geely group or its European partners rather than building new factories.
Local manufacturing in other regions is also being considered. Geely has Volvo Cars AB (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLVCY#OTC">VLVCY</a>) plants in Sweden and Belgium and a London Electric Vehicle Co. base in the U.K.
Zeekr&#8217;s potential move to local manufacturing aims to mitigate the impact of escalating political tensions and increased tariffs on China-made <a target="_blank" href="https://www.benzinga.com/news/24/07/39787139/chinese-ev-thrive-despite-tariff-hikes-foreign-rivals-struggle" rel="noreferrer noopener">cars in the EU, U.S., and Turkey.</a>
Zeekr is accelerating its international expansion, with deliveries beginning this year in the Middle East, Latin America, and Southeast Asia.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39646620/chinas-geely-targets-south-korea-for-premium-ev-debut-by-2026-report" rel="noreferrer noopener">China&#8217;s Geely Targets South Korea For Premium EV Debut By 2026: Report</a>
Sales in Japan and South Korea are expected to start next year. The <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38756035/chinas-zeekr-prices-us-ipo-at-top-end-of-estimated-range-whats-on-the-cards" rel="noreferrer noopener">company went public in the U.S. in May</a>, but its stock has declined, losing about $2.5 billion in value as global EV demand slows.
Despite this, An remains optimistic about achieving profitability by Hong Kong accounting standards this year. The company delivered 20,106 vehicles in June, marking an 89% increase <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39575056/why-is-chinese-ev-maker-zeekr-stock-surging-today" rel="noreferrer noopener">compared to the same month last year</a>.
Zeekr launched its 009 minivan in Hong Kong, featuring single-motor versions with a range of up to 740 kilometers and starting at 439,000 yuan, the report highlighted.
To promote sales, Zeekr offers a referral program with incentives like one year of free private jet travel for those who refer five buyers of the 009 Grand version.
The 009&#8217;s design aims to combine luxury and technology, inspired by airplane interiors and featuring massage seats and individual climate controls.
Price Action: ZK shares are trading lower by 1.89% at $17.97 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock

VLVCY

Chinese EV Brand Zeekr Eyes European Manufacturing To Avoid EU Tariffs: Report

Geely Automobile Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) is reportedly set to unveil its first premium electric vehicle (EV) to South Korea by 2026, marking an effort by Chinese carmakers to penetrate a market still dominated by Hyundai Motor Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia Corp.
Geely&#8217;s luxury EV brand, Zeekr Intelligent Technology Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>), which<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38756035/chinas-zeekr-prices-us-ipo-at-top-end-of-estimated-range-whats-on-the-cards" rel="noreferrer noopener"> recently went public in the U.S.,</a> plans to open showrooms in Seoul and Gyeonggi province by the end of next year, with deliveries starting in early 2026, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-05/geely-plans-to-introduce-zeekr-ev-brand-in-korea-by-early-2026?srnd=industries-v2&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The first model expected to hit the South Korean market is the Zeekr 001, an EV with a range of up to 620 kilometers (385 miles) per charge. However, these plans are not yet finalized, the report added.
Chinese automakers face challenges due to South Korea&#8217;s new rule favoring EVs with higher recycled metal content, disadvantaging those using LFP batteries, common in Chinese vehicles.
Nevertheless, Geely and other Chinese brands like BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) are eyeing South Korea amid <a target="_blank" href="https://www.benzinga.com/news/24/06/39306681/fresh-eu-tariffs-could-slow-down-tesla-chinese-rivals-but-warren-buffett-backed-byd-can-profitably-e" rel="noreferrer noopener">high tariffs in Europe and the U.S.</a>
Related Read:<a target="_blank" href="https://www.benzinga.com/news/24/07/39592293/tesla-rival-byds-ev-sales-jump-21-in-q2-details" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/news/24/07/39592293/tesla-rival-byds-ev-sales-jump-21-in-q2-details" rel="noreferrer noopener">Tesla Rival BYD&#8217;s EV Sales Jump 21% In Q2: Details</a>
In 2022, Geely acquired a 34% stake in Renault&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>) Korean unit, deepening their collaboration on eco-friendly models.
Additionally, the Polestar 4, an electric SUV from Geely-controlled Volvo AB (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VOLVF#OTC">VOLVF</a>), will be produced at Renault Korea&#8217;s Busan plant starting in late 2025.
Geely has partnered with Korea&#8217;s SK Group for battery development and Posco International Inc. for the sales and servicing of its commercial vehicles in the country.
This reflects a strategic effort to establish a strong foothold in the South Korean EV market.
The report quoted Lee Hang-Koo, head of the Jeonbuk Institute of Automobile Convergence Technology, who noted significant demand for premium EVs in South Korea.
Price Action: GELYY shares closed higher by 2.67% at $22.66 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/06/39253633/volvo-car-shifts-ev-production-to-belgium-from-china-as-eu-tariff-threat-looms-report" target="_blank" rel="noreferrer noopener">Volvo Car Shifts EV Production To Belgium From China As EU Tariff Threat Looms: Report</a></li>
</ul>

China's Geely Targets South Korea For Premium EV Debut By 2026: Report

Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) reported a significant drop in its U.S. sales during the second quarter of 2024, continuing a trend of declines in recent periods. The company, which owns Jeep, Ram, Chrysler, Dodge and Fiat, saw a more substantial decline compared with previous periods. STLA last reported a quarterly sales increase in the second quarter of 2023.
In the second quarter of 2024, Stellantis reported U.S. sales of 344,993 vehicles, representing a 21% decrease from the 434,648 units sold in the year-ago period.
Among STLA&#39;s U.S. brands, only the low-volume Fiat and Alfa Romeo showed a year-over-year sales rise in the second quarter. The sales of Jeep, Ram, Chrysler and Dodge decreased 19%, 26%, 19% and 17%, respectively, compared with the same period in 2023. Alfa Romeo sales rose 8% year over year. Fiat sold 316 vehicles compared with 144 sold in the year-ago quarter.
The Jeep Wagoneer and Grand Wagoneer, more expensive and profitable models of Stellantis, saw substantial year-over-year sales growth, with an increase of 107% and 24%, respectively. Moreover, retail sales for the Jeep Wrangler, Grand Cherokee and Compass models rose 24%, 12% and 15%, respectively, from the previous quarter of 2024.
Stellantis also highlighted its strong performance with plug-in hybrid models. The Jeep Wrangler 4xe, Jeep Grand Cherokee 4xe, Dodge Hornet R/T and Chrysler Pacifica Hybrid remained four of the top five best-selling plug-in hybrids in the United States.
Per Matt Thompson, head of U.S. retail sales for Stellantis, the company&#39;s efforts in the first half of the year, which includes a multi-energy strategy and pricing adjustments across its brands, have resulted in significant momentum. The second quarter experienced a 4% increase in total U.S. sales and market share compared with the previous quarter.
To boost sales, STLA recently launched a national Summer Select Inventory Bonus Cash incentive campaign, offering up to $2,000 cash back on many of its models.
The sales team leadership at Stellantis has seen significant changes recently, with many executives leaving various roles in North America. For example, Matt Thompson replaced Jason Stoicevich as senior vice president of U.S. retail sales shortly after Stoicevich&#39;s brief tenure.
Stellantis&#39; news release did not mention the cyberattack on CDK Global, which impacted about half of U.S. dealers, including those selling Stellantis vehicles. This attack forced some dealers to use paper records.
<h3>Zacks Rank &amp; Key Picks</h3>
STLA currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>), Geely Automobile Holdings Limited&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) and American Axle &amp; Manufacturing Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axl#NYSE">AXL</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.63%. The EPS estimates for 2024 and 2025 have improved 21 cents and 34 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL&#39;s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 20 cents in the past 30 days.
<a href="https://www.zacks.com/stock/news/2296577/stellantis-stla-q2-us-sales-fall-despite-strategic-shifts?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2296577">To read this article on Zacks.com click here.</a>

Earnings

Small Cap

Analyst Ratings

Trading Ideas

BLBD

STLA

Stellantis Q2 US Sales Fall Despite Strategic Shifts

General Motors Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) reported its best quarterly sales in the United States in more than three years, with significant increases in full-size pickup trucks and EVs.
The automaker sold 696,086 units in the second quarter, rising 0.6% year over year and the highest since the fourth quarter of 2020.
EV deliveries rose 40% year over year to 21,930 units, comprising only 3.2% of total second-quarter sales. The year-over-year rise in EV sales was fueled by electric Hummer, which sold 2,929 units in the second quarter compared with 47 units in the year-ago period. LYRIQ is rapidly gaining traction in the EV market, with second-quarter sales increasing 26% compared with the first quarter.
GM sold approximately 229,000 full-size pickup trucks, up 6% year over year, marking the highest quarterly sales since 2021.
However, General Motors&#39; total sales for the first half of the year were down 0.4% year over year, totaling around 1.3 million vehicles.
GM&#39;s second-quarter sales are projected to be slightly above the overall industry. Cox Automotive and Edmunds, both auto industry forecasters, anticipate second-quarter sales industrywide, including Jul 1, 2024, to remain roughly level from a year earlier due to slowing retail demand.
The automaker is making a strong push on SUVs and plans to release eight all-new or redesigned internal combustion engine SUVs by the end of the year.
A significant unknown factor in the second quarter is the impact of cyberattacks on dealer software provider CDK Global. The Jun 19, 2024, ransomware attack forced CDK, a market leader, to shut down its dealer management system, affecting nearly half of all dealerships in North America.
Per GM, dealers using the CDK platform are striving to meet high customer demand despite challenging conditions. Some deliveries might be delayed until the third quarter.
Dealers, including the largest publicly traded ones, were compelled to delay sales or find workarounds due to the attacks.
Per Automotive News, five out of the six major publicly traded franchised dealership groups use CDK as their primary dealership management system provider. Those dealership groups include Asbury Automotive Group, AutoNation Inc., Group 1 Automotive Inc., Lithia Motors Inc. and Sonic Automotive Inc.
The Hyundai brand reported sales of 214,719 vehicles in the second quarter, rising 2.2% from the year-ago quarter.
Kia, which releases sales figures monthly, saw a 6.5% decline in June sales. For the first half of the year, Kia&#39;s sales were down approximately 2%, totaling 386,460 vehicles.
<h3>Zacks Rank &amp; Key Picks</h3>
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>), Geely Automobile Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) and American Axle &amp; Manufacturing Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/axl#NYSE">AXL</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.63%. The EPS estimates for 2024 and 2025 have improved 21 cents and 34 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL&#39;s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 20 cents in the past 30 days.
<a href="https://www.zacks.com/stock/news/2296575/general-motors-gm-q2-us-deliveries-rise-on-strong-ev-sales?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2296575">To read this article on Zacks.com click here.</a>

General Motors Q2 US Deliveries Rise on Strong EV Sales

Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) shares are trading lower <a href="https://www.benzinga.com/premarket">premarket on Friday.</a>
Stellantis, in response to new tariffs on electric vehicles (EVs) by the European Union, is considering relocating the production of some Leapmotor models from China to Europe, aimed at mitigating the potential financial impact of increased import costs.
Carlos Tavares, CEO of Stellantis, highlighted that the company might expedite the assembly transfer of certain Leapmotor vehicles to their European factories, a move discussed as early as last month due to growing global trade tensions, reported <a href="https://www.bloomberg.com/news/articles/2024-06-14/stellantis-may-move-some-chinese-ev-output-to-europe-on-tariffs?srnd=industries-v2&amp;sref=TBDibEcD">Bloomberg</a>.
The European Union has recently informed automakers, including BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), and SAIC Motor Corp, of <a href="https://www.benzinga.com/markets/asia/24/06/39289537/whats-going-on-with-chinese-ev-stocks-nio-li-auto-xpeng-on-wednesday">additional levies on EV imports </a>following a probe that concluded that these manufacturers benefited from state subsidies in violation of trade rules.
This development has not only led to stringent financial measures but also elicited a strong reaction from China, <a href="https://www.benzinga.com/news/24/06/39291257/china-vows-to-firmly-safeguard-interests-against-new-eu-tariffs-as-ev-makers-experts-give-mixed-reac">which may result in retaliatory actions.</a>
Under the new regulations, BYD will face an additional 17.4% tariff, and SAIC will endure a staggering 38.1% rate, on top of the existing 10% charge. 
Also Read: <a href="https://www.benzinga.com/news/24/06/39309100/tesla-warns-of-model-3-price-hike-in-eu-due-to-tariffs-recommends-customers-to-take-delivery-in-june">Tesla Warns Of Model 3 Price Hike In EU Due To Tariffs</a>
These levies vary based on each manufacturer&#8217;s cooperation with the EU investigation, affecting other <a href="https://www.benzinga.com/news/24/06/39306681/fresh-eu-tariffs-could-slow-down-tesla-chinese-rivals-but-warren-buffett-backed-byd-can-profitably-e">carmakers with a weighted average rate.</a>
The EU's provisional duties are set to commence on July 4, with official implementation in November.
Stellantis previously mentioned that its facility in Tychy, Poland, known for producing the Jeep Avenger, could potentially become a <a href="https://www.benzinga.com/news/24/03/37894950/chinas-leapmotor-teams-up-with-stellantis-for-electric-car-production-in-poland-report">production site for Leapmotor vehicles</a>, aligning with the company's broader strategy to adapt to global market changes and regulatory environments.
On Thursday, Stellantis confirmed its 2024 guidance of double-digit Adjusted Operating Income (AOI) margin, positive industrial free cash flows, and a capital return plan of<a href="https://www.benzinga.com/markets/equities/24/06/39308435/whats-going-on-with-chrysler-parent-stellantis-stock-today"> at least 7.7 billion euros through dividends and buybacks</a>.
STLA Price Action: STLA shares are down 4.13% at $20.21 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38915013/volkswagens-audi-partners-with-saic-for-new-ev-platform-in-china">Volkswagen&#8217;s Audi Partners With SAIC For New EV Platform In China</a>
Photo courtesy of Wikimedia

Movers

What's Happening With Chrysler-Parent Stellantis Stock On Friday?

Volvo Car AB (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLVOF#OTC">VLVOF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VLVCY#OTC">VLVCY</a>) has reportedly initiated the transfer of its Chinese-made electric vehicle production to Belgium in response to impending European Union tariffs on China-manufactured EVs.
The company plans to move the assembly of the EX30 and EX90 models, along with some U.K.-bound models, to Belgium.
Volvo, owned by Zhejiang Geely Holding Group Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), faces significant exposure to these potential tariffs, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-09/volvo-shifts-ev-production-from-china-to-belgium-times?srnd=industries-consumer&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>, citing the Times.
Ongoing trade disputes between the EU and China have prompted several anti-dumping investigations against Beijing, alleging unfair subsidies.
The EU is expected to announce this week whether it will impose provisional tariffs starting July 4, increasing import duties above the current 10% level.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38943461/ford-endorses-bidens-emission-rules-even-as-republicans-oppose-report" rel="noreferrer noopener">Ford Endorses Biden&#8217;s Emission Rules Even As Republicans Oppose: Report</a>
According to the report, a Volvo spokesperson stated, &#8220;The decision to also build the EX30 in Ghent reflects our ambition to build our cars where we sell them as much as possible.&#8221; The company had previously disclosed the additional capacity in Belgium.
China accused the EU of attempting to &#8220;suppress&#8221; Chinese companies and vowed to protect its interests.
According to Xinhua News Agency, Commerce Minister Wang Wentao described the accusations as baseless and urged the EU to abandon trade protectionism in favor of dialogue and cooperation.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38923402/bmw-mini-cooper-imports-linked-to-banned-chinese-components-report" target="_blank" rel="noreferrer noopener">BMW Mini Cooper Imports Linked To Banned Chinese Components: Report</a>
Photo via Shutterstock

VLVOF

Volvo Car Shifts EV Production To Belgium From China As EU Tariff Threat Looms: Report

<ul>
<li>ST&#39;s third generation SiC MOSFETs help increase the powertrain efficiency for Geely Auto Group battery electric vehicles.</li>
<li>Innovation Joint Lab set up to support the development of smart, electrified and connected cars.</li>
</ul>

Geely Auto And STMicroelectronics Signed A Long-Term SiC Partnership For NEV Transformation And Innovation

China is reportedly set to allocate more than 6 billion yuan ($830 million) to a state-led initiative aimed at advancing solid-state battery technology, in <a href="https://www.benzinga.com/markets/asia/24/05/39029234/china-a-lost-market-for-nvidia-amd-the-asian-superpower-reportedly-sets-up-biggest-semiconductor-fun">addition to its recent investments</a> aimed at bolstering its domestic semiconductor industry. 
What Happened: Six firms are eligible to receive state funding to work on the solid-state battery technology, Reuters reported, citing a person familiar with the matter. Battery maker and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) supplier CATL, Nio, Inc.-backed (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) WeLion New Energy Technology, BYD Co Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), FAW, SAIC, and Geely Automobile Holding&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) are the potential participants of the project.
Compared to traditional lithium-ion batteries that use flammable liquid electrolytes, solid-state batteries offer enhanced safety, longer lifespans, and faster charging. However, widespread adoption has been hindered by challenges in raw material availability, complex manufacturing processes, and high costs, the report noted. 
See Also:&nbsp;<a href="https://www.benzinga.com/money/best-electric-vehicle-stocks" target="_blank" rel="noreferrer noopener">Best EV Stocks</a>
Why It Matters: While the upfront cost of research is significant, analysts predict a domino effect. Increased investment in R&amp;D will encourage companies across the entire EV supply chain to ramp up their own efforts. This could ultimately unlock a multi-trillion yuan market and contribute to global sustainability goals.
Nio&#8217;s <a href="https://www.benzinga.com/markets/equities/24/03/37692176/teslas-chinese-rival-nio-and-catl-forge-partnership-to-extend-battery-lifespan-report" target="_blank" rel="noreferrer noopener">semi-solid-state battery</a>, unveiled in 2021, marked a significant step forward, while CATL is targeting small-scale production of all-solid-state batteries by 2027. Sunwoda, another Chinese battery maker, claims to have developed all-solid-state batteries with energy densities exceeding 400 Wh/kg, according to the report.
Earlier this week, it was reported that China set up its largest-ever semiconductor investment fund with Big Fund III, having collected 344 billion yuan (about $48 billion). 
Earlier this month, President Joe Biden <a href="https://www.benzinga.com/markets/asia/24/05/38869518/gms-president-just-wants-a-level-playing-field-against-chinese-ev-companies-as-legacy-automaker-laun">hiked tariffs</a> on an array of Chinese imports including EV batteries, steel and aluminum, and solar products. The government imposed a 100% tariff on electric vehicles made in China, quadrupling it from the previous 25%. 
The U.S. also implemented a 25% tariff on electric vehicle batteries from China and a 25% tariff on critical minerals that go into making these EV batteries.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/05/39058309/who-really-runs-spacex-not-elon-musk-but-coo-gwynne-shotwell-reveals-report">Who Really Runs SpaceX? Not Elon Musk But COO Gwynne Shotwell, Reveals Report</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Asia

Government

Regulations

China's Pumping Big Money Not Just Into Chip Sector But Also EV Batteries: Key Tesla, Nio Suppliers Among Those Eligible To Get $830M R&D Funding

Adient (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/adnt#NYSE">ADNT</a>) reported adjusted earnings per share (ETF:EPS) of 54 cents for the second quarter of fiscal 2024. Earnings rose from 32 cents recorded in the year-ago period and outpaced the Zacks Consensus Estimate of 39 cents.
The company generated net sales of $3.75 billion, which decreased 4.1% year over year and missed the Zacks Consensus Estimate of $3.83 billion.
<div class="chart_embed">
<h3>Adient Price, Consensus and EPS Surprise</h3>
<a href="https://www.zacks.com/stock/chart/ADNT/price-consensus-eps-surprise-chart?icid=chart-ADNT-price-consensus-eps-surprise-chart"><img alt="Adient Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ae/1715598026.png" style="height:268px; width:574px" title="" /> </a>
Adient price-consensus-eps-surprise-chart | Adient Quote
</div>
<h3>Segmental Performance</h3>
Adient currently operates through three reportable segments &mdash; Americas, including North America and South America; Europe, which includes the Middle East and Africa (EMEA); and Asia Pacific/China (Asia). 
In the reported quarter, the Americas segment recorded revenues of $1.66 billion, which declined 5.7% from the year-ago period and missed the Zacks Consensus Estimate of $1.80 billion. The segment recorded an adjusted EBITDA of $80 million, which increased from $72 million recorded in the prior-year quarter and beat the Zacks Consensus Estimate of $75 million, driven by improved business performance and commodity tailwind. 
The EMEA segment registered revenues of $1.37 billion, which declined 2.2% year over year and missed the Zacks Consensus Estimate of $1.38 billion. The segment recorded EBITDA of $57 million, which was higher than the $53 million generated in the year-ago period. It also outpaced the Zacks Consensus Estimate of $53 million on the back of improved business performance and net commodity benefits. 
In the fiscal second quarter, revenues in the Asia segment came in at $742 million, which declined 4.1% year over year and missed the Zacks Consensus Estimate of $774 million. The segment&#39;s adjusted EBITDA fell 0.8% year over year to $112 million due to unfavorable volume and product mix.
<h3>Financial Position</h3>
Adient had cash and cash equivalents of $905 million as of Mar 31, 2024, compared with $1.11 billion as of Sep 30, 2023. 
As of Mar 31, 2024, long-term debt amounted to $2.4 billion. 
Capital expenditures totaled $69 million compared with $56 million in the prior-year quarter. 
During the quarter under review, ADNT repurchased nearly 1.5 million shares for $50 million.
<h3>Revised Guidance 2024</h3>
Adient envisions fiscal 2024 revenues in the range of $14.8-$14.9 billion, down from the previous guidance of $15.40-$15.50 billion. Adjusted EBITDA is estimated in the range of $900-$920 million, down from the prior guidance of $985 million. Equity income is projected to be $80 million, up from the previous guidance of $70 million.
Free cash flow is anticipated to be $250 million, down from the previous guidance of $300 million. Capex and cash tax are estimated between $310 million and $105 million, respectively. The company expects interest expenses to be $185 million.
<h3>Zacks Rank &amp; Key Picks</h3>
ADNT currently carries a Zacks Rank #5 (Strong Sell). 
Some better-ranked players in the auto space are Geely Automobile Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>) and Oshkosh Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/osk#NYSE">OSK</a>), each sporting a Zacks Rank #1 (Strong Buy) at present. 
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 60 days. 
The Zacks Consensus Estimate for OSK&#39;s 2024 sales and earnings suggests year-over-year growth of 9.86% and 10.72%, respectively. The EPS estimates for 2024 and 2025 have improved 73 cents and 70 cents, respectively, in the past 30 days.
<a href="https://www.zacks.com/stock/news/2272607/adient-adnt-q2-earnings-beat-estimates-guidance-revised?cid=CS-BENZ-FT-analyst_blog|earnings_article-2272607">To read this article on Zacks.com click here.</a>

Earnings Beats

Guidance

ADNT

Adient Q2 Earnings Beat Estimates, Guidance Revised

New York-listed shares of ZEEKR Intelligent Technology Holding Limited&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>) closed nearly 35% higher than <a href="https://www.benzinga.com/markets/equities/24/05/38756035/chinas-zeekr-prices-us-ipo-at-top-end-of-estimated-range-whats-on-the-cards">its initial public offering price</a> on its first day of trading on Friday. 
What Happened: ZEEKR, the global electric mobility technology brand of Chinese automaker&nbsp;Geely Automobile&nbsp;Holding&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), had priced its U.S. initial public offering (IPO) of&nbsp;21 million American Depositary Shares (ADS) at&nbsp;$21&nbsp;per share. 
The shares of Tesla Inc&#8217;s Chinese rival closed at $28.26 on Friday after opening at $26, giving the company a fully diluted valuation of $6.8 billion.
"There are huge demands and opportunities in the global new energy vehicle market. Zeekr is positioned as a premium electric mobility brand and is an important pillar supporting Geely's electric transformation. I believe that Zeekr will be able to seize this historic opportunity and become a sustainable business that unlocks long-term value for users, investors and society,&#8221; Geely Holding Chief Executive Daniel Li said. Geely also owns Volvo Cars and Lotus Cars.
Why It Matters: Zeekr started delivering its vehicles in October 2021, and the brand has delivered over 240,000 vehicles to date. The company has announced plans to sell vehicles in European, Middle Eastern, and other Asian markets. 
Zeekr disclosed a surge in total revenue to 51.67 billion yuan&nbsp;($7.15 billion)&nbsp;in 2023, but its net loss widened to 8.26 billion yuan.&nbsp;
Zeekr&#8217;s debut on the New York Stock Exchange comes as other U.S. EV makers have been<a href="https://www.benzinga.com/news/24/05/38699990/tesla-stock-is-sliding-wednesday-whats-going-on"> facing a stock slump</a>. Tesla stock has slumped 32.2% year-to-date while Rivian stock has slumped nearly 52.7%. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/05/38729359/hertz-customer-fumes-after-car-rental-company-charges-him-277-for-refueling-tesla-and-refuses-to-rei" target="_blank" rel="noreferrer noopener">Hertz Customer Fumes After Being Billed $277 For ‘Refueling&#8217; Tesla, Car-Rental Company Says It Will Refund ‘Erroneous&#8217; Charge</a>
Image Credits &#8211; Shutterstock

Chinese Tesla Rival Zeekr Soars 35% On NYSE Debut, Valuation Hits $6.8B

ZEEKR Intelligent Technology Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZK#NYSE">ZK</a>), the global electric mobility technology solutions brand of Chinese automaker Geely Automobile Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), priced its U.S. initial public offering (IPO) of <a href="https://www.benzinga.com/pressreleases/24/05/n38754471/zeekr-intelligent-technology-holding-limited-announces-pricing-of-its-initial-public-offering" target="_blank" rel="noreferrer noopener">21 million American Depositary Shares (ADS) at $21 per share</a>.
The shares will begin trading on May&nbsp;10, 2024, on the New York Stock Exchange under the&nbsp;ticker symbol&nbsp;&#8220;ZK.&#8221;&nbsp;
The company&nbsp;<a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1954042/000110465924057064/tm229938-32_f1a.htm" rel="noreferrer noopener">earlier&nbsp;</a>planned to sell 17.50 million ADSs with&nbsp;the&nbsp;price estimated&nbsp;between $18.00 and $21.00 per ADS.
The offering&nbsp;is expected&nbsp;to close on&nbsp;May 14, 2024, subject to customary closing conditions.&nbsp;
The company has granted the underwriters an option, exercisable for 30 days from the date of the final prospectus,&nbsp;to purchase up to an aggregate of 3.15 million additional ADSs at the IPO price.
The total gross proceeds of the offering&nbsp;are expected&nbsp;to be approximately&nbsp;$441.0 million and $507.2 million&nbsp;if the underwriters choose to&nbsp;exercise their over-allotment option in full.
The IPO gives Zeekr a fully diluted valuation of $5.5 billion, while on a non-diluted basis, the company&nbsp;is valued&nbsp;at about $5.1 billion. The company closed orders from investors a day earlier due to strong demand, according to a report from Reuters.
Strategic investors, including Geely Automobile, Contemporary Amperex Technology Co Ltd, and&nbsp;Mobileye Global&nbsp;Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), accounted for $300 million worth of stock sold in the IPO, the report noted.&nbsp;
The IPO was multiple times&nbsp;oversubscribed&nbsp;but analysts&nbsp;doubt&nbsp;an imminent surge of Chinese listings in New York, Reuters noted.&nbsp;
Zeekr&#8217;s strong demand for IPO comes amid a fierce EV price war in China, prompting companies like Zeekr,&nbsp;BYD&nbsp;Company&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), SAIC Motor Corp Ltd, and Great Wall Motor to expand into Europe.
While Zeekr&#8217;s IPO valuation represents a decrease from its previous valuation, the company has shown growth, delivering its first vehicle in October 2021 and surpassing some competitors&#8217; deliveries in the first four months of 2024, the report mentioned.
Zeekr disclosed a surge in total revenue to ¥51.67 billion ($7.28 billion) in 2023, but its net loss widened to ¥(8.26) billion.&nbsp;
The report mentioned that the listing marks the&nbsp;biggest&nbsp;Chinese flotation on U.S. stock exchanges since 2021.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/38733432/tesla-cuts-more-jobs-in-china-as-competition-heats-up" rel="noreferrer noopener">Tesla Cuts More Jobs In China As Competition Heats Up</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock

IPOs

MBLY

China's Zeekr Prices US IPO At Top End Of Estimated Range - What's On The Cards?

Tesla (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) posted disappointing first-quarter 2024 results, missing both earnings and revenue estimates. This marked the third earnings miss in a row for the electric vehicle&nbsp;behemoth, following 10 straight quarters of beat. The company remained cautious about its vehicle volume growth rate for 2024, which is expected to be noticeably lower than 2023. 
First-quarter earnings per share of 45 cents missed the Zacks Consensus Estimate of 46 cents and also declined from the year-ago figure of 85 cents. Total revenues of $21.3 billion missed the consensus mark of $22.6 billion and declined 9% year over year.
<div class="chart_embed">
<h3>Tesla, Inc. Price, Consensus and EPS Surprise</h3>
<a href="https://www.zacks.com/stock/chart/TSLA/price-consensus-eps-surprise-chart?icid=chart-TSLA-price-consensus-eps-surprise-chart"><img alt="Tesla, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/c7/1713949263.png" style="height:268px; width:581px" title="" /> </a>
Tesla, Inc. price-consensus-eps-surprise-chart | Tesla, Inc. Quote
</div>
<h3>Key Takeaways</h3>
Tesla&#39;s first-quarter production totaled 433,371 units (412,376 Model 3/Y and 20,995 other models), which declined 2% year over year and missed our estimate of 474,571 units. The company delivered 386,810 vehicles, reflecting a year-over-year decline of 9% and lagging our estimate of 439,292 units. The Model 3/Y registered deliveries of 369,783 vehicles, marking a year-over-year decline of 10% and missing our projection of 413,323 units. 
Total automotive revenues of $17.38 billion were down 13% year over year and lagged our estimate of $20.87 billion. The reported figure also included $442 million from the sale of regulatory credits for electric vehicles, which decreased 15.2% year over year. Automotive sales, excluding revenues from leasing and regulatory credits, totaled $16.46 billion, missing our projection of $19.85 billion. 
Automotive gross profit came in at $3.2 billion. Automotive gross margin came in at 18.5%, which declined from 21.1% reported in the first quarter of 2023 and missed our forecast of 18.6%. Tesla&#39;s operating margin declined 592 basis points year over year to 5.5% in the quarter under discussion and also lagged our estimate of 8.2%. 
Energy Generation and Storage revenues came in at $1.64 billion in first-quarter 2024, which was higher than the year-ago quarter&#39;s figure of $1.53 billion but missed our estimate of $1.84 billion. Notably, energy storage deployments came in at 4.05 GWh, falling short of our projection of 4.2 GWh. 
Services and Other revenues were $2,288 million, which increased 25% year over year and topped our estimate of $2,273.7 million. Supercharging, part sales, used vehicle sales and merchandise sales drove growth on a year-over-year basis.
<h3>Financials</h3>
Tesla had cash/cash equivalents/investments of $26.86 billion as of Mar 31, 2024, compared with $29.1 billion as of Dec 31, 2023. Long-term debt and finance leases, net of the current portion, totaled $2,899 million, up from $2,857 million as of Dec 31, 2023. 
Net cash provided by operating activities amounted to $242 million in first-quarter 2024. Capital expenditure totaled $2.77 billion in the quarter under review. Tesla registered a negative free cash flow of $2.53 billion during the reported quarter against a positive free cash flow of $441 million generated in the year-ago period.
<h3>Zacks Rank &amp; Key Picks</h3>
TSLA currently carries a Zacks Rank #5 (Strong Sell). 
Some better-ranked players in the auto space are Geely Automobile Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>), Allison Transmission Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alsn#NYSE">ALSN</a>) and Volkswagen AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>), each sporting a Zacks Rank #1 (Strong Buy) at present. 
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.6%. The EPS estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days. 
The Zacks Consensus Estimate for ALSN&#39;s 2024 sales and earnings suggests year-over-year growth of 2.81% and 4.73%, respectively. The EPS estimates for 2025 have improved 32 cents in the past 30 days. 
The Zacks Consensus Estimate for VWAGY&#39;s 2024 sales suggests year-over-year growth of 20.16%. The EPS estimates for 2024 and 2025 have improved 7 cents and 29 cents, respectively, in the past 30 days.
<a href="https://www.zacks.com/stock/news/2260780/tesla-tsla-q1-earnings-miss-expectations-decline-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2260780">To read this article on Zacks.com click here.</a>

ALSN

VWAGY

Tesla Q1 Earnings Miss Expectations, Decline Y/Y

Chinese-backed Swedish electric vehicle manufacturer&nbsp;Polestar Automotive Holding&nbsp;UK&nbsp;Limited&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) is reportedly ramping up efforts to diversify production outside of China&nbsp;<a target="_blank" href="https://www.benzinga.com//node/38411281" rel="noreferrer noopener">amid escalating geopolitical tensions.</a>
CEO Thomas Ingenlath discussed Polestar&#8217;s strategy amid concerns over potential tariffs on Chinese-made EVs in Europe, indicating plans to expedite exports of the Polestar 3, manufactured in South Carolina, to the European Union, Reuters reported.
Export efforts by Chinese&nbsp;EV&nbsp;companies face increased scrutiny, particularly in Europe and the&nbsp;U.S., over allegations of overcapacity and unfair state subsidies, with the European Commission initiating an investigation last October, the report added.
Following a&nbsp;major&nbsp;ownership restructuring, with&nbsp;Geely&nbsp;Automobile Holding&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) and a private investment firm owned by Geely&#8217;s founder now holding a combined 69% stake, while&nbsp;Volvo Cars&#8217;&nbsp;ownership reduced to 18%, Polestar aims to navigate operational challenges amid evolving market dynamics.
Polestar aims to deliver between 155,000 to 165,000 cars in 2025,&nbsp;with a focus&nbsp;on expanding its global sales footprint, aiming for a sales distribution of 40% in Europe, 30% in the&nbsp;U.S., and 30% in the Asia-Pacific region, per the report.
Despite the ownership restructuring, Ingenlath reassured that the day-to-day operations of the automaker&nbsp;are&nbsp;expected&nbsp;to remain unaffected.
Price Action: PSNY shares are trading lower by 3.94% at $1.23 at&nbsp;the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Jeppe Gustafsson on Shutterstock

PSNY

EV Maker Polestar Expands Beyond China Amid Tariff Concerns: Report

Ford Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is reducing the prices of some of its F-150 Lightning trims by up to $5,500 to stimulate demand for electric vehicles (EVs). The latest round of price cuts was focused on F-150 Lightning&#39;s mid-level variants. 
Per the CarsDirect Report, the price adjustments of the F-150 Lightning came into effect on Apr 5, 2024. In the recent round of price cuts, the starting prices of Lightning Pro Standard Range and Lightning Platinum Extended Range variants remained unchanged at $54,995 and $84,995, respectively. 
While the starting prices of the F-150 Lightning XLT Standard Range and Lariat Extended Range were reduced by $2,000 and $2,500, respectively, the starting price of the F-150 Lightning Flash Extended Range was substantially slashed by $5,500. The new starting price of the F-150 Lightning Flash trim is $67,995, closer to its launch price of $69,995. 
With a target EPA range of 320 miles, a 15.5-inch touchscreen, the B&amp;O sound system with HD radio and speakers, a wireless charging pad, etc., the F-150 Lightning Flash trim is a value for money. 
Moreover, the F-150 Lightning, with the manufacturer&#39;s suggested retail price of below $80,000, qualifies for the full $7,500 federal tax credit in the United States. 
In the first quarter of 2024, Ford sold 20,233 EVs in the United States, indicating a surge of 86% year over year. Sales of F&#39;s Mach-E rose 77% year over year, and the vehicle became the second-best-selling electric SUV in the United States. 
With sales of 7,743 units, the F-150 Lightning remained the best-selling electric pickup in the United States. 
The sales of EVs gained momentum after the automaker reduced prices of Mach-E by up to $8,100 in February. It also offered substantial incentives on the F-150 Lightning. 
In January, Ford announced the prices of F-150 Lightning for the model year 2024, in which the prices of most trims increased from $2,000 to $7,500. The starting price of the F-150 Lightning Pro rose from $5,500 to $54,995. 
Although EV sales gained momentum in the first quarter of 2024, the automaker announced to reduce its workforce by one-third at its Rouge EV Centre, where the F-150 Lightning is manufactured. 
The recent round of price cuts followed the launch of Ford&#39;s new 2024 Mustang Mach-E, which has better range, rapid charging and quicker acceleration.
<h3>Zacks Rank &amp; Other Key Picks</h3>
F currently carries a Zacks Rank #2 (Buy). 
Some other top-ranked players in the auto space are Geely Automobile Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gelyy#OTC">GELYY</a>), Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) and Allison Transmission Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/alsn#NYSE">ALSN</a>), each sporting a Zacks Rank #1 (Strong Buy) at present. 
The Zacks Consensus Estimate for GELYY&#39;s 2024 sales suggests year-over-year growth of 36.6%. The earnings per share estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days. 
The Zacks Consensus Estimate for TM&#39;s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $3.13 and $2.49, respectively, in the past 60 days. 
The Zacks Consensus Estimate for ALSN&#39;s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 60 days.
<a href="https://www.zacks.com/stock/news/2254604/ford-f-reduces-prices-of-f-150-lightning-by-up-to-5-500?cid=CS-BENZ-FT-analyst_blog|company_news_-_corporate_actions-2254604">To read this article on Zacks.com click here.</a>

Ford Reduces Prices of F-150 Lightning by Up to $5,500

Zeekr, the premium electric vehicle (EV) brand of Chinese automaker&nbsp;Geely Automobile Holdings&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), has reportedly reinitiated its plan to raise up to $500 million in an initial public offering (IPO) in New York.
Zeekr halted its listing intentions in November due to valuation discrepancies and&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/11/36021010/zeekr-puts-u-s-ipo-on-pause-due-to-market-instability-report" rel="noreferrer noopener">market volatility, reported Reuters.</a>
The company has resumed engagement with potential investors through a non-deal roadshow preceding the IPO, the report noted.
&#8220;The company has made a public filing to the SEC and is proceeding with the preparatory work,&#8221; the report quoted Zeekr. The company submitted its prospectus to U.S. regulators in November.
During the first quarter of 2024, six Chinese companies collectively raised $46.9 million through IPOs in the U.S, contrasting sharply with $428 million raised during the same period last year, the report cited data from Dealogic. This marked the quietest first quarter since 2017.
Zeekr reportedly aims to achieve a 2024 delivery target of 230,000 cars, doubling its 2023 figures.
Established in 2021 by Geely, formerly&nbsp;Zhejiang Geely Holding Group, Zeekr seeks to capitalize on the increasing demand for premium EVs in China.
As per the report, the company secured $750 million in funding in February last year, with investors including Amnon Shashua, CEO of autonomous driving technology firm Mobileye Global, and Chinese battery giant CATL, valuing the brand at $13 billion.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credits &#8211; Shutterstock

Geely's Zeekr Revives $500M IPO Plans Amid Market Challenges: Report

Amid ongoing trade tensions, the CEO of Mercedes-Benz has made a public plea for the European Union to reconsider its stance on tariffs for Chinese electric vehicles. This comes at a critical time when the European Commission is actively investigating the impact of Chinese subsidies on the automotive sector.
What Happened: The chief executive of Mercedes-Benz, Ola Källenius, has urged the European Union to reduce tariffs on electric vehicles imported from China. This appeal comes as the European Commission contemplates increasing import duties due to an ongoing investigation into China&#8217;s subsidies for its car industry, as reported by the <a href="https://www.ft.com/content/acbba7e2-6aa9-4662-bba8-0a0d1eece581">Financial Times</a> on Tuesday.
"Don't raise tariffs. I'm a contrarian, I think go the other way around: take the tariffs that we have and reduce them," he said.
Källenius argues that welcoming competition from China could enhance the quality of European cars over time. He called the entry of Chinese carmakers as a "natural progression of competition and it needs to be met with better product, better technology, more agility.&#8221;
"That is the market economy. Let competition play out,&#8221; he added. 
The European Commission&#8217;s probe is centered on whether Chinese carmakers benefit from state subsidies, allowing them to offer lower-priced vehicles in Europe and potentially undercut European manufacturers. French carmakers like Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) and Renault have been outspoken about the threat posed by Chinese electric vehicles.
However, German carmakers, which have significant sales and profits in China, are concerned about possible retaliatory actions from Beijing. More than a third of Mercedes-Benz sales occur in China, and the country represented 40% of Volkswagen&#8217;s sales last year. Notably, Chinese companies Geely and SAIC hold a stake in Mercedes-Benz.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37716163/tesla-worst-performing-s-p-500-stock-year-to-date-analyst-warns-more-trouble-ahead-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Worst Performing S&amp;P 500 Stock Year-To-Date: Analyst Warns More Trouble Ahead With &#8216;Slower EV Deman</a>
Källenius emphasized that neither his company nor the best Chinese companies seek protectionism but rather wish to compete globally. He highlighted the benefits of open markets and warned against the long-term failure of protectionist policies.
Currently, Chinese EVs face a 10% tariff in Europe, while European carmakers are subject to a 15% tariff when exporting to China. Källenius called for a &#8220;level playing field&#8221; and stressed the importance of creating mutually beneficial economic situations.
While Stellantis and Renault have struggled in China, and the French government is pushing for measures against Chinese firms, Källenius&#8217;s stance represents a stark contrast. He advocates for reduced tariffs and open competition.
Why It Matters: In September, the <a href="https://www.benzinga.com/markets/asia/23/09/34550167/eu-tariff-talks-on-chinese-ev-imports-jolt-market-these-european-giants-are-set-to-gain">possibility of imposing tariffs on Chinese EV imports</a> was already causing a stir in the market. Analysts predicted that European giants like Stellantis and French automaker Renault could benefit from such protectionist measures.
By January, the scrutiny had intensified with the <a href="https://www.benzinga.com/markets/asia/24/01/36612885/chinese-ev-makers-byd-geely-under-eu-scrutiny-report">European Commission setting sights on Chinese automakers</a>, including BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) and Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), as part of a probe into potential punitive tariffs. The investigation, launched in October and expected to last 13 months, aims to assess the impact of state subsidies on the competitiveness of Chinese-made EVs.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/03/37692118/cash-strapped-tesla-rival-in-china-throws-in-a-free-phone-to-boost-ev-sales-gimmick-or-game-changer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cash-Strapped Tesla Rival In China Throws In A Free Phone To Boost EV Sales: Gimmick Or Game Changer?</a>
Image by Spielvogel via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<div>
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by Benzinga Neuro, Edited by 
 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>
</div>

Mercedes-Benz CEO Calls For Lower EU Tariffs On Chinese EVs Amid Commission Probe: 'Let Competition Play Out'

In a recent development, Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) has announced that Geely Sweden Holding is potentially becoming a new shareholder. This move is part of a broader strategy that could see a shift in Polestar&#8217;s ownership structure.
What Happened: In a recent press note, Geely Sweden Holding, a subsidiary of Geely Holding Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), is set to become a direct shareholder in Polestar, a Swedish electric performance car brand. The potential change in Polestar&#8217;s ownership structure is being evaluated by Volvo Cars (OTC: VLVLY), which could result in a redistribution of shares to its shareholders, with Geely Sweden Holding as the primary recipient.
Volvo Cars will remain a strategic partner in various areas, including research and development, manufacturing, after-sales, and commercial operations. This development is a significant step for Polestar, which has been making strides in its electric model lineup, global sales and service network, and diversified manufacturing footprint.
See Also: <a href="https://www.benzinga.com/news/24/01/36819947/uaw-president-says-cant-fathom-teamsters-backing-trump-who-cycled-through-white-house-staff-like-toi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UAW President Says &#8216;Can&#8217;t Fathom&#8217; Teamsters Backing Trump, Who &#8216;Cycled Through White House Staff Like Toilet Paper&#8217;</a>
CEO Thomas Ingenlath expressed optimism about the future, stating, &#8220;With our growing line-up of exclusive, performance cars, Polestar is in one of the most promising phases of its development.&#8221;
Why It Matters: This potential change in ownership comes at a crucial time for Polestar. The company has been <a href="https://www.benzinga.com/news/24/01/36705331/polestar-ceo-remains-positive-about-ev-sales-in-2024-despite-challenges">navigating a challenging market</a>, with competitors resorting to discounts to drive sales. Despite this, Ingenlath remained positive about the company&#8217;s sales outlook for 2024.
However, amid these challenges, Bernstein analyst Daniel Roeska suggested that Polestar might be more beneficial <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36754031/bernstein-analyst-thinks-ev-maker-polestar-should-go-private">to go private</a>. The potential entry of Geely Sweden Holding as a new shareholder could potentially impact the company&#8217;s future direction.
Geely has also been making significant moves in the EV market. Its EV arm, Zeekr, aims to <a href="https://www.benzinga.com/markets/equities/24/01/36528591/geelys-ev-arm-zeekr-sets-sights-on-doubling-car-deliveries-in-2024-report">double its car deliveries in 2024</a>, indicating a strong push in the EV sector. This aligns with Polestar&#8217;s focus on electric performance cars, potentially signaling a strategic alignment between the two companies.
Read Next: <a href="https://www.benzinga.com/news/24/01/36841799/obviously-real-spacex-ceo-elon-musk-says-its-insane-how-many-people-have-asked-him-if-moon-landings?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Obviously Real:&#8217; SpaceX CEO Elon Musk Says It&#8217;s &#8216;Insane&#8217; How Many People Have Asked Him If Moon Landings</a>
Image via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Pooja Rajkumari</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Press Releases

Polestar Welcomes Geely Affiliate As Potential Shareholder, Partnership With Volvo Continues

In a recent development, China has criticized the European Union&#8217;s (EU) investigation into Chinese electric vehicle (EV) manufacturers over state subsidies, warning that the probe could strain trade relations.
What Happened: Xi Jinping&#8216;s representative to the EU, Fu Cong, has labeled the EU&#8217;s investigation into Chinese EV manufacturers as &#8220;unfair,&#8221; Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-24/china-says-eu-s-unfair-ev-subsidies-probe-risks-damaging-ties?srnd=premium-asia">reported</a>. He cautioned that the EU&#8217;s actions could lead to further trade investigations into European products.
Fu Cong highlighted the EU&#8217;s subsidies to its own companies and suggested that if China adopted a similar approach, it could trigger numerous investigations. Despite this, China is cooperating with the EU&#8217;s probe to avoid resorting to trade measures against each other.
Fu said the measures are "mostly targeted at China." 
"Everything seems to be harming the EU's security." 
"But the question is, where do you draw the line and where are the boundaries and how do you strike a proper balance between economy and the security?" he said.
Trade tensions have been escalating since the EU initiated its EV investigation, and China, in response, launched an anti-dumping probe into brandy sales. The EU is set to unveil a series of proposals aimed at safeguarding itself against coercive economic measures by countries like China and Russia.
See Also: <a href="https://www.benzinga.com/markets/asia/24/01/36730309/china-weighs-278b-stock-market-rescue-package-amid-slump-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China Weighs $278B Stock Market Rescue Package Amid Slump: Report</a>
Why It Matters: The EU&#8217;s investigation into Chinese EV manufacturers began in October and is expected to last 13 months. The probe, which includes companies such as BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holdings Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), and Science Applications International Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NYSE">SAIC</a>), aims to assess whether <a href="https://www.benzinga.com/markets/asia/24/01/36612885/chinese-ev-makers-byd-geely-under-eu-scrutiny-report">Chinese-made EVs are benefiting unfairly</a> from state subsidies.
China&#8217;s criticism of the EU&#8217;s probe comes at a time when the country is making significant strides in the EV market. BYD, a Chinese EV manufacturer, recently announced its <a href="https://www.benzinga.com/news/24/01/36732237/warren-buffett-backed-byd-takes-on-tesla-with-lamborghini-style-supercar-and-suv-with-360-degree-rot">entry into the luxury car market</a> with a series of high-end EVs, including a Lamborghini-style supercar and an SUV with unique features.
Meanwhile, the EU was considering imposing tariffs on cheaper Chinese EV imports, a move that could <a href="https://www.benzinga.com/markets/asia/23/09/34550167/eu-tariff-talks-on-chinese-ev-imports-jolt-market-these-european-giants-are-set-to-gain">benefit European automakers</a> such as Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) and Renault SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>). At the same time, European automakers are forging partnerships with Chinese counterparts to <a href="https://www.benzinga.com/markets/asia/23/07/33411425/european-automakers-forge-power-packed-partnerships-in-china-to-conquer-booming-ev-market">drive innovation and EV dominance</a> in the Chinese market.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36744784/us-stocks-pause-as-treasury-yields-dollar-surge-on-trimmed-fed-rate-cut-bets-whats-driving?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Stocks Pause As Treasury Yields, Dollar Surge On Trimmed Fed Rate Cut Bets: What&#8217;s Driving Markets Tuesday?</a>
Image Via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Politics

RNLSY

SAIC

Xi Jinping's Representative Slams EU For 'Unfair' Probe Into EV Subsidies: 'Mostly Targeted At China'

The European Commission is set to conduct inspections of several Chinese automakers, including BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), and SAIC, as part of a probe into potential punitive tariffs to protect European <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) manufacturers</a>. 
This investigation aims to evaluate whether Chinese-made EVs are gaining an unfair advantage from state subsidies.
Launched in October and expected to last 13 months, the probe will not include non-Chinese brands produced in China, such as Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Renault SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>), and BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), reported Reuters. 
The inspection, described as protectionist by China, has heightened tensions between Beijing and the European Union.
The European Commission&#8217;s investigative team, currently in China or scheduled to arrive soon, will conduct on-site verification checks. 
The process involves assessing the automakers&#8217; responses to previously issued questionnaires. The Commission aims to complete these verification visits by April 11 as part of its initiation stage of the investigation.
Chinese EVs have seen a considerable rise in the European market, currently holding an 8% share, with projections of reaching 15% by 2025. 
These vehicles generally retail at prices 20% lower than those made in the EU. This poses a competitive threat to European automakers.
The investigation comes amidst broader tensions between the EU and China, exacerbated by Beijing&#8217;s relationship with Moscow after the invasion of Ukraine. 
EU&#8217;s is taking efforts to reduce dependency on Chinese imports for its green transition. In retaliation, China recently initiated an anti-dumping investigation into European brandy imports.
Chinese EV makers like BYD, Xpeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) are increasingly focusing on international expansion, especially in Europe.
China&#8217;s prominence in the global auto export market is growing. It surpassed Japan as the world&#8217;s largest auto exporter last year, shipping 5.26 million vehicles valued at about $102 billion.
Price Action: BYDDY shares are trading higher by 0.20% at $54.28 in premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

Comments

Geely Automobile Hldgs

매도 수량

Geely Automobile Hldgs (OTC:GELYY) 주식, 공매도 수량 보고

뉴스

파트너 / 기고자

벤징가 글로벌