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Geely Auto continues to rally, surges by more than 6% to hit HK$18.74 at one point, the highest level since end of June, before paring gains to 3.75% as 11:07 am local time.
Zeekr, the premium EV brand of Geely,had said the monthly deliveries of the Zeekr 001 hit a new high of 5,022 units in July 2022, growing 16.74% from the previous month. By the end of July 2022, Zeekr had cumulatively delivered 30,039 cars, 24,032 units of which were delivered in the first seven months of this year.
Analysts say that, based on Zeekr brand’s strong performance, Geely’s auto sales in July, which are expected to be released in the coming days, will likely be strong.
Macquarie reiterated an Outperform rating for Geely, expecting its market share in China’s new energy vehicle market to increase to 6.3% in the second half of the year. The bank raised the target price on Geely to HK$18.7 from HK$17.1.
Geely’s NEV sales in the first half of the years urged 398% from a year earlier to about 110,000 units, the fastest growth among Chinese electric vehicle makers, in line with the bank’s expectations, Macquarie said. Geely is expected to deliver 192,000 NEVs in the second half, it said.
In addition, Geely Auto has seen net buying by mainland investors for three consecutive trading days as of Wednesday and mainland investors bought net a total of HK$764.2 million worth of Geely shares during the three days.
