Geely Automobile Holdings (00175) yesterday launched its NEV (new rnergy vehicle) model, Bo Rui GE, with both MHEV (mild hybrid electric vehicle) and PHEV (plug-in hybrid electric vehicle) versions. MHEV can achieve 15% fuel saving while PHEV achieves 42% versus ICE (internal combustion engine) power train.
Geely expects to launch over 30 NEV and energy efficient models in the next 3 years.
Goldman Sachs sees Geely well positioned in the fuel consumption and new energy vehicle compliance areas. Geely achieved early compliance in fuel consumption at 4.05L/100km in 2017 (versus compliance requirement at 5.95L in 2017 and 5L in 2020) and the research house sees this strength continuing on back of its strong hybrid technology capabilities.
On NEV, Goldman sees Geely's PHEV/EV product positioning likely to solidify on current Emgrand EV450, Bo Rui GE PHEV offering and more models to come from derivatives of current product portfolio, CMA platform and PMA platform (from 2020).
It retained its "buy" call on Geely, with a target price of HK$26.26 unchanged.
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