Daiwa Research raised its target price for Geely Automobile (00175) to HK$18.6 from HK$16.4 and upgraded its rating to "buy" from "hold".
Geely on 23 September released its new BEV (battery electric vehicle) Sustainable Experience Architecture (SEA) platform, an open-source platform with a range of impressive features, including "a million-mile battery" ahead of the Beijing Motor Show.
The research house is more positive on its NEV (new energy vehicle) development and forecast strong net-profit growth of 31% for 2021.
Geely also released its Zero Concept BEV based on the SEA platform to be launched from 2H 2021. The Zero Concept will have a driving range of over 700km with a long-life battery of 2m km. In light of the successful development of the SEA platform and existing SPA platform (the BEV platform under Volvo), Daiwa expects accelerated launches of BEV models from Geely from 2021 onwards with competitive features.
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