Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Chinese auto giant Geely launches electric truck, its rival to Tesla’s Semi

by
November 8, 2021
in Trading News
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Tesla Stock Is Dropping Again. Third-Quarter Deliveries Aren’t Its Biggest Problem.

Market Update: CBRL, EIX, ZBH

Geely’s commercial vehicle unit Farizon Auto, launched a new energy semi-truck in Shanghai on Nov. 8. The company is aiming for production and rollout of the vehicle in 2024.

Geely

SHANGHAI — China’s Geely on Monday launched a new electric semi truck as automakers look to bring new technology to the commercial vehicles market.

Geely’s commercial vehicle group, Farizon Auto, is planning to roll out the new Homtruck in 2024 and is targeting international markets too, the divisions CEO Mike Fan told CNBC in an interview on Monday.

“This product is designed and developed facing the global market,” Fan said, according to a CNBC translation, adding that the company would target Europe, Korea, Japan and North America, with the new vehicle.

Geely’s Homtruck launch comes as a number of automakers from Mercedes-owner Daimler to Warren Buffett-backed BYD have announced their own electric trucks. Tesla, which announced its own truck called the Semi in 2017, has delayed production of that vehicle for some time.

The Homtruck will have different power options including methanol hybrid and pure electric. Methanol-powered batteries are a technology Geely has been investing in for some years and some of its models currently have this power option. Farizon said the Homtruck’s batteries can also be swapped out which cuts down on the need to charge.

The interior includes a shower and toilet, single bed, refrigerator, kitchen area and a small washing machine, the company said.

Fully driverless by 2030?

The Homtruck has been built with autonomous driving in mind.

Geely said the vehicle will be able to use some partially autonomous driverless features. And for longer journeys, trucks will be able to communicate with each other to maintain safe speed and distance.

Fan said that Geely plans to introduce autonomous driving in three phases. By 2023, the company hopes to have some partial driverless features with more advanced systems in 2026. Geely plans to achieve full autonomy in 2030.

“I’m sure regulations and standards of autonomous driving are in the process of formation,” Fan said.

“On the basis of market demand and the development demand of our own company, [Geely] as a company, should develop and improve certain technologies ahead of time. So that when regulations and conditions are ready, we can apply our technology into the market in time.”

Rising raw material prices, chip shortage

Automakers have also been dealing with a surge in the prices of raw materials and a global shortage of semiconductors.

Vehicle makers are watching the price of lithium which has surged to record highs this year.

An Oct. 29 report from Benchmark Mineral Intelligence said that battery makers are starting to pass on these price rises to automotive companies “which could have a major impact on electric vehicles coming to market between 2022 and 2024.”

Geely’s Fan said that rising raw material prices are affecting the company’s production quantity and margin as the automaker faces “rising price pressure.”

He called rising raw material prices a “period issue” which will “gradually ease.”

Fan also said the global chip shortage is restricting the company’s production volume. But he also said that supply issues are “gradually being resolved” and companies are working on “alternative solutions” for chips.

“So these two parts will play together in order to ease the chip shortage,” Fan said.

ShareTweetPin

Related Posts

Tesla Stock Is Dropping Again. Third-Quarter Deliveries Aren’t Its Biggest Problem.

by
September 27, 2023
0

Market Update: CBRL, EIX, ZBH

by
September 27, 2023
0

A Few Comments on the Likely Government Shutdown

by
September 27, 2023
0

Inflation Adjusted House Prices 3.4% Below Peak; Price-to-rent index is 7.4% below recent peak

by
September 27, 2023
0

Forget About ‘Timing the Market’: Schwab Research Reveals the Optimal Way to Invest

by
September 27, 2023
0

Next Post

Seven High Frequency Indicators for the Economy

Dow jumps more than 100 points after Congress passes infrastructure spending package

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Ford partners with GlobalFoundries to increase chip supplies

    0 shares
    Share 0 Tweet 0
  • CEOs across the market, economy agree on one big 2022 prediction: More volatility

    0 shares
    Share 0 Tweet 0
  • Inflation is sticking around – and Biden will likely have to wait it out like the rest of us

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com