Geely Flares Up Tesla Rivalry With Electric Truck Debut

Geely Automobile Holdings Ltd's GELYF commercial vehicle brand, Farizon Auto, showcased its next-generation smart new energy semi-truck, the Homtruck, with production and first deliveries planned for early 2024.
"This product is designed and developed facing the global market," CNBC reports, adding that the company would target Europe, Korea, Japan, and North America, with the new vehicle.
The Homtruck will have different power options, including methanol hybrid and pure electric. Consumers can swap out Homtruck's batteries.
The interior includes a shower and toilet, single bed, refrigerator, kitchen area, and a small washing machine.
The vehicle can use some partially autonomous driverless features. They can communicate with each other to maintain safe speed and distance for longer journeys.
By 2023, Geely plans to have some partial driverless features. It aims for more advanced systems in 2026. Geely intends to achieve full autonomy in 2030.
Geely admitted that rising raw material prices affected the company's production quantity and margin in the form of "rising price pressure." However, it saw the price surge ease gradually.
The global chip crisis also hampered the company's production volume. However, Geely remained optimistic over its resolution and alternative options.
Mercedes-owner Daimler AG DMLRY to Warren Buffett-backed BYD Co Ltd BYDDF have announced their electric trucks. Tesla Inc TSLA postponed production of its electric truck Semi for some time.
Price Action: GELYF shares traded lower by 2.42% at $3.31 on the last check Monday.

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