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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