GELYF - With Fading Older Models And Chip Shortages Geely Is Having A Challenging 2021

• Geely has had a rougher than expected 2021, with sales volumes falling short of sell-side expectations as sales of older models fall off faster than expected ahead of significant launches.
• The new Zeekr 001 looks like a very competitive entrant into the Chinese EV market, with a compelling price/feature/performance profile next to competitive models from Nio and Tesla.
• Long-term revenue growth of 9% to 10% with improving margins as volumes scale and better leverage development expenses can support a double-digit return from today's level.

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