December 22, 2023 8:09am | 1 minute read
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geely Automobile Holding Co., Ltd. Chinese automakers (OTC:GELYY) (OTC:GELYF) expect sales of electric vehicles (EVs) to be affected as fighting continues in the Red Sea, where Yemeni insurgents target ships. Shippers have been forced to choose to sell electric vehicles (EVs). A longer and more expensive route.
The company said most of its shipping partners exporting cars to Europe are planning to reroute them to avoid the Suez Canal, traditionally the fastest route from Asia to Europe, and bypass the Cape of Good Hope. It is said that there is.
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If tensions in the Red Sea continue, shipping companies will likely revise their freight rates, leading to an increase in shipping costs, Reuters reported.
The report cited logistics industry sources as saying the route change could increase shipping costs by five times and that longer travel times could lead to a shortage of ships by late January. ing.
China exported 1.63 million cars to Europe in the first 10 months of this year, an increase of 147% year-on-year, according to a report citing the China Passenger Car Association (CPCA).
Also read: Chinese automaker Geely Automobile’s EV brand Zeekr launches fast charging battery: Report
A surge in Chinese car sales in Europe has raised concerns among European regulators, who are reportedly investigating possible tariffs to protect EU carmakers.
In response to possible disruption to shipping in the Red Sea, Stellantis NV Chrysler’s parent company (NYSE:STLA) said in a report that it is closely monitoring the situation and will adapt its strategy accordingly to address these new transportation challenges.
price action:GELYY stock closed 1.61% higher at $20.22 on Thursday.
Disclaimer: This content was created in part using AI tools, and reviewed and published by Benzinga editors.
Option 101: Beginner’s Guide
Want to become an options master? Options expert Nic Chahine’s free report includes 4 perfect tips for beginners, the secret to earning 411% in options, and his proven success. Provides access to ‘plans’. Get your free copy of Options 101: The Beginner’s Guide as soon as possible.
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