The stock in the Hong Kong-based car manufacturer, Geely Automobiles Holdings Ltd. (OTCBB: GELYF) continues to rise on its potential collaboration with AB Volvo. At Tuesdays close, Geely rose nearly 4% higher to $1.87 per American depositary share.
In a statement on Monday, Volvo said that the new partnership would construct a strong global group, which would boost financial and technological synergies between the two parties. The news helped Geely reach high of $1.81 per ADS on Monday, up 4% from Friday’s close. Today, Geely hit a high of $1.93 per ADS.
Going forward, Geely now hopes to achieve market appreciation after hitting a peak in 2018. Since June 2018, Geely has not exceeded trading at $3.00 per ADS or more. Earlier that month, it reported that its total sales volume was down 4% from April 2018.
Last month, Geely reported that its sales volume for December reached 130,036 units, up 39% year-over-year.
In business for more than 30 years, Geely has manufacturing plants in Luqiao, Linhai, Ningbo/Cixi, Chunxiao, Baoji, Jinzhong, Xiangtan, Jinan and Chengdu. It also exports its products to the Middle East, Europe, and Africa
Geely has been partnered with Jinhua-based electric vehicle maker, Kandi Technologies Group Inc. (Nasdaq: KNDI) since 2013. Last month, Kandi’s affiliate unveiled its first production EV in front of Geely at a ceremony in Rugao, Jiangsu province.