Benzinga | Nov 9, 2021 10:51AM EST

Geely Flares Up Tesla Rivalry With Electric Truck Debut

* Geely Automobile Holdings Ltd's (OTC: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 (OTC:DMLRY) to Warren Buffett-backed BYD Co Ltd (OTC:BYDDF) have announced their electric trucks. Tesla Inc (NASDAQ: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.