Geely dividend offer as Li Auto axes staff

Staff reporter and Reuters

Geely Automobile (0175) has proposed a special dividend to distribute Zeekr's US-listed shares while electric vehicle maker Li Auto (2015) is reportedly laying off over 18 percent of its workforce after lowering its sales guidance this year.

Geely Automobile declared a dividend of HK$7.474 per 1,000 shares, with the payout amounting to HK$75.21 million based on its total issued shares of 10.063 billion.

Shareholders will receive one share of Zeekr, or opt for a cash dividend of HK$164.43 for every 22,000 shares of Geely Automobile held.

Meanwhile, the 21st Century Business Herald reported that more than 5,600 staff may be affected in Li Auto's latest layoffs.

Staff numbers are down by over 400 at its sales and service operations and more than 150 at its recruitment department, while its smart driving team is now under 1,000. Li Auto had nearly 31,600 staff, according to last year's financial report.

It adjusted its vehicle sales forecast for the year in March from a range of 650,000 to 800,000 down to 560,000 to 640,000.

Nio (9866) said yesterday it would launch one new model per year under its lower-priced Onvo brand and price them similarly to gasoline vehicles.

That came a day after it unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan (HK$237,797), 12 percent below a Tesla Model Y.