Haier Smart Home (HK:6690) stock slipped after subsidiary GE Appliances announced plans to shift manufacturing from China to the U.S. This will see it invest $490 million to move its washing machine production to its Kentucky factory.
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GE Appliances noted that this change will create 800 jobs in Kentucky, bolstering the local economy. It also said this move is part of its “zero-distance” business strategy to bring production of appliances as close to consumers as possible. Manufacturing of washing machines at the facility is expected to start in 2027.
GE Appliances’ plan to bring washing machine production to the U.S. isn’t just a company policy change. It comes after President Donald Trump announced tariffs on imports in an effort to bring manufacturing back to the U.S. GE Appliances’ shift is likely an effort to avoid these tariffs, as is its sourcing of almost all the steel it uses in the U.S. from domestic producers.
Haier Smart Home Stock Movement Today
Haier Smart Home stock slipped 3.02% on Friday after it announced plans to shift washing machine production to the U.S. This builds on an 18.18% drop year-to-date and a 13.79% fall over the past 12 months. The stock’s fall came as nearly 15 million shares changed hands, closing in on its three-month daily average of about 18.44 million units.
Is Haier Smart Home Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Haier Smart Home is Strong Buy, based on four Buy and one Hold rating over the past three months. With that comes an average 6690 stock price target of HK$32.99, representing a potential 46.62% upside for the shares. Spark, TipRanks’ AI analyst, is less confident in the company with a Neutral (65) rating.
