China’s strict lockdowns put a dent in Geely Automobile’s first-half profits

Geely Automobile Holdings Ltd said on Thursday its first-half net profit fell 35 per cent as the country’s strict Covid-19 restrictions dented sales and disrupted production.

China’s highest-profile automaker globally, due to the group’s investments in Volvo Cars and Mercedes-Benz, posted January-June profit of 1.55 billion yuan (€225 million), versus 2.38 billion yuan in the same period a year earlier.

Authorities have tried incentives to revive demand, and the central government has halved purchase tax to 5 per cent for cars priced at less than 300,000 yuan and with engines no larger than 2.0 litres.

Geely posted a 29 per cent rise in six-month revenue to end-June of 58.18 billion yuan, thanks to better product pricing and product mix which offset the sales declines.

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Sales of its new energy vehicles, including both pure electric and plug-in hybrids, increased nearly fourfold in the first six months, while one out of five vehicles Geely sold in the period were electric, according to the company.

— Reuters