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.
Yes, the US has higher income per capita than Europe, but what is the real measure of a wealthy nation?
Your work questions answered: Can bonuses be deducted pro-rata during a maternity leave?
China the key for tech’s raw materials whether Trump likes it or not
Belfast-based watchmaker Nomadic moves with the times to reinvent retail experience
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
