Geely founder and chairman Li Shufu: seeking to build the firm into a Chinese version of the Volkswagen group with brands in different market segments.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 , versus Y2.38 billion 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 Y300,000 and with engines no larger than 2.0 litres.
Geely posted a 29 per cent rise in six-month revenue to end-June of Y58.18 billion, thanks to better product pricing and product mix which offset the sales declines. 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
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »