Chinese automaker Geely Automobile reported that its net profit fell 35% in the first half of this year due to the impact of the COVID-19 outbreaks and rising cost of materials.
The Hong Kong-listed company reported total revenue of 58.18 billion yuan ($8.56 billion) in the first six months, up 29 percent year on year, while its profit for the same period fell. 35 percent to 1.55 billion yuan.
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Geely’s vehicle sales fell 9 percent in the Chinese market in the first half, below the management team’s expectations, mainly due to COVID-19 restrictions in some cities in China, as well as global shortages. of chips, the company said in the earnings report.
The Hong Kong-listed company reported total revenue of 58.18 billion yuan ($8.56 billion) in the first six months.
However, sales of its new energy vehicles (NEVs), including both pure electrics and hybrids, almost quadrupled in the first half of this year, accounting for 18% of Geely’s total vehicle sales, the company said.
With the impact of the pandemic temporarily tempered, the Hangzhou-based company said export demand recovered, with its first-half export soaring 64% year-on-year to 87,628 units.
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to original article:https://news.cgtn.com/news/2022-08-18/Automaker-Geely-reports-35-profit-slump-rising-NEV-sales-in-H1–1cB7LSdEfny/index.html
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