SHANGHAI, Aug 21 2019 : China’s Geely Automobile Holdings Ltd (0175.HK) said today its first-half net profit dropped 40 per cent, as the country’s auto market sees a sustained decline.
Geely, China’s highest profile car maker globally thanks to the group’s investments in Volvo and Daimler (DAIGn.DE), posted a net profit of 4.01 billion yuan ($568.5 million), compared to the 6.67 billion yuan it made in the same period a year earlier.
Total revenue for the first half was 47.56 billion yuan, down from 53.71 billion yuan over the same period in 2018, it said.
Geely sold 1.5 million cars last year, 20 per cent higher than the figure for 2017.
It sold 651,680 vehicles between January-June, around 15 per cent lower than its total over the same period last year. – Reuters