Mexican Media Brands
Geely Warns Its Half-Year Profits Plunged 40%
China’s Geely Automobile Holding Co. warns that slumping sales cut its net earnings in the first half of 2019 40% to about 2.7 billion yuan ($390 million).
#economics
Share
China’s Geely Automobile Holding Co. warns that slumping sales cut its net earnings in the first half of 2019 40% to about 2.7 billion yuan ($390 million).
China’s larget carmaker says its retail sales dropped 15% to 651,700 units in January-June, including a 29% drop in June. The company notes that its efforts to reduce dealer inventories of unsold vehicles also contributed to the earnings decline.
Anticipating a continuing sales decline, Geely has lowered its full-year sales forecast by 10% to 1.36 million cars and crossover vehicles sold under its Geely and Lynk & Co brands.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .