Mexican Media Brands
Geely’s Net Profit Plunges 40%
China’s Geely Automobile Holding Co. says its net profit in the first half of 2019 skidded 40%, as unit sales and revenue suffered double-digit declines.
#economics
Share
China’s Geely Automobile Holding Co. says its net profit in the first half of 2019 skidded 40%, as unit sales and revenue suffered double-digit declines.
The company’s net profit in January-June dropped to 4 billion yuan ($568 million) from 6.7 billion yuan in the same period last year. Unit sales shrank 15% to 651,700 vehicles. Revenue fell 11% to 47.6 billion yuan ($6.7 billion).
Geely notes that, like other carmakers in China, the company took a profit hit as it helped dealers reduce their bloated stockpile of new cars. The company notes that China’s abrupt and selective rollout of tougher new emission standards in July also affected sales in some urban markets.
Geely had expected at least match last year’s sales volume, which jumped 20% to a record 1.5 million units. Now the company anticipates deliveries of 1.36 million vehicles in 2019.
RELATED CONTENT
-
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. . .
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.