7/12/2019

Geely Warns Its Half-Year Profits Plunged 40%

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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).

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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.