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Coronavirus sees China’s Geely Automobile facing one of toughest years – Source Reuters Tech News

BEIJING (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) said on Monday 2020 may be one of its toughest years yet, as pressure stemming from the coronavirus outbreak on production and sales persists.

The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song

But it said it planned to go ahead with global expansion, despite lower sales and net profit for 2019, when the country’s auto market suffered a slump, even before the novel coronavirus led to lockdowns that have paralysed economic activity and disrupted supply chains.

Geely Automobile, based in the eastern province of Zhejiang, is China’s most globally high-profile automaker following investments by parent company Zhejiang Geely Holding Group Co Ltd’s [GEELY.UL] in European manufacturers Volvo Car and Daimler AG (DAIGn.DE)

The profit announced on Monday of 8.19 billion yuan ($1.15 billion) was lower than the 9.14…

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Source Reuters Tech News

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