Geely out to sell more electric vehicles

Geely's electric vehicle Geometry A is presented during the media day for Shanghai auto show in Shanghai, China on April 16 2019. Picture: REUTERS/ALY SONG

The shipments of electric vehicles will account for more than 30% of overall sales by the end of 2022 and continue the upward trend in 2023, CEO Gan Jiayue said in a media briefing on Thursday. The renewed thrust towards what Geely deems its growth engines comes after the company posted a disappointing first-half profit. Net income dropped 35% to 1.55-billion yuan in the six months ended June 30 from a year earlier, missing the average analyst estimate of 2.77-billion yuan. Revenue, however, increased 29% to 58.2-billion yuan, beating the estimated 53.2-billion yuan.

“The group’s sales performance in the first half of 2022 was below management’s expectations, primarily attributable to the disruption to production and sales caused by the pandemic prevention and controls in some cities in China and global shortage of chips,” the company said in a statement on Thursday.

Source: Car News Wire (carnewswire.net)

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