In this undated file photo, Geely employees work on an assembly line in Linhai, Zhejiang province. (PHOTO / XINHUA)
Zhejiang Geely Holding Group’s sales growth in the first six months of 2021 underperformed that of the mainland market average, hampered by a lack of new products during the period, yet overall sales in the first half remained satisfactory, the automaker said.
The group’s revenue in the first half of the year increased more than 22 percent year-on-year to 45.03 billion yuan (US$6.95 billion). Sales volume rose 19 percent to 630,000 units, with mainland sales rising 13 percent to nearly 577,000 units. Export sales surged 1.7 times to 53,000 units, as demand in the export market strongly rebounded following the temporary pandemic-induced remission.
With most of the popular new models due to be launched in the second half of the year, the group maintained its sales target of 1.53 million units this year, representing a 16 percent yearly increase
Geely’s first-half profit rose nearly 4 percent year-on-year to 2.38 billion yuan, with no interim dividend paid.
The company said that the lag in sales growth compared to the overall mainland automobile performance was mainly due to the lack of new products in the first half of the year, which hindered growth performance.
With most of the popular new models due to be launched in the second half of the year, the group maintained its sales target of 1.53 million units this year, representing a 16 percent yearly increase.
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However, the recent worsening chip shortage and the re-emergence of new COVID-19 cases worldwide pose a significant threat to sales in the coming months, which may diminish the likelihood of meeting sales volume targets, the group said, adding that it expects to expand export sales to new markets in Southeast Asia and western Europe for the rest of the year.
suzihan@chinadailyhk.com