Geely First-Half Profit Beats Estimates as Price War Rages
- Automaker says it’s confident about the transition to EVs
- China’s weak economy and rising competition creates challenges
This article is for subscribers only.
Geely Automobile Holdings Ltd., one of China’s largest independent carmakers, posted first-half earnings that beat estimates, weathering a price war that continues to hit the industry.
Net income rose 1% to 1.57 billion yuan ($215 million) in the six months ended June 30, the company said in a statement Tuesday, beating analyst estimates of 1.51 billion yuan, according to data compiled by Bloomberg. Revenue climbed 26% to 73.18 billion yuan.