Geely Profit Beats Estimates Even as China’s Price War Rages
- Company said it posts record sales despite fierce competition
- China’s economic slowdown, export hurdles signal headwinds
Geely reiterated a sales goal of 1.9 million vehicles for 2024, up about 13% from a year earlier.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Geely Automobile Holdings Ltd., the Hong Kong-listed arm of billionaire Li Shufu’s auto empire, posted earnings that beat estimates and reiterated an outlook for further sales growth this year despite a slowing Chinese car market.
Net income rose 1% to 5.31 billion yuan ($738 million) in 2023, the company said in a statement Wednesday, beating analyst estimates of 4.9 billion yuan. Revenue climbed 21% to 179.2 billion yuan, also topping expectations.