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8/18, 8:00 AM (Source: TeleTrader)
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Geely's H1 net profit sinks 35% amid China lockdowns

Geely Automobile Holdings Ltd announced on Thursday its latest financial data for the first half of the year, stating its net profit declined by 35% to land at 1.55 billion yuan ($228.3 million) due to the ongoing COVID-19 situation in the country and subsequent lockdowns, as well as supply chain issues.

The company's vehicle sales missed expectations in the first half, falling 9%, however, its new energy vehicles marked almost a fourfold increase this year, the company noted, claiming that every fifth sold car during this period was an electric one.

At the same time, Geely's revenue went up by 29% to 58.18 billion yuan (~$8.57 billion) due to higher product prices.

Baha Breaking News (BBN) / MM