China’s Geely promises more models to support sales in uncertain local market

A vehicle is displayed at Geely’s booth at the Auto China 2016 show in Beijing. Picture: REUTERS

Geely, China’s highest profile carmaker globally thanks to the group’s investments in Volvo and Daimler, sold 1.5-million cars in 2018 , 20% higher than the figure for 2017. “We can’t say whether the target of 1.5-million in 2019 can be reached, because we don’t know the changes in the economic situation. We will manage the company based on market conditions,” Zhao Yang, a senior Geely official, told a news conference in Hong Kong, adding the company is facing record high car inventory.“The domestic market has some uncertainties, but the international market has good opportunities for Geely,” he said.

Geely said that the deterioration of consumer confidence in China, the world’s biggest automotive market, caused by increased political and economic uncertainties had affected demand, but that its sales had missed its own annual target for 2018 by only 5%.That compared with the 12.8-billion yuan average estimate of 34 analysts, according to Refinitiv data.

Crap on wheels...if the haven't fallen off on the test drive...

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

MARKET WRAP: JSE slips 1%, tracking weaker global marketsJSE suffered broad-based losses in line with global markets, although platinum miners shone as palladium pushed to a record high
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »

MARKET WRAP: JSE tracks most major global markets firmerGold and platinum shares rise after labour court disallows sympathy strike in the sectors
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »