Profit in the first half “was negatively affected by higher discounts and incentives to reduce dealers’ inventories ahead of the official implementation of China 6 emission standards in some areas, ” Geely said in the filing, referring to a stricter vehicle emissions standard China implemented in July.
SHANGHAI: China’s Geely Automobile Holdings Ltd said its first-half net profit skid 40% amid a sustained downturn in the world’s biggest auto market, and it forecast an uncertain outlook for vehicle demand for the rest of the year.
Geely, China’s highest profile car maker globally thanks to the group’s investments in Volvo and Daimler, posted a net profit of 4.01 billion yuan (US$568.5mil), compared to the 6.67 billion yuan it made in the same period a year earlier.
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