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China's Geely Auto promises more models to support sales in uncertain domestic market

 

China's Geely Auto promises more models to support sales in uncertain domestic market


Geely, the largest Chinese car manufacturer in the world, sold 1.5 million vehicles last year, an increase of 20 percent over 2017, thanks to Geely's investments in Volvo and Daimler.


Nonetheless, it is predicted that sales this year will mostly not change, as the country's giant car market is struggling with a slowdown in economic growth and more cautious consumers. Last year, the total market volume fell for the first time since the 1990s.


"We cannot say whether the goal of 1.5 million can be achieved in 2019, because we do not know the changes in the economic situation. We will manage the company based on market conditions, ”said Zhao Yang, a high-ranking Geely representative at a press conference in Hong Kong, adding that the company was faced with a record high car margin.
Nevertheless, he still hopes for his export prospects.


"The domestic market has some uncertainty, but the international market has good opportunities for Geely,” he added.
The company said it is launching a series of new energy and electrified vehicles, as well as some high-end models to achieve higher profits. Zhao said that in 2019, six new models will be presented.
"We will confidently promote electric cars and develop our own technologies. Hybrid technologies are also a key part of our research and development in the next five to seven years, ”said Geely’s president, An Konghui, adding that the automaker is also promoting methanol-powered vehicles.


Geely said that the deterioration of consumer confidence in China, the largest automotive market in the world, caused by increased political and economic uncertainty, affected demand, but its sales did not reach the annual target for 2018 by only 5 percent.


In 2018, it reached a record net profit of 12.55 billion yuan (1.88 billion dollars), an increase of 18% over the previous year.


That's up from an average estimate of 34 analysts at 12.8 billion yuan, according to Refinitiv.


Total revenue for the year amounted to a record 106.60 billion yuan, compared with 92.76 billion yuan in 2017. According to Refinitiv, this is a bit inconsistent with analysts' estimates of 108.59 billion yuan.
Geely also reported in its results report that the group plans to acquire an engine manufacturing plant in Yiwu City, Zhejiang City from its parent company, Zhejiang Geely Holding, without providing further details.


Shares of Geely rose 5% to 14.80 Hong Kong dollars after the results rose to 2.3%.



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