Geely Profit Beats Estimates Even as China's Price War Rages On [BNN Bloomberg (Canada)]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: BNN Bloomberg
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. Its board recommended a dividend of 22 Hong Kong cents per share. “The group not only achieved a record high in total sales volume, but also set a record in the sales volume of new energy vehicles” and export sales, it said. That was despite the “fierce competition” it faced as price wars raged throughout the year, it said. For more details from the earnings report, click here. Geely reiterated a sales goal of 1.9 million vehicles for 2024, up about 13% from a year earlier. The company is continuing to launch new models to try to catch up to market leader BYD Co., the world's largest producer of EVs and China's number one selling auto brand last year. But he
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