Geely Profit Beats Estimates Even as China's Price War Rages On [Financial Post (Toronto, Ontario, Canada)]
GEELY AUTOMBL HL UNSP/ADR (GELYY)
NASDAQ:AMEX Investor Relations:
geelyauto.com.hk/en/announcement.html
Company Research
Source: Financial Post
an outlook for further sales growth this year despite a slowing Chinese car market. Author of the article: (Bloomberg) — Geely Automobile Holdings Ltd., the Hong Kong-listed arm of billionaire Li Shufu's auto empire, posted earnings that beat estimates 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. Article content Article content “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 he
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