Geely's earnings inch up

Geely Automobile (0175) saw its first-half net profit grow 1.2 percent to 1.57 billion yuan (HK$1.69 billion) from a year ago, with no dividend declared.

In the first six months of 2023, its total revenue rose 26 percent year-on-year to 73.2 billion yuan, closely aligned with its projections, the company said.

Despite a demand recovery that was not as strong as anticipated, and competitive pricing in the automotive sector, the company managed to notch up sales of 694,045 units, a 13 percent year-on-year upswing.

Regarding new energy vehicles, Geely sold a total of 157,889 pure electric vehicles and plug-in hybrid electric vehicles during the period, surging by 44 percent compared to the previous year. Furthermore, the proportion of new energy vehicles within the sales mix reached an impressive 23 percent.

Additionally, exports rose to 121,185 units in the first half, representing a yearly increase of 38 percent.

Although Geely maintained strict cost controls, expenses related to new energy transformation, as well as expenses to boost competitiveness, increased.