Due to the coronavirus pandemic, the world’s biggest automobile market suffered business losses throughout the year.
Geely Automobile Holdings Limited booked a 43% drop in the profit by half the year. The shares fell by 4% and the full-year sales goal was trimmed down because of the coronavirus pandemic.
The company has faced challenges throughout the year like other automobile companies in the world. Every business has been affected and had to trim down its sales goals for the year.
It is true that China got the disease first and suffered more than any country but China is also the first country to contain the disease quite successfully.
China is working day in and day out to correct the damage caused by the pandemic and it is believed that China would be the first country to stabilize its economy again.
China’s overall auto sales are slowly recovering the losses caused by the effects of the national and international lockdowns.
It is reported that the sales started to climb in July but it is still 27% down. Different automaker companies did group investments during the pandemic. As a result of group investments with Volvo Cars, the Geely automobile holdings posted a profit of $331.37 million. According to the company, 530,4466 vehicles were sold throughout the year having earnings of 28% down at 36.82 billion Yuan.
Analysts said that although the pandemic troubled the system, still, earnings are closely in line with their expectations. A 6% loss was recorded. The company worked hard to normalize all revenue channels.
The parent company of Geely Automobile Holdings, Zhejiang Geely Holding Group Co Ltd, has planned to merge their company with Volvo Cars.