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China’s Geely Automobile posts 12% fall in 2021 profit -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo for Geely Automobile Holdings, taken at Auto China 2016, Beijing China. 25 April 2016. REUTERS/Kim Kyung-Hoon

SHANGHAI, (Reuters) – China’s Geely Automobile Holdings Ltd (OTC:) Ltd reported Wednesday that its 2021 net profit dropped to 12% due to the impact of the coronavirus pandemic on auto sales and the shortages in chips.

Geely Automobile is the most prominent Chinese automaker thanks to Volvo Cars investments. Daimler AG (DE:) posted a 2021 profit at 4.85 billion yuan ($761.64million), against 5.53 billion for 2020.

($1=6.3678 renminbi)

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