China’s Geely 2019 web revenue drops 35% amid broader market droop

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FILE PHOTO: The symbol of the Geely vehicle maker brand is seen on the IEEV New Vitality Autos Exhibition in Beijing, China October 18, 2018. Image taken October 18, 2018. REUTERS/Thomas Peter

BEIJING (Reuters) – China’s Geely Car Holdings Ltd (0175.HK) mentioned on Monday decrease gross sales drove its 2019 web revenue down 35%, as China’s general auto market suffered a protracted droop final 12 months.

China’s most globally high-profile automaker – as a consequence of guardian Zhejiang Geely Holding Group Co Ltd’s investments in European producers Volvo Automobile and Daimler AG (DAIGn.DE) – posted full-year web revenue of 8.19 billion yuan ($1.15 billion) versus the earlier 12 months’s 12.55 billion yuan.

The outcome in contrast with the 9.14 billion yuan common of 33 analyst estimates, Refinitiv knowledge confirmed.

Income reached 97.40 billion yuan, versus 106.60 billion yuan a 12 months prior. Analysts had estimated 99.43 billion yuan.

Geely Car bought 1.36 million automobiles in 2019 and goals to promote 1.four million automobiles in 2020.

Reporting by Yilei Solar and Brenda Goh; Modifying by Christopher Cushing

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