By Martin MouGeely Automobile Holdings Ltd. said it expects headwinds brought on by the Covid-19 pandemic to continue this year, as it posted sharply lower first-half net profit. The Chinese car maker Monday cut its full-year sales target by 6% to 1.32 million units. It said the recovery since the second quarter had been slower than expected and global uncertainties are likely to persist. Geely's first-half net profit fell 43% to 2.3 billion yuan ($330.9 million) from a year earlier, while revenue dropped 23% to CNY36.82 billion. Geely--whose parent, Geely Holding, owns Volvo Car AB--said it has started preliminary discussions with Volvo management regarding a possible combination of the two companies.

Source: Wall Street Journal August 17, 2020 05:15 UTC