China’s Geely Posts 40 Percent Slump in First-Half Profit, Sees Uncertain Demand Outlook

The emblem of the Geely automobile maker logo is seen at the IEEV New Energy Vehicles Exhibition in Beijing, China, on Oct. 18, 2018. Thomas Peter/Reuters

SHANGHAI—China’s Geely Automobile Holdings Ltd. said on Aug. 21 first-half net profit skid 40 percent amid a sustained downturn in the world’s biggest auto market, and it forecast an uncertain outlook for vehicle demand for the rest of the year.

Geely, China’s highest profile car maker globally thanks to the group’s investments in Volvo and Daimler, posted a net profit of 4.01 billion yuan ($568.5 million), compared to the 6.67 billion yuan it made in the same period a year earlier.