Geely Auto Posts Record First-Half Profit on Exports, Hybrids

News Snapshot:

(Bloomberg) -- Geely Automobile Holdings Ltd., the Hong Kong-listed arm of billionaire Li Shufu’s car empire, posted a record first-half profit — buoyed by surging exports and demand for electric cars. Net income rose more than six-fold to 10.6 billion yuan ($1.5 billion) in the six months ended June 30 from a year earlier, the automaker said in a statement Wednesday. Revenue climbed 47% to 107.31 billion yuan. Vehicle deliveries gained 41% in the first half to 955,730 units, with EVs and plug-in hybrids leading the growth. The strong performance saw Geely raise its 2024 sales target to 2 million...