Geely struggles to meet its annual sales target
Zhejiang Geely Holding Group is having difficulty meeting its ambitious targets this year, now that China's market has slowed.
In the first seven months of the year, Geely's sales rose 8 percent to 235,209 vehicles. In that period, however, the company has sold only 49 percent of its 2011 target of 480,000 units.
For the month of July, Geely's sales inched up 0.7 percent year-on-year to 21,828 vehicles.
Geely, which is headquartered in Hangzhou of east China's Zhejiang province, sold 248,000 vehicles in 2010.
Mass-market automakers such as Geely are struggling with a sales slowdown in the wake of the Chinese government's decision to eliminate its scrappage incentive and tax breaks on small cars. With the aid of those incentives, China's passenger vehicle sales surged 33 percent in 2010.
Now that those incentives have expired, sales growth slowed to 5.9 percent year-on-year in the first seven months of 2011, according to China Association of Automobile Manufacturers.
