Geely sales slump 24% in February

2019/3/12    source: automotive news

Sales at Geely Automobile Holdings, China’s largest passenger vehicle maker, dropped 24 percent to 83,552 last month.
The company blamed the results on the timing of the weeklong Chinese New Year holiday, which started Feb. 4. The holiday, which came earlier than last year, resulted in fewer working days in February, Geely said.

February sales at the company’s Geely mass market brand plunged 28 percent to 76,285.

Deliveries at Geely’s premium marque Lynk & CO, which is co-owned by Geely and Volvo Car Corp., surged 81 percent to 7,267 as the brand expanded its product lineup, which now is made up of two compact crossovers and one compact sedan.

The three Lynk & CO models were developed on the same vehicle platform as the Volvo XC40.

In the first two months of the year, combined Geely and Lynk & CO brand sales fell 9 percent to 241,945.

Geely is aiming to sell 1.51 million vehicles in 2019, virtually unchanged from 2018. But the weak results in the first two months will pose challenges for the company’s target.

Geely is based in the east China city of Hangzhou and listed in Hong Kong. Its parent Zhejiang Geely Holding Group Co. also owns Volvo Car Corp.
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