May Sales At China Billionaire’s Geely Auto Drop 7% Amid Lockdown Disruptions; EVs Gain
Geely Automobile Holdings, a China automaker controlled by billionaire Li Shufu, said on Tuesday sales declined by 7% in May from a year earlier as Covid lockdowns disrupted the world’s largest auto market.
Sales declined to 89,070 from 96,167 a year earlier. For the first five months of the year, sales shrank 8% to 487,247 from 530,074.
Bright spots in May came from electric vehicles and exports. Total EV sales reached 21,898 compared with only 4,854 a year earlier.
Total exports rose by 52% to 15,755 in May from 10,384 a month earlier.
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Geely Auto’s main shareholder is Geely Holding, whose brands include Volvo Cars, Lynk & Co, ZEEKR, Geometry, Polestar, Lotus, London Electric Vehicle Company, Farizon Auto, and Cao Cao Mobility.
Chairman Li Shufu, also known as Eric Li, is worth $30.9 billion on the Forbes Real-Time Billionaires List today.
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