Chinese carmaker Geely Auto Group is expecting further pressure on its profitability and sales this year after experiencing a 12% fall in 2021 profit, citing global chip shortages and rising raw material prices, reports Reuters.
The world’s highest-profile Chinese automaker, thanks to its investments in Volvo Cars and Daimler AG, reported a 2021 profit of RMB 4.85 billion ($761.64 million), compared with RMB 5.53 billion in the previous year. Revenue rose 10% to RMB 101.6 billion.
“The intensified competition in China, the rise in raw material prices, other pandemic-related disruptions and global shortages of chip supply have showed no signs of subsiding and should continue to put pressure on the sales performance and profitability of the Group in 2022,” Geely said in a statement.
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