Tycoon Li Shufu’s Geely Auto posts first-half profit drop, but beats estimates

Geely Auto, mainland China’s second-largest carmaker, reported a 14 per cent drop in first-half profit even as revenue surged on sales of electric vehicles (EVs) to budget-conscious consumers aided by heavy discounts. Profit for the January to June period came in at 9.3 billion yuan (US$1.3…