China’s Geely warns of chip shortage, but keeps annual vehicle sales target By Reuters

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2/2 © Reuters. FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon 2/2 BEIJING (Reuters) -China's Geely Automobile Holdings (OTC:) Ltd warned on Wednesday of a potential short-term performance hit due to a global chip shortage and a resurgence in COVID-19 cases, but kept its annual sales target, betting on new product launches. The company's upbeat forecast and a strong first-half revenue growth helped send shares of the Hangzhou-based car maker up nearly 4%. Geely posted a 22% rise in six-month revenue to end-June of 45 billion yuan ($6.94 billion), driven by an improved product mix. Its total vehicle sales rose 19% to 630,237 cars, underperforming a 27% growth in China's overall passenger vehicle sales. More than 90% of Geely's vehicles are sold in China and the company has been pushing to increase exports in recent years, focusing mainly on Southeast Asia and Europe. "We
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