<div id="readability-page-1"><div><p>[BEIJING] Geely Automobile’s first-quarter profit missed analyst expectations, as China’s car market weakened following the winding back of government subsidies.</p><p>Net income declined 27 per cent to 4.2 billion yuan (S$785 million) in the three months ended Mar 31, compared with 5.7 billion yuan in the year-ago period, the Hong Kong-listed arm of billionaire Li Shufu’s car empire said on Wednesday (Apr 29). </p><p>That fell short of the 4.5 billion yuan average of analyst estimates compiled by Bloomberg. Revenue increased 15 per cent to 83.8 billion yuan.</p><p>The profit decline follows that of its biggest rival BYD, which on Tuesday posted a 55 per cent drop in Q1 profit to the lowest level in more than three years. </p><p>Geely’s overall vehicle sales of 709,358 in the quarter slightly edged out BYD’s of 700,463, though BYD regained the lead in March.  </p><p>Ahead of the Beijing car show, Geely launched a new hybrid technology, which it says can beat Toyota Motor and other Japanese manufacturers, as it looks to compete more internationally. </p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>At home, it is offering its 8X luxury sport-utility vehicle with a package of incentives worth 27,000 yuan, as China’s car market remains stuck in the grips of a fierce price war that has eroded margins.</p><p>With soft demand and intense competition at home, Geely is ramping up exports and overseas production. </p><p>It has lifted its international sales target to 750,000 vehicles in April from an initial goal of 640,000 and has forged partnerships with global automakers.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="1334" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/bce39ec7e8499700c5a39cc3110c7ab77aa32a1a010fcc5d54fc9a29bcd888ad/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/bce39ec7e8499700c5a39cc3110c7ab77aa32a1a010fcc5d54fc9a29bcd888ad/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Geely extends lead over BYD with biggest sales gap since 2022</span></h3><p></p></div></div><div><div><div><p><img height="1334" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/064f678b1eb4160c1e95b53ebeb6f3a45e6d4c41ea5866853104077199659d8a/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/064f678b1eb4160c1e95b53ebeb6f3a45e6d4c41ea5866853104077199659d8a/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Geely eyes Canadian auto market after deal allowing Chinese EVs</span></h3><p></p></div></div><div><div><div><p><img height="4834" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/e3ebd31598889c95b102c475f01f14e1f70d2d0c29ad19c3797d097d06be76d0/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="7672" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/e3ebd31598889c95b102c475f01f14e1f70d2d0c29ad19c3797d097d06be76d0/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Geely profit beats estimates as sales approach those of BYD</span></h3><p></p></div></div></div></div></div></div><p>This includes a tie-up with Renault in Brazil to make Geely-branded vehicles for the South American market. BLOOMBERG</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

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<p>Geely Automobile reported a 27% decline in Q1 profit to 4.2 billion yuan, missing analyst expectations due to weak demand in China's car market. Revenue rose 15% to 83.8 billion yuan. Despite selling 709,358 vehicles, slightly more than rival BYD, Geely faces intense competition and a price war. The company is increasing its international sales target to 750,000 vehicles and has partnered with Renault to produce vehicles in Brazil, aiming to enhance its global presence.</p>

Geely Q1 profit falls 27% as weak demand hits China automakers