Chinese carmaker Geely Automobile said it was expecting business to recover in the near-term after a disappointing year as the country's auto industry battled coronavirus lockdowns and trade tariffs.
Geely Automobile said it was expecting business to recover in the near-term after a disappointing year.
Geely's profits dropped 35% in 2019 amid a dampening in the Chinese autos industry and coronavirus factory closures. Daniel Li, vice chairman and executive director of the Hangzhou-headquartered company, told CNBC's "Street Signs" the company will be ramping up production to fulfill 40,000 car orders over the coming weeks and is on track to meet its annual output target of 1.4 million cars.
"Looking at the year 2020, although we see a significant impact from the coronavirus, we still believe we will deliver the annual target which is 1.4 million cars," he continued. "It's 40,000 cars more than the year before."
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