Shares in Geely fell by a fifth after the Chinese carmaker warned that its earnings will halve this year, blaming the “abrupt” depreciation of the Russian rouble and weak sales both at home and abroad.
The Hong Kong-listed company, whose parent owns Volvo of Sweden and the maker of London’s black cabs, said after market close on Tuesday that net profit for the year to the end of December would come in about 50 per cent lower than the Rmb2.7bn ($430m) registered in 2013.
Geely’s stock price slid as much as 19 per cent on Wednesday morning. It had already fallen nearly 14 per cent in the past month.
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