SHANGHAI/HONG KONG — China’s Geely Automobile Holdings reported a virtually flat net profit for the first half of the year on Tuesday, as the automaker struggles to shift to electrified vehicles amid a sluggish economic recovery and severe price competition at home.
Though revenue for the group based in Zhejiang province grew by 26% on the year to 73.18 billion yuan ($10.1 billion) in the six months through June, net profit edged up by 1% to 1.57 billion yuan.