Geely Automobile said its sales will most likely slow this year to less than half the pace of 2013 and lag the industry in China. It added that deliveries will increase by about 6% to 580,000 units.
This follows growth last year of 14% although Geely missed its 560,000 sales target by just over 10,000 units. Industry watchers expect the market in China to grown between 8% and 10% this year.
Chinese carmakers have seen their combined domestic market share fall while exports dropped for the first time in five years because of unstable overseas demand and insufficient competitiveness.
Geely has said it plans to start exporting cars it develops with its Swedish affiliate Volvo to the US in 2016. The company said in a statement: “In 2014, the group would continue to focus on improving its product quality, after-sales services and average selling price of its products.”
The Chinese market is expected to see slower growth this year as anti-pollution and austerity campaigns spread.