Geely has said that it expects full-year net income to fall by around 50% due to the impact of the sliding rouble and lower sales.
The news caused its share price to tumble on the Hong Kong stock exchange.
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Geely said in a statement that depreciation of the rouble resulted in an “unrealised foreign-exchange loss from operations in Russia”. Sales volume dropped 26% in the first 11 months of the year, led by a 49% decline in export markets, it said.
However, Geely also said its performance in China has rebounded since August after a reorganisation of domestic sales and marketing system. It also accelerated the introduction of new and upgraded models.
