), one of China’s biggest car makers
, said late Monday that its net profit probably plunged by 40% in the first half of the year. In June alone, the company’s car sales fell 29%.
The slump was caused mostly by a bigger decrease in China sales than it had expected, the company said. Geely’s sales fell 33% in its home market.
Global brands are suffering
, too. Ford (F
) said last week that it sold nearly 22% fewer vehicles in China during the second quarter than in the same period a year ago. General Motors (GM
)posted a 12% drop in vehicle sales in China for the quarter.
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