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EVs Help China’s Geely Auto Rebound In June; Stock Gains 6.7% In Hong Kong

News Snapshot:

Geely Automobile Holdings, a China automaker controlled by billionaire Li Shufu, said on Thursday sales rebounded by 26% in June from a year earlier after the Covid lockdowns disrupted earlier this year. Led by gains in electric vehicle models, sales increased to 126,595 from 100,163 a year earlier. For the first six months of 2022, sales shrank 3% from the first half of last year to 613,842. Bright spots in June came from electric vehicles and exports. Total EV sales topped 32,000 compared with only 6,016 a year earlier. Total exports in June rose by 224% from a year earlier…

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