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Geely worries about profits

After a mixed year due to global chip shortages and rising raw material costs, Chinese Hangzhou-based automaker Geely expects sales and profitability to remain strained in 2022. Pressure on sales and returns is not expected to ease in light of increased competition in the domestic market, the rise in material prices, and pandemic-related restrictions, Geely Automobile said on Wednesday. The Ukraine war and the resulting, currently unpredictable, consequences for the global economy are also considered a risk factor for the sector.

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