BEIJING -- China's Geely said it will invest more in new-energy vehicles and higher-end models after forecasting flat sales in 2019 due to uncertainty about domestic demand.
Geely, China's highest profile automaker globally thanks to the the group's investments in Volvo and Daimler, sold 1.5 million cars last year, 20 percent higher than the figure for 2017.
However, it is forecasting largely unchanged sales this year as the country's giant auto market struggles with slowing economic growth and more cautious consumers. Last year, the overall market contracted for the first time since the 1990s.
"We can't say whether the target of 1.5 million in 2019 can be reached, because we don't know the changes in the economic situation. We will manage the company based on market conditions" Zhao Yang, a senior Geely official, told a news conference in Hong Kong. Yang said the company is facing record high car inventory. However, it remains hopeful on its export prospects.
"The domestic market has some uncertainties, but the international market has good opportunities for Geely," Yang said.