Geely: Volvo to break even soon

Chinese carmaker Geely Automobile Holdings said Volvo, which it is in the process of buying, could break even as early as the fourth quarter, after posting a surprise drop in its own second-half earnings. Hong Kong-listed Geely shares fell six per cent in their biggest drop in more than two months, hitting a five-week low, before closing down 5.3 per cent to HK$3.95 (33p). Geely’s parent, China’s biggest private carmaker, signed a definitive agreement late last month to buy Ford’s Volvo car unit for $1.8bn.