Manufacturing News

Geely profit doubles in 2016 on strong crossover sales

Geely Automobile Holdings estimates its net profit doubled to 4.5 billion yuan ($660 million) last year, thanks to explosive sales growth and improved product mix.

The company's net profit in 2015 was 2.26 billion yuan.

Last year, Geely's deliveries jumped 50 percent to 765,851 vehicles on strong demand for four new models: the Boyue, Emgrand GS and Vision crossovers and the Emgrand GL compact sedan.

The private Chinese carmaker wants to sell 1 million vehicles globally this year, up 31 percent from 2016.

Geely unveiled its global Lynk & CO brand in October. It plans to launch sales of the first Lynk-badged model, a crossover, in China late this year. In 2018, Geely will launch Lynk in Europe and the United States.

The company has yet to disclose what new models it will introduce under the Geely brand.

Geely is headquartered in the east China city of Hangzhou and is listed in Hong Kong. Its parent, Zhejiang Geely Holding Group Co., owns Volvo Car Corp.

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