Manufacturing News

Geely expects profits to double in first six months

Geely Automobile Holdings Ltd. expects net profits in the first half of this year will exceed 3.8 billion yuan ($570 million) – more than double its net income in the year-earlier period.

In the first half of 2016, Geely’s net income totaled 1.91 billion yuan.

The company attributes its profit surge to growing vehicle sales and a favorable product mix. Geely has enjoyed strong demand for a trio of crossover models and a new sedan introduced last year.

New models included the Boyue, Emgrand GS and Vision crossovers and the Emgrand GL compact sedan.

The four models, built on Geely’s new vehicle platform, have starting prices ranging from 77,800 yuan to 119,800 yuan – much higher than the company’s previous product line.

In the first six months of 2017, Geely’s vehicle sales jumped 89 percent year on year to 530,627 vehicles. Combined deliveries of the four models represented more than half of Geely’s sales.

In the wake of explosive sales growth in the first half of the year, Geely is forecasting sales of 1.1 million vehicles this year, up 44 percent from 2016.

Geely, headquartered in the east China city of Hangzhou, is a subsidiary of Zhejiang Geely Holding Group Co. That company also owns Volvo Car Corp.

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