Manufacturing News

Geely's first-half profit soars on robust demand for new models

Geely Automobile Holdings' net profit shot up 128 percent year on year to 4.3 billion yuan ($652 million) in the first half of the year on strong volume of its new models.

The profit was higher than the estimate of 3.8 billion yuan the company made last month.

Geely’s sharp profit rise was achieved by the strong volume and higher product margins of the four new models it put on sale last year -- the Boyue, Emgrand GS and Vision crossovers and the Emgrand GL compact sedan.

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

The four models, based 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 mix.

As a result, the company’s total revenue surged 118 percent to 39.4 billion in the period.

After recording explosive sales growth in the first half, Geely has raised its annual sales target to 1.1 million vehicles for 2017, up 44 percent from 2016.

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

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