Manufacturing News

Geely Auto's net profit more than doubles in 2017 on robust sales

Geely Automobile Holdings' net profit soared 108 percent year on year to top 10.6 billion yuan ($1.7 billion) in 2017.

The company said its revenue jumped 73 percent to nearly 92.8 billion yuan.

Geely Auto attributes the surge in profit and revenue to strong sales growth and improved product mix.

In 2017, the company’s sales jumped 63 percent from a year earlier to 1,247,116 vehicles.

The growth was led by five models that generated 75 percent of the company’s vehicle sales last year: the New Vision subcompact car, New Emgrand compact sedan and three compact crossovers -- the New Vision variant, Boyue and Emgrand GS.

As these models were priced above the company’s previous-generation vehicles, profit margins improved, Geely Auto said.

In 2018, the company seeks to boost sales 27 percent to 1,580,000.

To achieve the goal, Geely Auto plans to expand its crossover lineup and introduce its first multipurpose vehicle.

It said it also plans to launch sales of several electric and plug-in hybrid models this year. Geely Auto has only one EV and one plug-in hybrid in its portfolio, both adapted from the New Emgrand sedan.

Geely Auto gave no further details on the new models it plans to introduce this year.

Geely Auto, headquartered in the east China city of Hangzhou and listed on the Hong Kong exchange, is a subsidiary of Zhejiang Geely Holding Group. Zhejiang Geely also owns Volvo Car Corp.

After Zhejiang Geely bought an 8.2 percent stake in Swedish heavy-duty truckmaker AB Volvo in December, Zhejiang Geely Chairman Li Shufu acquired a 9.67 percent interest in Daimler in February.

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