Manufacturing News

Geely predicts big growth in first-half profits

Geely Automobile Holdings expects first-half net profit to grow about 50 percent from 4.34 billion yuan ($648 million) a year earlier.

The gains will come from a sharp increase in revenue, sales and improved product mix during the period, the company said in a statement Wednesday.

Geely has maintained robust sales since 2016 behind strong demand for a new generation of products, especially crossovers.

The company’s June deliveries jumped 45 percent year on year to 128,449. Combined sales of the Boyue and Emgrand GS compact crossovers and the Vision-series compact and subcompact crossovers totaled 63,830 last month.

Sales of the 01 compact crossover, launched in December 2017 under the company’s new premium Lynk & CO brand, reached 9,247 in June.

Geely’s overall crossover deliveries totaled 73,077, or 57 percent of sales, last month.

In the first half, Geely’s China sales surged 44 percent to 766,630 cars and light trucks.

Geely is based in the east China city of Hangzhou and listed in Hong Kong. Its parent Zhejiang Geely Holdings Group also owns Volvo Car Corp.

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