Manufacturing News

Geely first-half profit surges 54%

Geely Automobile Holdings’ net profit surged 54 percent to nearly 6.7 billion yuan ($978 million) in the first half of the year, reflecting strong sales and improved profitability of key products.

In the first six months, unit sales advanced 44 percent to 766,643 vehicles, Geely said. The tally made Geely the largest domestic passenger vehicle maker in China.

Revenue jumped 36 percent to top 53.7 billion yuan in the first half, Geely said.

With the first two products Geely has launched under the premium brand Lynk & CO since December -- the 01 and 02 compact crossovers -- the average selling price of Geely’s product mix rose 7 percent during the period.

New models
Geely aims to achieve annual sales of 1.58 million in 2018, an increase of 27 percent from 2017.

It plans to introduce seven new models under the Geely and Lynk & CO brands and significantly expand its electrified vehicle lineup in the second half.

The Geely brand will launch an SUV, a subcompact crossover, a compact sedan, two full electric vehicles and the brand’s first multi-purpose vehicle. Additional details about the new models are not available.

Later this year, Lynk & CO will introduce the plug-in hybrid variant of the 02 compact crossover. The brand will also start selling its third product, the 03 compact sedan, in both gasoline and plug-in hybrid versions.

Geely now has five electrified vehicles under the Geely and Lynk & CO brands: plug-in variants of the Geely Rorui compact sedan, Geely Emgrand compact crossover and Lynk & CO 01 compact crossover; and EV versions of the Geely Emgrand compact sedan and Geely GS compact crossover.

The company’s target is to derive up to 90 percent of its annual sales from electrified models by 2020.

Geely is headquartered 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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