Geely plans vehicles jointly developed with Volvo
"The economic environment in most of our major markets is expected to become more difficult in the second half of 2013, meaning that our operating environment should remain challenging in the remainder of the year," the Hong Kong-based company said in a statement. "Competitive pressure on domestic brands in the China market should increase considerably in the coming years as most major international brands are strengthening their presence."
Zhejiang Geely Holding Group Co., which bought Volvo from Ford Motor Co. for $1.8 billion in the biggest overseas purchase by a Chinese automaker, signed a memorandum with the Swedish company in March last year to "leverage its full access" to technology to develop vehicles. Volvo in February said it will establish a joint research and development center in Gothenburg, Sweden, with Geely.
Geely reported first-half net income rose 37 percent to 1.4 billion yuan, beating analysts' estimates. Vehicle sales increased 19 percent to 263,544 units in the first six months, the company said, and maintained its full-year target at 560,000 vehicles.
The automaker is also preparing to introduce a series of new-energy vehicles in the coming year to cater to an expected increase in demand, it said in a statement.
Geely reported first-half net income rose 37 percent to 1.4 billion yuan, beating analysts' estimates. Vehicle sales increased 19 percent to 263,544 units in the first six months, the company said, and maintained its full-year target at 560,000 vehicles.
The automaker is also preparing to introduce a series of new-energy vehicles in the coming year to cater to an expected increase in demand, it said in a statement.
