Geely Auto profits double in 2017 on sales growth, crossovers
Geely Automobile Holdings estimates its net profit doubled last year to 10.2 billion yuan ($1.6 billion) on strong crossover sales.
In 2016, the private Chinese carmaker recorded a net profit of 5.11 billion yuan.
In a statement, Geely Auto attributes the profit surge to significant sales growth and improved product mix.
Last year, Geely Auto delivered 1.2 million vehicles, up 63 percent from 2016.
The sales growth was led by four models that debuted in 2016: the Boyue, Emgrand GS and Vision crossovers and the Emgrand GL sedan. The vehicles are priced higher than models the company previously marketed.
In December, Geely Auto launched sales of the first product, the 01 compact crossover, under its new premium brand Lynk & CO. The company is targeting annual sales of 1.58 million vehicles this year, up 27 percent from 2017.
Geely Auto is headquartered in the east China city of Hangzhou and listed in Hong Kong.
Its parent, Zhejiang Geely Holding Group, announced it would buy an 8.2 percent stake in Swedish heavy-duty truckmaker AB Volvo in December.
In 2010, Geely acquired Volvo Car Corp. from Ford Motor Co.
In 2016, the private Chinese carmaker recorded a net profit of 5.11 billion yuan.
In a statement, Geely Auto attributes the profit surge to significant sales growth and improved product mix.
Last year, Geely Auto delivered 1.2 million vehicles, up 63 percent from 2016.
The sales growth was led by four models that debuted in 2016: the Boyue, Emgrand GS and Vision crossovers and the Emgrand GL sedan. The vehicles are priced higher than models the company previously marketed.
In December, Geely Auto launched sales of the first product, the 01 compact crossover, under its new premium brand Lynk & CO. The company is targeting annual sales of 1.58 million vehicles this year, up 27 percent from 2017.
Geely Auto is headquartered in the east China city of Hangzhou and listed in Hong Kong.
Its parent, Zhejiang Geely Holding Group, announced it would buy an 8.2 percent stake in Swedish heavy-duty truckmaker AB Volvo in December.
In 2010, Geely acquired Volvo Car Corp. from Ford Motor Co.
