Geely profits jump 32% in 2012 as exports soar
Geely Automobile Holdings Ltd., the publicly traded unit of China's biggest independent automaker, said its net income jumped 32 percent last year 2.0 billion yuan ($328 million) as exports doubled.
Geely aims to derive at least half of its sales from exports by 2015, more than doubled its exports last year.
Chinese automakers have lost market share on continued concerns over quality and as foreign automakers introduce lower-priced models. Geely, which acquired Volvo Car Corp. in 2010, hopes to upgrade its model lineup with the aid of the Swedish automaker.
Last year, revenue rose 17 percent to 24.6 billion yuan. In 2013, Geely expects vehicle sales to rise 16 percent to 560,000 units, it said in January.
Last month, Geely's parent company announced plans to invest $151 million (939 million yuan) in London taxicab maker Manganese Bronze Holdings Plc over the next five years to help turn the company profitable.
Geely wants to export Manganese Bronze's black cabs to other countries, spokesman Victor Yang said last month.
Geely aims to derive at least half of its sales from exports by 2015, more than doubled its exports last year.
Chinese automakers have lost market share on continued concerns over quality and as foreign automakers introduce lower-priced models. Geely, which acquired Volvo Car Corp. in 2010, hopes to upgrade its model lineup with the aid of the Swedish automaker.
Last year, revenue rose 17 percent to 24.6 billion yuan. In 2013, Geely expects vehicle sales to rise 16 percent to 560,000 units, it said in January.
Last month, Geely's parent company announced plans to invest $151 million (939 million yuan) in London taxicab maker Manganese Bronze Holdings Plc over the next five years to help turn the company profitable.
Geely wants to export Manganese Bronze's black cabs to other countries, spokesman Victor Yang said last month.
