Geely Automobile doubles profit on next-gen car sales increase

by SpeedLux
Geely automobile holding

China’s Geely Automobile Holding, whose unlisted parent controls Volvo, on Wednesday stated net profit more than doubled in last year, the most significant increase in 8 years as sales of its next-generation of automobiles overtook expectations.

The Hangzhou-based automaker stated in a stock market filing that net profit for 2016 increased 126 percent to 5.1 billion yuan ($741.15 million), beating consensus expectations of 4.6 billion yuan in a Reuters survey of experts.

Geely’s income increased 78 percent to 53.7 billion yuan from a year previously. It formerly reported sales rose 49 percent to 765,851 automobiles for the year.

Geely has actually changed itself from a no-frills domestic brand into a car manufacturer with upmarket goals, using its 2010 acquisition of car company to up its game with models such as the just recently released GC9 sedan and Boyue sport-utility vehicle.

Geely will release the first automobiles on a jointly-developed platform with Volvo under new brand Lynk & Co later this year with strategies for the marque to go on sale in Europe next year and the United States in 2019.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.


©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More