Geely Automobile doubles profit on next-gen car sales increase

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.

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