Geely has reported net income of CNY1.54bn (US$244m) in 2011, beating the average of 21 analyst estimates that predicted a net income of CNY1.47bn for the company, reported Bloomberg.

The market share of local brands fell 1.78 percentage points to 29.11% in 2011, according to the China Association of Automobile Manufacturers.

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Geely vehicle sales were up 1% to 421,611 units in 2011. The total market share of passenger cars in China increased saw a gain of 5.2%.

In January, Geely had announced that it expects a 9% increase in sales to 460,000 units in 2012.

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