Volvo Cars owner Geely Automobile Holdings said total revenue increased by 15% year on year in 2018 to RMB106.6bn as the group's average selling price continued to improve, mainly driven by the improvement in product mix.
Total net group profit rose 18% to RMB12.67bn in 2018 due to the increase in overall sales volume, higher average selling price, and improved profit margin during the year.
Geely Auto (including Lynk & Co vehicles sold by the 50% owned joint venture) sold 1,500,838 units, up 20% over 2017. Geely Auto's share of China's passenger vehicle market increased from 5% in 2017 to 6.2% in 2018, making the group the third largest passenger vehicle brand in China and largest Chinese passenger vehicle brand in the world.
In the first full year of operation, Lynk & Co sold 120,414 units.
in 2018, Geely Auto sold 67,069 electrified vehicles, up 165%.
Geely Auto is launching multiple new products in 2019 including the brand's first MPV, JiaJi, which will be available as a new energy and traditional ICE vehicle and the Xing Yue Crossover Coupe. Six new models will be introduced along with 10 facelifts.
China's passenger vehicle market experienced a 4% decline in 2018, after strong growth over the past several years.
"Given the prevailing uncertainties in China's passenger vehicle market, Geely Auto has set its 2019 sales goal at conservative level of 1.51m units, in line with the overall sales volume achieved in 2018," the automaker said.