Geely has more than doubled its 2016 net profit to more than RMB5.17bn (US$740m), boosted by strong results in the Chinese domestic market. The company's SUVs continue to sell well in China.
Geely said total revenue increased by 78.3% to RMB53.72bn, as strong domestic sales volume growth more than offset the weaker exports.
Geely sold a total of 765,970 units of vehicles in 2016, up 50.2% from 2015, of which 744,191 units were sold domestically, up 53.6% from 2015. The remaining 21,779 units or 2.8% of total sales volume were sold abroad, down 15.4% from 2015.
Geely is aiming to sell 1m units in 2017, which would constitute an ambitious 32% gain on 2016.
just-auto analysis notes that the company seems to be on a successful path, having culled failed brands and many vehicles from its portfolio. However, it is highly dependent on further high growth of demand in the Chinese vehicle market, something which some analysts say will struggle to exceed 3-5% in 2017.