Geely Automobile Holdings has announced a 108 per cent surge in net profit for the year to the end of December 2017 with revenue surging by 73 per cent.
The Hangzhou-based car maker credited higher vehicle sales in China as well as improved transaction prices for the jump in revenue to RMB92.76bn (USD14.65bn) in 2017. Net profit rose to RMB10.63bn (USD1.68bn).
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Including numbers for Lynk & Co but excluding Volvo Cars, Geely delivered 1,247,115 vehicles in CY2017, a rise of 63 per cent over the prior year. The company says its goal for 2018 is to sell 27 per cent more, the target being 1.58 million.
Geely overtook all domestic rival brands in the Chinese market and this position continues as at the end of February. The combined sales of five Geely models made up three quarters of its deliveries: Geely Boyue/Bo Yue, New Emgrand, New Vision, Emgrand GS and Vision SUV.
