Geely Automobile profits beat estimates as the company said it still expected further sales growth this year despite the slowing Chinese market.

According to Bloomberg, net income rose 1% to CNY5.31bn (US$738m) in 2023 after analysts estimated CNY4.9bn.

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Revenue was 21% higher at CNY179.2bn, also ahead of expectations.

Geely said it achieved record sales volume overall plus shifted a record number of new energy vehicles and export units despite “fierce competition” from price wars.

Gross margin improved from 14.1% in 2022 to 15.3% last year due to better cost control and higher average pricing, the Bloomberg report added.

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