Biz / Auto

Geely's revenue and profit more than doubled in H1

Car manufacturer attributes the increase to robust sales of its sedans and SUVs, and revises upward full-year sales figures

China's Geely Automobile Holdings Ltd said today revenue and profit more than doubled in the first half of this year amid robust sales of its sedan and sport-utility vehicles, and the company revised upward its full-year sales volume.

Geely Auto's net profit surged 128 percent to 4.34 billion yuan (US$648.96 million) in the first six months, according to its half year financial report released by the company today. Total revenue jumped 118 percent to 39.42 billion yuan during the first half year.

"Sedan and sport-utility vehicle models demonstrated strong sales performance, despite the intense competition in China's passenger vehicles market in the first half of this year," the company said in the report.

Geely Auto's sales  in the first six months surged 89 percent from the same half last year to 530,627 vehicles.

"The group's management team decided to revise upward our original full year sales volume target by 10 percent from 1 million units to 1.1 million units," the company said in the report. 

The company also said it will launch a new SUV, new hybrid-electric vehicle and plug-in hybrid electric vehicle models in the second half of this year.

Geely Auto, founded in 1997, is a subsidiary of Hangzhou-based Zhejiang car manufacturer Geely Holding Group.

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