China’s Car Group Geely Sells More Cars, Doubles Profits

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The Chinese car group Geely Automobile Holdings, owner of car brands such as Zeekr, Lynk, and Livan and a significant shareholder of Volvo, has seen sales increase significantly in the first quarter of this year.

 

Despite increased competition and the price war in the Chinese market, the group doubled its net profit.

Geely announced quarterly results for the first time. Previously, the company only reported six-monthly figures. Thus, The group follows the line of subsidiary Zeekr, listed separately in New York last month and publishes its results quarterly.

Geely sold 475,700 cars in the first three months of this year, an increase of 50 percent compared to a year earlier. The company expects to sell 1.9 million vehicles this year. Turnover increased by 56 percent to 52.3 billion yuan, and the net profit amounted to almost 1.6 billion yuan.

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