Geely Automobile’s net income for 2011 is 13% higher to $244 million

Article by Christian Andrei, on March 22, 2012

Geely Automobile Holdings recorded a net income of 1.54 billion yuan or $244 million for 2011, a 13% increase from the 1.37 billion yuan it achieved a year before. The 2011 profit figure surpassed the 21 analysts' average forecast of 1.47 billion yuan as surveyed by Bloomberg. The demand for new automobiles in China has been identified as a contributing factor to the increase in profit.

The country has increased efforts to assist Geely, which is the sibling company of Volvo Cars, as well as other local vehicle manufacturers competing against foreign automakers like Volkswagen Group and General Motors Co.

Nineteen Geely models have been included by the industry regulator on its list of automobiles that government agencies can purchase, shutting out foreign rivals. Last year, the local-brand vehicles' share of the market -- not including SUVs, minivans and multipurpose automobiles -- dropped 1.78 percentage points to 29.11%, the China Association of Automobile Manufacturers revealed. Automobile sales of Geely increased 1% to 421,611 units last year, trailing behind the 5.2% increase experienced by the passenger vehicle market in China.

It previously disclosed in January that it is aiming for a 9% boost in sales to 460,000 automobiles this year. Zhejiang Geely Holding Group Co., which is Geely's parent company, inked a memorandum of understanding in March with Volvo to shift vehicle technology to set up a new brand and strengthen competitiveness.

Topics: geely

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Even when Aston Martin has been mum about the upcoming AM-RB 001 hypercar, Marek Reichman at least has something new to say. In a recent interview with Australia’s Motoring, the...
by - December 8, 2016
The people at Mercedes-Benz are rejoicing. This is simply because for the first time since 1979, Mercedes-Benz has assembled 20,000 – and still counting – examples of the Mercedes-Benz G-Class....
by - December 8, 2016
When Donkervoort Automobielen BV unveiled its Donkervoort D8 GTO-RS limited edition in May 2016, customer interest has been so overwhelming that the Lelystad, Netherlands-based carmaker sold out this one-of-a-kind vehicle...
by - December 8, 2016
Mazda’s RX-7 and RX-8 rotary sports car are two of the most beloved sports cars from Japan. Aside from their terrific road balance and agility, these sports cars are powered...
by - December 8, 2016
Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries