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:


Login or Create new account to add a comment!


It was only recently when BMW officially debuted the new 2017 5-Series Saloon (G30) online. At that time, this range revealed that it had driving dynamics that was the best...
by - October 26, 2016
Starting early 2017, the new Audi Q7 will be available with the new 2.0-liter TFSI four-cylinder engine that makes it not only faster but also lighter and more efficient than...
by - October 25, 2016
Soon, Fiat Chrysler’s Dodge brand will be ending the production of the Dodge Viper. So practically, the 2017 Dodge Viper will be the last Viper up for grabs. Gerry Wood...
by - October 25, 2016
Say hello to the fastest accelerating production car in the world: the new 2017 Tesla Model S P100D. Powered by a 100 kWh battery, this new model basically outruns almost...
by - October 25, 2016
Ever heard of the “Lynk & Co” automotive brand? Well, it is highly likely people haven’t. This is practically because this is new brand created by the joint venture between...
by - October 25, 2016