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

Article by Christian A., 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

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
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