Automaker Geely has a good year

Source: Xinhua | 2019-03-22

Chinese car company Geely registered fast revenue and profit growth in 2018, according to its financial report filed with the Hong Kong exchange.

The company, based in Zhejiang Province, raked in 106.6 billion yuan (US$16 billion) in revenue last year, up 15 percent year on year.

The net profit attributable to shareholders saw an 18 percent increase to 12.55 billion yuan.

Despite China seeing a 4 percent decline in passenger vehicle sales last year, the company continued to increase its market share and its position in the passenger vehicle segment, Geely said.

Geely sold 1.5 million vehicles last year, up 20 percent year on year. Sales volume in the domestic market went up 19 percent, while export sales posted strong growth of 136 percent.

The company’s passenger vehicle market share has increased from 5 percent in 2017 to 6.2 percent in 2018.

That makes it the third largest auto company in terms of annual sales volume in China’s passenger vehicle market.