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Geely posts sales and stock surge (2)

By Han Tianyang (China Daily)

08:49, February 22, 2013

Yang Xueliang, Geely's spokesman, said that the company's SUV products will gain more momentum this year to achieve average monthly sales of over 10,000 units.

A Xinhua News Agency report on Feb 15 also helped prompt the surge in its stock price.

The report said Geely's economy cars assembled at its joint venture in Belarus will formally hit the market this month.

It said the Belarusian-Chinese venture also plans to sell its cars in Russia this spring and market them in Kazakhstan and the European Union in the future.

Geely's stock price has increased by more than 80 percent in the past six months, up from about HK$2.5 ($0.32) in September last year.

Its 2012 sales totaled more than 480,000 units, a 15 percent increase year-on-year. Previously the company said its target this year is to increase sales by 16 percent to 560,000 units.

Earlier this month, the carmaker's parent company Zhejiang Geely Holding Group finalized its $17 million acquisition of Manganese Bronze Holdings, manufacturer of the iconic London cabs.

It was already a shareholder in the UK company after buying a nearly 20 percent stake in 2006.

The company headquartered in East China's Zhejiang province became a familiar name in the global auto world with its unexpected takeover of Volvo in 2010.


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