Geely Automobile 2010 net profit up 16%

09:26, March 24, 2011      

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Chinese car maker Geely Automobile said Wednesday its net profit rose 16 percent last year to 1.37 billion yuan, due to the record sales volume and its improving brand and product image.

Zhejiang province-based Geely Automobile said its total sales volume increased by 27 percent to 415,843 units and revenue increased by 43 percent to 20.1 billion yuan for the year of 2010.

In the Chinese market, Geely's sales volume was up 29 percent over last year to 395,288 units in 2010, in line with the overall growth in China's sedan market during the same period.

Geely set 2011 sales volume target at 480,000 units, up 15 percent from 2010, which is slightly higher than the level of projected growth of China's sedan market by China Association of Automobile Manufacturers.

Source: Xinhua
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