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Geely Doubles Profits on SUV Sales
Geely Automobile Holdings Ltd. says its net profit last year more than doubled to 5.1 billion yuan ($741 million) as strong demand for the company’s SUVs produced a 78% surge in revenue.
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Geely Automobile Holdings Ltd. says its net profit last year more than doubled to 5.1 billion yuan ($741 million) as strong demand for the company’s SUVs produced a 78% surge in revenue.
Geely’s unit sales jumped 50% to 766,000 vehicles in 2016. Revenue zoomed to 53.7 billion yuan ($7.8 billion) from 30.1 billion yuan in 2015.
The carmaker says the four new models it introduced last year accounted for 76% of its unit sales growth for the period. SUVs generated more than 30% of the company’s total sales compared with 12% in 2015.
The sales surge boosted Geely’s net cash 76% to 12.8 billion yuan ($1.9 billion). The company aims to hike sales 31% this year to a record 1 million units.
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