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Geely Surges to #3 Among Chinese Carmakers
Geely Automobile Group has become China’s third-largest carmaker on surging sales and profits.
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Geely Automobile Group has become China’s third-largest carmaker on surging sales and profits.
Geely ranks behind only Volkswagen and General Motors in China after overtaking Honda, Nissan and Toyota this year. The company says it is on track to sell more than 1.58 million vehicles this year.
The carmaker reports that its profits in the first half of 2018 soared 53% to 6.7 billion yuan ($980 million). Unit sales for the period zoomed 44% to 766,600 units, and revenue climbed 36% to 53.7 billion yuan ($7.9 billion).
Geely is benefiting from its acquisition of Sweden’s Volvo Car Corp. in 1999 and a majority stake in U.K.’s Group Lotus Ltd. last year. The Chinese company and its Volvo unit also launched a new global brand, Lynk & Co, last November.
The company has been buying minority stakes in other carmakers too. It acquired 8% of commercial truckmaker AB Volvo last December and 9.7% of Daimler AG in February.
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