Geely sees biggest profit rise
Print Edition
CHINA’S Geely Automobile Holdings Ltd posted its biggest profit growth in eight years yesterday, as improved product design and engineering following its 2010 purchase of Sweden’s Volvo helped propel it to record sales.
Geely, which also owns the maker of London’s black cabs, has already forecast a 31 percent jump in sales for the current year as affordable models introduced after the Volvo acquisition, such as its GC9 sedan and Boyue sport-utility vehicle, exceed initial estimates.
Net profit in 2016 more than doubled to 5.1 billion yuan (US$741 million), its strongest growth since 2008.
But growth has come at a cost. Geely and parent Zhejiang Geely Holding Group Co have spent 10 billion yuan on R&D in each of the past three to four years, or about 15 percent of current revenue, said spokesman Victor Yang.
Domestic rival BYD Co spent 2 billion yuan in 2015, Thomson Reuters data showed.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
