Geely Plans to Raise Sales Target on New Models

Geely Automobile Holdings Ltd. plans to raise its full-year vehicle sales target after demand for its new models exceeded its projections.

“We will definitely surpass our annual sales target,” Chief Executive Officer Gui Shengyue said in an interview today, declining to name the new sales target. “All the models we added since last year turned out to be great successes. It’s the first time we had so many hits at the same time.”

Geely, which has been developing vehicles with Volvo Cars, said sales rose 41 percent in the five months of this year, faster than the 6.4 percent average pace for the industry in China. The company previously said it aims to sell 450,000 vehicles this year, compared with the 417,851 tally for 2014.

Geely plans to add a new sport utility vehicle model as early as the end of this year and aims to start sales of its New Emgrand Electric car in August, Gui said.

Geely rose as much as 8 percent today in Hong Kong and traded at HK$4.10 as of 2:50 p.m.