Geely Auto First Quarter Net Income Doubles on Higher Sales
- Chinese carmaker reports quarterly figures for first time
- Geely’s vehicle unit sales growth outpaces rival BYD
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Geely Automobile Holdings Ltd., the Hong Kong-listed unit of billionaire Li Shufu’s auto empire, said first-quarter profit surged helped by a jump in car purchases.
Net income more than doubled to 1.56 billion yuan ($215 million) in the three months ending March 31 from a year earlier. Revenue climbed 56% to 52.3 billion yuan. It’s the first time Geely has reported quarterly earnings, putting it in line with sister company Zeekr Intelligent Technology Holding Ltd., which listed in the US last month.