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Geely’s Profit Triples, Beating Estimates, on Strong Sales
Vehicle sales rose 32% to 2.1 million units last year, including the Zeekr and Lynk & Co. brands.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Geely Automobile Holdings Ltd.’s full-year profit more than tripled, beating analyst estimates, after the carmaker increased sales volumes and reduced costs to better compete in the cut-throat Chinese market.
Net income surged 213% to 16.6 billion yuan ($2.3 billion), the Hong Kong-listed arm of billionaire Li Shufu’s auto empire said in a statement Thursday. That topped the 14.6 billion yuan profit expected by analysts. Revenue climbed 34% to 240.2 billion yuan in the 12 months ended Dec. 31, the company said.