Geely 2017 profit doubles to RMB 10.63 billion

Shanghai (Gasgoo)- Thanks to the improved product portfolio and the increased average sales price, Geely achieved a total revenue of RMB 92.76 billion in 2017, jumping 73 percent compared with the previous year.

Last year, with the help of the sales increase and the better gross margin, the parent company of Volvo Cars doubled its net profit to RMB 10.63 billion. The earnings per share were RMB 1.19 while the final dividend of the period was proposed at RMB 0.29.

In 2017, Geely handed over 1,247,116 vehicles in 2017, soaring 63 percent compared with the previous year and setting another sales record. At the same time, the Hangzhou-based automaker eyes 1.58 million vehicle sales in 2018, jumping 27 percent compared with 2017.

The sales of its top five models by sales (Geely Boyue, New Emgrand, New Vision, Emgrand GS and Vision SUV) took up three quarters of its annual sales, promoting the automaker to be the biggest Chinese self-owned automaker by sales and improving the brand’s premium ability.

In 2018, Geely will add further investments in fields such as vehicle quality and safety, new energy vehicle, smart vehicle, mobile communication, sharing mobility and artificial intelligence. As to models, the automaker will introduce more new SUVs and upgrade its sedan products. As planned, it will launch its first MPV model to compete with other rivals in all main segments.

In 2017, Geely sold over 25,000 Emgrand EVs. In 2018, Geely will offer new energy vehicle (NEV) version for most models to increase the proportion of NEVs. Meanwhile, Geely will greatly expand the cooperation and technology sharing with Volvo to make the best of the close and unique relationship. As a result, more models will be equipped with more advanced powertrain system.