Geely Auto Q1 sales rise over 60% to 100,000 cars

Shanghai, April 13 (Gasgoo.com) Geely Automobile Holdings Ltd. said that its sales rose more than 60% to around 100,000 vehicles in the first quarter and the company targets this year's sales at 400,000, up 22% from last year, Reuters reported today.

"Like other Chinese automakers, Geely's sales will remain healthy this year, but it's just unrealistic to repeat last year's breakneck growth," said Zhang Xin, a Beijing-based analyst. The company expects its sales to grow 22% this year to 400,000 cars, a target scaled down from previous 412,000 units.

Last year, Geely Auto sold 326,710 million sedans, up 60%, pushing its market share in China above 4%. To replace its existing low-priced, compact products, the company has created its entry-level sub-brand Gleagle, a mainstream sub-brand Emgrand and a premium sub-brand Shanghai Englon.

Geely's parent, Zhejiang Geely Holding Group, recently signed a deal to buy Ford Motor's Volvo brand for $1.8 billion. Geely Auto has the right of first refusal to buy Volvo from its parent once the deal closes in the second quarter.

Geely will also decide soon on whether to take a controlling stake in loss-making London black cab maker Manganese Bronze. The British firm plans to place new shares to Geely, which already owns a 20% stake.