Geely posts 17% sales growth in August

Geely Automobile Holdings (0175.HK) recorded 10 percent year-on-year growth and 17 percent month-on-month growth in auto sales in August to 25,303 vehicles, reports 163.com, citing a company filing.

In the first eight months, Geely sold a total of 242,721 vehicles, up 31 percent year-on-year and completing 60.7 percent of its sales target of 400,000 vehicles for 2010.

Based on Geely's sales target for 2010, the company has to sell 157,279 vehicles in the next four months with a monthly average of 39,320 vehicles.

However, Geely recorded monthly sales of only 32,400 vehicles in April.

Geely’s competitor, Cherry Automobile sold 56,933 vehicles in the August, up 46 percent year-on-year.

Cherry’s cumulative sales in the first eight months of 2010 were 404,951 vehicles, accounted for 58 percent of its sales target of 700,000 vehicles for 2010.