Geely grew 27% in 2010, failing to meet market expectations

Gasgoo.com (Shanghai March 25) - Geely Holding Group announced growth of 27 percent in automotive sales last year, the Guangzhou Daily reported today. Geely, which has recently acquired Volvo Cars, sold 415,000 vehicles in 2010, making a gross profit of 3.7 billion yuan ($564.9m), a growth of 45.6 percent. The figure was lower than market expectations, leading to a decrease in Geely's stock (0175.HK).

Gui Shengyue, company CEO, said that Geely was aiming to make sales of 480,000 vehicles this year. Mr. Gui confirmed that the company's automotive branch currently has a production capability of 560,000 vehicles. With the release of the EC7 (pictured below), EC8 and other upscale models, Geely should be able to maintain profit. Mr. Gui also said that Geely was planning to release between six and eight new models this year, however the company currently has no intention of marking down prices.