Geely Q1 profit increased 28 times

China Automobile Manufacturer Association recently released statistics and showed that Geely and Chery profit growth in the first quarter increased 28.9 times and 4.1 times over the same period as that of last year.

28.9 times, the profit growth rate is rarely seen in the industry, particularly if it falls on a domestic enterprise.

According to the statistics, domestic automobile industry profits showed rapid growth the first quarter, the total profits amounted to 12.754 billion yuan, an increase of 69.9%. In 16 enterprises (Group), 15 enterprises made a profit, only Changhe Company ran at a loss. Geely and Chery profit growth were 28.9 times and 4.1 times over the same period last year.

Informed sources said that in 2005, one Chery car profit was only 502 yuan. In 2006 the car's profit increased to about 2,000 to 3,000 yuan. According to Geely Automobile notice, Geely 2006 net profit was 208,750,000 Hong Kong Dollars, soaring 88.4% year on year.