KUALA LUMPUR: Geely Auto’s revenue surged 118 per cent to 39.42 billion renminbi in the first half of 2017 with profits up 128 per cent to 4.34 billion renminbi from the same period last year.
Geely Auto is a unit under Zhejiang Geely Holdings Group, which is Proton Holdings Bhd’s major shareholder.
In a statement today, Geely Auto said its gross profit margin for the period was 19.2 per cent, up eight per cent from a year ago.
The company sold a total of 530,627 vehicles in the first six months of 2017, an 89 per cent increase.
Geely Auto had in December 2014 launched its third generation of vehicles (3.0 generation), enhancing the company’s competitiveness, operating income, profitability, and brand image.
Following its brand mission of “Making Refined Cars for Everyone” Geely Auto has launched four new models, the Bo Yue SUV, Geely GC9, Emgrand GS, and Emgrand GL.
Among its Generation 3.0 vehicles, Geely Auto’s SUV range saw incredible sales growth in the first half of 2017, with Bo Yue SUV, Emgrand GS, and Vision SUV total sales of 233,482 units.
It said the largest SUV that Geely Auto currently sells, the Bo Yue SUV, was a strong performer with sales reaching 116,932 units, a growth of 509 per cent.
In the sedan market, the company sold a total of 292,314 units. Of this, 117,718 were the New Emgrand, 45,486 were the A+ segment Emgrand GL, and 16,404 were the Geely GC9.
In the new energy market, the Emgrand EV saw sales of 7,982 units, becoming one of China’s best-selling EV models.
The company continues to maintain a strong balance between the development of the sedan and SUV segments, increasing its market share in the China market to five per cent.
Geely Auto said it remains on track to reach its adjusted annual sales target of 1.1 million units with new models launched and planned for launch in the second half of the year.
On August 1, the 2017 model year Geely GC9 was introduced to the Chinese domestic market and will soon be followed by an entry level crossover SUV.
In the fourth quarter of 2017, Geely Auto targets to launch a completely new SUV as well as 2018 model years of key products such as the New Emgrand, New Vision and Vision SUV.