Geely sees biggest profit rise
Print Edition
CHINA’S Geely Automobile Holdings Ltd posted its biggest profit growth in eight years yesterday, as improved product design and engineering following its 2010 purchase of Sweden’s Volvo helped propel it to record sales.
Geely, which also owns the maker of London’s black cabs, has already forecast a 31 percent jump in sales for the current year as affordable models introduced after the Volvo acquisition, such as its GC9 sedan and Boyue sport-utility vehicle, exceed initial estimates.
Net profit in 2016 more than doubled to 5.1 billion yuan (US$741 million), its strongest growth since 2008.
But growth has come at a cost. Geely and parent Zhejiang Geely Holding Group Co have spent 10 billion yuan on R&D in each of the past three to four years, or about 15 percent of current revenue, said spokesman Victor Yang.
Domestic rival BYD Co spent 2 billion yuan in 2015, Thomson Reuters data showed.
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