Geely’s sales surpass target
May 30, 2013 Category Automotive, Automotive Metals & Minerals
Geely Automobile’s sales in the first four months of this year are already well ahead of its target growth rate, and it predicted a strong second half as long as the government did not further limit new car sales in second and third-tier cities. The cap, aimed at easing traffic jams and air pollution in major cities such as Beijing, Shanghai, Guangzhou and Guiyang, has hurt car sales. Geely’s sales growth was 21%, taking it to 187,377 units in the four months to April 30, against a target rate of 16% for the whole year. In the second half, the group is due to launch four to five new models, including a brand new electric vehicle, the EC7. Geely is also keen to speed up overseas expansion. The company’s car exports could jump another 30% to 50% this year, after 164% growth last year. Geely has set up production plants with local partners in Russia, Ukraine, Indonesia and Egypt in the past two years. It is due to increase production in Uruguay, Ethiopia and Brazil, as cars exported from these countries would enjoy duty exemptions to key markets in Latin America and Eastern Europe. Geely exported more than 100,000 vehicles last year, more than any of its Chinese rivals. Great Wall was a close second at 95,489 vehicles. Production capacity of SUVs at Geely’s plant in Chengdu will be boosted to 100,000 cars this year, from the current level of 60,000 cars. The group’s net profit jumped 32% last year to CNY2.04 billion.
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