Geely Auto (HK 0175) released its half year financial report today which showed strong revenue growth in the first half of 2017 with revenue reaching 39.424 billion RMB, up 118% from the same period last year and profits reaching 4.344 billion RMB, up 128% from the same period last year. Gross Profit Margin for the first half of 2017 was 19.2%, an 8% increase from the same period last year. Geely Auto sold a total of 530,627 vehicles in the first six months of 2017, an 89% increase from the same period last year. Diluted earnings per share reached 47.68, a 120% increase from the same period last year.
Geely Auto’s third generation of vehicles (3.0 generation) were launched in December 2014. The new product range has enhanced the company’s competitiveness, operating income, profitability, and brand image. Following their the brand mission of “Making Refined Cars for Everyone” Geely Auto have launched 4 new models, the Bo Yue SUV, Geely GC9, Emgrand GS, and Emgrand GL, all of which have performed exceptionally well.
Among its Generation 3.0 vehicles, Geely Auto’s SUV range saw incredible sales growth in the first half of 2017. The Bo Yue SUV, Emgrand GS, and Vision SUV sold a total of 233,482 units. The largest SUV that Geely currently sells, the Bo Yue was a strong performer with sales reaching 116,932 units, an increase of 509% from the same period last year.
In the sedan market, Geely Auto sold a total of 292,314 units in the first half of 2017, among which 117,718 was the New Emgrand, 45,486 was the A+ segment Emgrand GL, and 16,404 was the Geely GC9. In the new energy market, the Emgrand EV sold 7,982 units in the first half of 2017, becoming one of China’s best-selling EV models. Geely Auto continues to maintain a strong balance between the development of the sedan and SUV segments, increasing Geely Auto’s market share in the China market to 5%.
Geely Auto remains to be on track to reach their adjusted annual sales target of 1.1 million units with new models launched and planned to 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 will launch a completely new SUV as well as 2018 model years of key products such as the New Emgrand, New Vision and Vision SUV.
