Geely tops sales and beats Nissan Honda in China
Geely Automobile Holdings Ltd. managed to top the chart and left its three Japanese rivals to become the third-largest carmaker in China, it was helped by models that appeal to the nation’s young consumers.
Reporting up to 54% increase in its net income for the six months through June, it was further speculated in a filing recently that sales this year will eventually reach and beat its target of 1.58 million units. Geely now trails after Volkswagen AG and General Motors Co. in China, after successfully overtaking Nissan Motor Co., Honda Motor Co. and Toyota Motor Corp. during this period.
Geely, which is controlled by billionaire Li Shufu, is among Chinese carmakers who seek to rule the auto industry with the aid of newer technologies such as electrification and automation which define the future of transportation. With an eye on leadership in its key market, Geely has expanded and offered vehicles such as those under the Lynk & Co. brand a joint development with Volvo.
Also, the mainland market share of the Hong Kong-listed company recorded an increase to 6.4% in the first half of this year, from the 5% it had in 2017. It also managed to sell about 766,730 vehicles in the period and ended up beating Nissan’s 720,447.
Li, who has been active overseas successfully expanded his automotive empire and after his purchase of Volvo Cars in 2010 from Ford Motor Co., he pulle up stakes in the iconic British sports-car maker Lotus Cars and Malaysia’s Proton Holdings Bhd.
Geely so far has outpaced the broader market by posting 43 per cent increase in its sales in the first seven months of the year.