Geely Automobile 2017: net profit 1.36 billion euros

Geely Automobile Holdings, parent company of, among others, Volvo Cars and Lotus, achieved a profit of 1.36 billion euros in 2017.

This amounts to a profit increase of 108 percent, the Chinese company reports in a stock exchange announcement. Turnover fell by 11.9 billion euros, about 73 percent higher.

Geely sold 1.25 million vehicles last year. For the coming year the Chinese will count on 1.58 million copies. Although this would mean an increase of 27 percent, it is also 36 percent less growth compared to last year. Geely’s export volume was approximately 46 percent lower in 2017 than in 2016, according to the news reports.

In addition to Volvo and Lotus, Geely Automobile Holdings also owns London EV Company, the company behind the new generation of London taxis. In addition, Geely recently took an interest of 9.69 per cent German Daimler. This makes it the largest shareholder in Mercedes-Benz’s parent company.