1:36 pm, August 18, 2022
Volvo owner Geely enjoyed a stellar first half of the year with the firm making a profit of £156m.
The Chinese outfit, which also co-owns Lotus along with Malaysian firm Etika Automotive, saw revenues reach £7.1bn (58.2bn Chinese Renminbi) in the six months to June 30.
That allowed the firm, which has also invested in Mercedes, to make a net profit of £156m (1.28bn Chinese Renminbi).
The result, which is 35 per cent down on previous figures, was driven by falling sales figures which saw the firm sell 613,845 vehicles in the first half of 2022
Among those sales, electrified and new energy vehicles reached 109,000 units, an increase of 398 year-on-year and accounting for 17.9 per cent of the company’s sales.
Bosses are now aiming to increase the proportion of EVs in its total sales to 50 per cent by the end of next year.
They are also looking to grow Geely outside of China, having sold 10,912 units in Europe in H1.
A spokesman for the company said: ‘Global expansion will continue to be an important avenue for growth and the company has set a target of achieving 20 per cent of its total sales from overseas markets by 2025.
‘The Geely Auto brand will focus on major markets in the Middle East, Asia-Pacific, and Latin America. The PROTON brand will focus on the Southeast Asian markets such as Thailand and Vietnam.
‘Lynk & Co will continue expanding its presence in Europe as well as in Asia-Pacific markets.
‘In addition to increasing exports, the company will also work on exporting its advanced hybrid, electric, and other new energy technologies through innovative models such as technology licensing, subscription, or cooperation with local automakers.’
