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Geely Automobile Holdings Ltd., one of China’s largest automakers, saw a sharp increase in net profit and revenue in the first half of 2024 due to increased sales of electric vehicles.
Revenue in the first half of last year grew 46.6% to 107.3 billion yuan ($15 billion), the company said in a press release.
Geely’s net profit in the first six months increased 6.7 times to 10.6 billion yuan.
The company’s car sales increased by 41% to 956,000 units, of which electric and new energy vehicle sales more than doubled (up 117%) to 320,000 units, a year-on-year increase of 67%.
Investment in research and development (R&D) was 7 billion yuan, an increase of 17.9%.
The company’s management has raised its vehicle sales target for the year to 2 million units and expects export sales to grow 45%.
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