© Reuters. FILE PHOTO: The Geely Automobile Holdings logo is pictured at the Auto China 2016 auto show in Beijing, China April 25, 2016. REUTERS/Kim Kyung-Hoon
BEIJING (Reuters) – China’s Geely Automobile Holdings (OTC:) Ltd said on Wednesday its first-half net profit grew 4%, as the world’s biggest car market recovers.
Hangzhou-based Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Daimler AG (DE:), posted January-June profit of 2.38 billion yuan ($367.20 million), versus 2.3 billion yuan in the same period a year earlier.
Geely Automobile sold 630,237 cars in the first six months this year, up 19% from a year earlier, as auto sales in the world’s biggest market recover from the COVID-19 pandemic. The company expects to sell 1.53 million cars this year.
Geely’s revenue rose 22% to 45 billion yuan in the period.
In June, Geely said it would scrap plans to list new shares on the mainland’s Nasdaq-like STAR Market after it abandoned a merger plan with sister company Volvo Cars in February.
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