Geely shares jump after 45% year-on-year revenue growth
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Shares of Geely Automobile on the Hong Kong stock exchange rose at the opening of trading by more than 6% after the manufacturer’s successful annual report. On Monday, one of China’s largest automakers reported on receipt of revenue for 2022 in the amount of 147.96 billion yuan ($21.5 billion). This is 45.6% higher than in 2021, and also better than the forecasts of analysts polled by Refinitiv, who had expected revenue of 135.4 billion yuan.
In total, last year Geely managed to sell about 1.4 million vehicles, of which about 200 thousand were sold abroad. Overall, sales increased by 8%. At the same time, the company noted that sales of its electric vehicles increased by 300% over the past year, to 328 thousand. This year, Geely hopes to increase the number of vehicles sold by 15% compared to 2022.
Despite solid revenue growth, the company’s net income rose just 9% to 5.26 billion yuan ($764 million). However, this is well above analysts’ forecasts of a profit of 4.85 billion yuan.
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