Vanity plates

21 March 2018 By Pete Sweeney Follow @petesweeneypro

Geely’s earnings doubled to $1.7 billion in 2017, as its SUVs flew off the lots. Chairman Li Shufu’s surprise stake-building ruffled feathers in Germany. But Li’s company is trouncing Daimler’s current local partner, BAIC. That might in time prompt a rethink in Stuttgart.

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Chinese carmaker Geely Automobile Holdings said on March 21 earnings more than doubled in 2017, driven by strong domestic sales of sports utility vehicles.

Net profit in 2017 rose 108 percent to 10.6 billion yuan ($1.7 billion) from 5.1 billion yuan the previous year, slightly beating a forecast of 10 billion yuan from analysts polled by Reuters. Revenue rose 73 percent to 92.8 billion yuan.

Parent Zhejiang Geely Holding Group has made a major global push. Through various entities it owns Volvo Cars and stakes in truckmaker AB Volvo, Malaysian automaker Proton, flying car start-up Terrafugia and the maker of London's iconic black cabs.

In February, Geely Chairman Li Shufu acquired a 9.7 percent stake, worth more than $9 billion, in Germany’s Daimler.

Context News

Chinese carmaker Geely Automobile Holdings said on March 21 earnings more than doubled in 2017, driven by strong domestic sales of sports utility vehicles.

In February, Geely Chairman Li Shufu acquired a 9.7 percent stake, worth more than $9 billion, in Germany’s Daimler.

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