Currently reading: Geely announces profits rise
New Volvo owner boosted by 48 per cent sales rise in China

New Volvo owner Geely has reported a rise in profits from £83 million in 2008 to £112 million last year.

The carmaker was boosted by a 48 per cent rise in vehicle sales last year, aided by the Chinese government's subsidies for small cars.

Geely 'Rolls-Royce' modified

Announcing the profits, a Geely statement stressed that keeping costs under control was still the company's main priority.

Overall, Geely generated £1.348 billion in revenue in 2009. It plans to invest £580 million in Volvo to try to bring the Swedish carmaker back into profitability.

Geely is seeking to boost profits further by offering more expensive models at home and selling 50 percent of its cars overseas by 2015.

The carmaker plans to show 59 cars at next week’s Beijing motor show.

Robert Cullen

Follow us on FacebookSee all the latest Volvo reviews, news and video


Latest business news

99 bmw ix vs mercedes eqs 2022 lead 0 0
From 2024, 22% of a car maker's sales must be BEVs – or it faces a £15,000 fine for every car that does not conform
Editor's letter: EV sales must increase by 50% in 2024 – how?
93 ev charger suppliers under scrutiny podpoint
PodPoint recently switched focus from fast public devices to home and workplace charging
EV charger companies switch tactics in search for elusive profits
Volvo car charging
From 2024, car makers will need to show that 45% of an EV's value originated in the UK or EU to remain tariff-free
EU proposes three-year delay to UK rules of origin tariffs
geneva motor show floor 2018
The Geneva motor show hasn't been held since 2019, due to the pandemic and its after-effects
Geneva motor show 2024: MG confirmed and BYD likely
Add a comment…