Chinese automaker Geely reports 56% revenue growth in Q1

SHANGHAI -- Chinese automaker Geely Automobile Holdings Limited reported year-on-year revenue growth of 56 percent in the first quarter (Q1) of this year, with its net income soaring 119 percent during the period, according to its Q1 financial report released on Friday.

The company recorded a total revenue of 52.3 billion yuan ($7.34 billion) during the period, with its net income topping 1.56 billion yuan. During the first five months, the company's cumulative vehicle sales volume reached 789,645 units, up over 45 percent year-on-year, according to the report.

Notably, from January to May, its new energy vehicles (NEVs) under the three major brands of Geely Auto, Lynk & Co, and Zeekr, achieved a total sales volume of 254,226 units, representing a robust year-on-year increase of some 126 percent.

Lynk & Co, targeting the global premium NEV market, launched its first pure electric sedan, the Z10, globally in June. During the first quarter, Lynk & Co alone sold 61,056 vehicles, and by May, the sales volume had surged to 21,778 vehicles, with NEVs accounting for 57 percent of the total, setting a new record high.