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Investing.com -- Chinese automaker Geely Automobile on Monday reported a 59% increase in third-quarter net profit as vehicle sales surged amid intense competition in the Chinese market.
The Hangzhou-based company’s net profit rose to 3.82 billion yuan ($538.1 million) from 2.40 billion yuan in the same period last year, Geely said Monday.
Revenue climbed 27% to 89.19 billion yuan compared to the previous year, driven by robust vehicle sales.
The company sold 76,100 vehicles during the third quarter, representing a 43% increase from the same period a year earlier.
The strong quarterly performance comes as Geely continues to navigate competitive pressures in China’s automotive sector, where domestic and international manufacturers are battling for market share.
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