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Investing.com -- Geely Automobile, a leading Chinese automaker, on Thursday reported a more than threefold increase in its net profit for the first quarter, backed by record sales and improved profitability.
The company is making significant strides in the increasingly competitive electric vehicle market in China.
On Thursday, Geely announced that its net profit had more than tripled to 5.67 billion yuan, equivalent to $786.6 million.
The company’s revenue for the quarter also saw an increase, rising to 72.50 billion yuan from 58.23 billion yuan in the same period of the previous year.
Geely achieved record sales in the first quarter, with a significant growth in its new-energy business.
The company’s total sales volume surged by 48% to 703.8 million units during this period.
The sales of its Galaxy brand, in particular, more than tripled, contributing to the improved profitability of the new-energy segment, according to Geely.
The automaker attributed its robust sales to significant scale effects, leading to a substantial increase in overall profitability.
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