Chinese Automaker Geely Beats Revenue Expectations, Shares Up 3% Now

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According to Geely, it is projecting a total of 1.65 million units for the current fiscal year and it expects its electric vehicle to dominate the mix.

Chinese automobile giant Geely Automobile Holdings Ltd (HKG: 0175) has beaten revenue expectations with respect to its revenue for the 2022 financial year. According to the performance report shared by the auto giant, it raked in a revenue of 148 billion yuan ($21.49 billion), up by 45.6% from the year-ago period.

The impressive performance of the company was also highlighted in its earned profits for the fiscal year which topped 5.26 billion yuan, up by 8.5% when compared to the level it was in the year-ago period. By comparison, Analysts profiled by Refinitiv were expecting full-year revenue of 135.4 billion yuan.

Geely’s performance is a showcase of its readiness to compete even with the biggest players in China, and around the world through its independent subsidiaries.

Amongst the top highlights of the previous year’s performance include the profit attributable to stockholders which came in at 5.26 billion yuan and up by 8.5% Year over Year (YoY). Additionally, the company said its diluted earnings per share reached RMB 0.50, up 6% YoY while its free cash flow rose to 33.7 billion, up 20.4% YoY.

The productivity show-offs of the company came despite the challenges the global economy faced in the past year.

“Geely Auto delivered a resilient financial and operational performance with growing revenues and profits, which were achieved despite challenging market conditions and continued pandemic-related disruption,” the company said in a statement, “During the year, the company made significant progress in expanding sales of its new energy and electrified models, while also developing intelligent connected vehicles and continuing its global expansion.”

The company’s investors are visibly elated at the performance report and the shares of the auto manufacturer trading in Hong Kong rose as high as 7% earlier today but are now trading up by 2.7% to 9.76 HKD.

Geely Charting a Future Path for Bogus Revenue

While it is currently impressive to its shareholders, Geely is looking at new innovations that can help it record more positive revenue in the current and coming quarters. The company hopes to build on the total annual sales volume for the 2022 financial year which reached 1,432,988 units, up 8% YoY.

According to Geely, it is projecting a total of 1.65 million units for the current fiscal year and it expects its electric vehicle to dominate the mix.

“Looking ahead, Geely Auto has set an annual sales target of 1.65 million units for 2023, with the proportion of new energy and electrified vehicle sales doubling that of 2022,” it said in a statement.

Geely has reiterated its commitment to researching and innovating in the aspects of new energy technologies as well as in the adherence to the tenets of ESG in its operational and manufacturing processes. Amidst all these, it reiterated that global expansion and deeper synergies will dominate its operation this year and beyond.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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