Geely Auto reported a sharp rise in third-quarter earnings after strong vehicle sales pushed revenue to a new high, according to a filing with the Hong Kong Stock Exchange.
The company posted net income attributable to shareholders of RMB 3.82 billion ($538 million), up 59% from a year earlier, while quarterly revenue increased 27% to a record RMB 89.2 billion.
See also: Geely Galaxy Launches Starshine 6 Hybrid Sedan with Aggressive Pricing to Boost Market Share
The carmaker sold 761,009 vehicles in the third quarter, a 42.5% year-on-year rise and almost 8% higher than the previous quarter, according to data compiled by CnEVPost. For the first nine months of the year, Geely delivered 2.17 million vehicles, up 45.7% year-on-year, generating revenue of RMB 239.5 billion.
Net income for the period edged down 1% from a year earlier. In October, Geely set another monthly record with 307,133 vehicles sold, bringing January–October sales to 2.48 million units — 82.6% of its full-year target of three million.
See also: Geely to Acquire Minority Stake in Renault Brazil to Expand South American Presence
The company said new product launches in the fourth quarter will support its goal of reaching the three-million-unit milestone. Growth continues to be driven by Geely Galaxy, its new-energy sub-brand, which recorded 127,476 sales in October — its third straight monthly record and a 100.8% increase from a year earlier. From January through October, Galaxy delivered more than one million vehicles, exceeding its annual target ahead of schedule with 186.6% year-on-year growth.