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Geely's vehicle sales down 16.5% in Jan

Feb. 13, 2012 (China Knowledge) - Geely Automobile Holdings Ltd<0175>, the listed unit of China's largest privately owned carmaker Zhejiang Geely Holding, sold 38,100 vehicles in January, reflecting a year-on-year decrease of 16.5%.

The decline, however, was lower than the average sales decrease of 23.81% in China's passenger vehicle market last month with a total of 1.16 million autos sold in the country, according to China Association of Automobile Manufacturers or CAAM.

Hong Kong-listed Geely Automobile attributed the decline to weak demand in Chinese New Year, which also resulted in a revenue decrease of 25% year on year last month.

In January, the company's sales of the Emgrand, Englon Automobile and Global Eagle models stood at 10,689 units, 12,905 units and 14,506 units, respectively.

Geely Automobile expects to sell around 460,000 vehicles this year, 9% more than that of 2011. Last year, the firm's sales volume totaled 421,385 units, accounting for 88% of its annual target of 480,000 units.

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