GEELY BEATS SALES TARGET IN 2010, AIMS HIGHER IN 2011

Private Chinese automobile manufacturer Geely Automotive Holdings posted total sales in 2010 of 415 286 vehicles, an increase of 27,1% over the 2009 sales level, beating the Hangzhou, Zhejiang-based company’s target of 400 000 vehicles.

Geely, the company that acquired Volvo cars from Ford in August last year, is one of the biggest private automobile manufacturers in the People’s Republic of China. It is represented in South Africa by Geely South Africa, owned by the Hallmark Motor Group, a sister company of the JSE-listed transportation, supply chain and logistics service provider Cargo Carriers, and the family-owned Magic Group, who each hold 50%. Geely has set a sales volume target for 2011 of 480 000 units, representing growth of just under 16% versus the 2010 result.

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