Geely's first-half profit climbs 4%

China's Geely Automobile said on Wednesday (August 18) its first-half net profit grew 4%.

That was as sales in the world's biggest auto market recover from global health crisis lows.

Hangzhou-based Geely posted a January-June profit of $367.20 million.

Revenue rose 22% with vehicle sales climbing 19%.

The company expects to sell 1.5 million cars this year.

Some analysts said the results were better than expected with the company having benefited from cost-cutting.

Geely Automobile is developing a new EV brand called "Zeekr" with its parent group.

It's announced a flurry of tie-ups with tech companies including Baidu.

Geely is seeking to become a leading EV contract manufacturer and engineering service provider.

It also plans to introduce more electric models in its overall lineup.

In June, Geely said it would scrap plans to list new shares on the mainland's Nasdaq-like STAR Market.

That was after it abandoned a merger plan with sister company Volvo Cars in February.

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