Geely Automobile fails to hit sales target

Geely Automobile's (0175) sales last year only hit 87 percent of its annual target.

The Chinese carmaker grew its annual sales by around 1 percent to about 1.33 million units year on year compared to its target of 1.53 million, according to a stock exchange filing.

December sales rose by 3 percent year on year to 158,765 units, of which new energy vehicles surged 1.6 times to 18,813 units, the mainland firm said.

In 2021, exports of its Lynk and co-branded vehicles - 01 Hev and 01 Phew to the European market - was 11,602 units.

Last month, 1,557 units were delivered to European market under its innovative subscription model, resulting in an annual delivery of 5,937 units in 2021.

For 2022, Geely has set an annual sales target at 1.65 million units, equivalent to a 21 percent year-on-year growth.