Geely Automobile Holdings Ltd. surpassed its top three Japanese rivals to become the third-largest carmaker in China, helped by models that appeal to the nation's young consumers.
Reporting a 54 percent jump in net income for the six months through June, the carmaker said in a filing Wednesday that sales this year will beat its target of 1.58 million units. Geely now trails only Volkswagen AG and General Motors Co. in China, after overtaking Nissan Motor Co. Ltd., Honda Motor Co. Ltd. and Toyota Motor Corp. in the period.
Controlled by billionaire Li Shufu, Geely is among the Chinese carmakers seeking to dominate the auto industry as newer technologies such as electrification and automation define the future of transportation. With an eye on leadership in its key market, Geely has been expanding, offering vehicles such as those under the Lynk & Co. brand that it jointly developed with Volvo Car Group, which Li's Zhejiang Geely Holding Group Co. bought in 2010.