A big bet on sport utility vehicles paid off for Geely, the Chinese carmaker, as strong sales led to a 126 per cent rise in full-year net profits to Rmb5.1bn ($740m).
Geely shares closed up 5.8 per cent in Hong Kong after the announcement, which beat high expectations. The median analyst estimate by Bloomberg had been for profit growth at just above 100 per cent.
The group rolled out several SUV models last year, including Boyue, GS, and Vision, to capitalise on enthusiasm for the larger, higher-margin cars in secondary Chinese cities.
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