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Geely Automobile Holdings Limited
SALES VOLUME UP 123.3% YOY IN DECEMBER 2005
(HONG KONG, 6 January 2006)--- Geely Automobile Holdings Limited (“Geely Automobile”/the “Group”)(Stock code: 175) announced that total sales volume at the Group’s two 46.8%-owned associates was 17,888 units in December 2005, up 123.3% over the same period last year and up 26.7% from November 2005. For the full year of 2005, total sales volume at the two associates was 133,041 units, up 37.6% YoY, exceeding their 2005 combined full year sales volume target of 120,000 units by 11%.
The spokesman of Geely Automobile said, “The monthly sales volume of 17,888 units is a record high achieved by Geely Group in its history. Except for the low-end Haoqing series & Mybo sport sedans, there has been an across the board improvement in sales for all models. In particular, the strong sales performance during the month was much attributable to the continued good responses to the “Free Cruiser” and the 1.0L “Ulion” models, both of their monthly sales volume surging to nearly 5,700 units and 6,200 units respectively in December 2005. The persistent good responses to these two models since they were launched in mid 2005 are key factors behind the Geely Group’s better than expected sales for the full year 2005.”
About Geely Automobile Holdings Limited (175)
The Group is principally engaged in automobile manufacturing. Geely Automobile entered into the Joint Venture Agreement to establish the JV Company with the subsidiary of Zhejiang Geely Holding Group Ltd., Zhejiang Geely Automobiles, on 30 March 2003. The JV Company is named “Zhejiang Geely Guorun Automobile Company Limited” and engages in the manufacture of economic class sedans in Beilun Economic and Technological Development Zone, Ningbo, Zhejiang Province. Geely Automobile owned 46.8% of the share capital of the JV Company. The company’s name was subsequently changed to Zhejiang Geely Automobile Company Limited on 23 March 2004. In October 2003, the Group also entered into an
agreement with Zhejiang Geely Holding Group Ltd. to establish “Shanghai Maple Guorun Automobile Company Limited”. Geely Automobile was interested in 46.8% of
the shareholdings. In May 2004, the Group’s 46.8%-owned associate Zhejiang Geely Automobile Co. Limited agreed to acquire 90% shareholdings of the Zhejiang Haoqing Automobile Manufacturing Company Limited and the paid research and development cost of car model CK-1. At the same time, its another 46.8%-owned associate Shanghai Maple Guorun Automobile Co. Ltd. also agreed to acquire 90% shareholdings of Zhejiang Geely Automobile Research Institute Ltd. and 90% shareholdings of Ningbo Geely Engine Research Institute Ltd.
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