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Geely zooms to profit in strategic venture for car-sharing models

Chinese automaker denies impending Volvo Cars IPO

Geely unveils the 01 SUV, part of its Lynk brand, at a motor show in Shanghai last year. (Photo by Akira Kodaka)

HONG KONG -- Geely Automobile Holdings logged the first profit at its joint venture with Sweden's Volvo Cars producing autos designed for car-sharing, part of a banner first half in which the company defied China's slower sales growth for new cars.

Geely Automobile sold 766,630 vehicles groupwide during the January-June half, up 44% on the year, and boosted net profit attributable to shareholders by 54% to 6.67 billion yuan ($975 million), the Chinese automaker said Wednesday. Growth in new-auto sales across China decelerated to 5.6% year-on-year for the six-month period.

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