Geely targets sales to grow by 25%

Geely Automobile Holdings Ltd., China’s largest privately owned automaker, said it is confident that it can achieve its sales growth target of 25% this year, with the assistance of the Chinese government’s development plans for the automotive industry. The company’s domestic sales grew by 11.6% in 2008, while foreign sales grew by 79.8% despite the global economic slowdown, Geely Chairman Li Shufu said, exceeding its overall growth target of 8%. The Hong Kong-listed company hopes to boost sales with the release of eight new car models this year that are more or less aligned with the Chinese government’s policies that encourage low-emission cars. (January 29/ 30, 2009)