Geely's net profit up 16% in 2010

Zhejiang Geely Holding Group announced Wednesday that the company's net profit reached 1.3 billion yuan ($208 million) in 2010, up 16 percent year-on-year.

According to the company's annual report, Geely sold 415,800 vehicles in 2010, up 27 percent year-on-year, among which some 20,555 vehicles were exported to foreign countries, accounting for 5 percent of the total.

Geely analyzed that the company's products met the government's proposal of promoting economic vehicles this year, which helped the company achieve its target.

In addition, the fact that the company made great efforts to improve its brand image also contributes to the success in profit.

Geely plans to sell 480,000 vehicles in 2011, up 15 percent year-on-year.