(Yicai Global) March 21 -- Shares in Geely Automobile Holdings advanced today after the Chinese auto manufacturer logged its highest-ever revenue in 2022 on strong sales of new energy vehicles and a surge in average ex-factory selling price.

Geely’s share price [HKG:0175] closed up 3.8 percent at HKD9.50 (USD1.20).

Geely posted a 45.6 percent jump in revenue last year from the year before to CNY148 billion (USD21.5 billion), the Hangzhou-based firm said today. Profit climbed 8.5 percent to CNY5.3 billion (USD764.5 million).

Revenue grew faster than profit due to the increased costs of chips and other components, as well as the huge investment in its electric car brand Zeekr, which is still at an early stage of development, it said.

Geely sold 1.4 million cars in 2022, a year-on-year gain of 8 percent, while its average ex-factory selling price widened 29.6 percent to CNY103,000 (USD14,970). NEV sales by its Swedish joint venture Lynk and the JV with Chongqing Lifan Automotive Technology, Ruilan, quadrupled to a combined 328,800 units.

The firm has set the sales target for this year at 1.6 million units, an increase of 11.6 percent from last year, while the goal for electric cars is 15 percent growth.

Editor: Kim Taylor