Geely Automobile Holdings projected net income will rise 50 to 60 percent in 2015 because of strong vehicle sales.

 

The company's profits are expected to exceed 2.1 billion yuan, or $340 million. In 2014, the automaker posted net income of 1.43 billion yuan.

 

Geely Auto's vehicle sales last year rose 22 percent to 509,863 vehicles.

 

This year, Geely aims to boost volume 18 percent to 600,000 vehicles. The company is upgrading several models and introducing new models based on a compact car platform it has jointly developed with Volvo Car Corp.

 

Geely, headquartered in the east China city of Hangzhou, is listed on the Hong Kong exchange. Its parent, Zhejiang Geely Holding Group Co., also owns Volvo Car.

 

Geely Auto is the second Chinese automaker to forecast a surge in 2015 profits.

 

BYD Co., China's largest producer of electric vehicles, last week estimated that its 2015 profits jumped sixfold from a year earlier. The company said its net profit ranged from 2.68 billion yuan to 2.85 billion yuan ($407 million to $433 million).

 

BYD attributed the gain in earnings to robust sales of EVs and plug-in hybrids, especially in the last three months of the year.