(Yicai Global) March 21 -- Chinese carmaker Geely Automobile Holdings' took in CNY107 billion (USD16 billion) last year, up 15 percent annually, from which it wrung a profit of almost CNY13 billion (USD1.9 billion), up 18 percent. 

It achieved annual sales of 95 percent of its target, but profit came in lower than expectedr due to an overall weak domestic market, the company said in its last year's performance report released today.

Chinese customers contributed over CNY105 billion to this income, or 99 percent of the total, while Eastern Europe, the Middle East and Africa generated CNY620 million (USD93 million), CNY490 million and CNY190 million for the company, respectively, the report said.

The auto giant sold 1.5 million cars, up 20 percent yearly, but failed to reach its annual goal of 1.6 million units, but still tops its domestic peers in sales volume.

It will introduce more competitive new energy and electric cars to greatly boost sales this year, with even more to come in the next two years, the company said.

China's car sales fell an annual 4 percent last year in their first decline in 28 years, and this affected most carmakers. Current uncertainties will continue to afflict the country's passenger car market, and will prolong weakening demand cars to this year, the company noted. Geely's sales goal for this year is 1.5 million units, almost the same as last year.

It sold 214,900 units in the first two months, down 9 percent per year, while the country's car sales in the same period fell about 10 percent annually.

Editor: Ben Armour