Chinese automaker Geely beat revenue expectations for 2022, sending shares surging Wednesday.
Shares of Geely spiked as much as 7%, before settling down to trade nearly 3% above its previous close.
Geely reported its 2022 revenue surged 45.6% from a year ago to 148 billion yuan ($21.49 billion), while profit jumped 8.5% to reach 5.26 billion yuan. Analysts had expected Geely to report 135.4 billion yuan in revenue, according to a Refinitiv consensus estimate.
The company described this as a “resilient financial and operational performance… achieved despite challenging market conditions and continued pandemic-related disruption.”
Geely said total sales climbed 8% last year to over 1.4…