(Bloomberg) -- Geely Automobile Holdings Ltd., the Hong Kong-listed unit of billionaire Li Shufu’s auto empire, said first-quarter profit surged helped by a jump in car purchases.

Net income more than doubled to 1.56 billion yuan ($215 million) in the three months ending March 31 from a year earlier. Revenue climbed 56% to 52.3 billion yuan. It’s the first time Geely has reported quarterly earnings, putting it in line with sister company Zeekr Intelligent Technology Holding Ltd., which listed in the US last month.

Geely sold 475,700 cars in the first three months of this year, up 50% from a year earlier. Rival BYD Co., which only sells electric vehicles and plug-in hybrids, posted sales of 624,398 cars in the same period, at a slower growth rate of 14%. Geely has set a target to sell 1.9 million vehicles this year.

“Thanks to significant sales growth and continuous optimization of the product structure, the Group’s revenue increased rapidly compared to the same period last year,” Geely said in a statement Friday. There were no analyst estimates due to the lack of historical data.

Geely shares closed 1.2% lower in Hong Kong on Friday. The stock is up 2.4% for the year.

The carmaker is seeing results of its transition to EVs with sales of battery-powered vehicles more than doubling in the first quarter. However, Li said earlier this month competition in China is the most intense in the world.

Exports continue to grow, with Geely shipping 87,040 cars overseas in the first three months, a 66% increase. But the momentum may be impacted after the EU proposed an additional 20% tariff on EVs made by Zhejiang Geely Holding Group Co. in China, which also controls Volvo Car AB, a rate that’s higher than the 17.4% imposed on BYD electric cars.

Geely Group expressed disappointment at the decision, saying it supports free trade and advocates for fair competition.

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