Geely reports record revenue, profit growth in 2024

Geely Automobile Holdings posted record financial results for 2024, with total revenue reaching 240.2 billion yuan ($33.2 billion), a 34 percent year-on-year increase, said the Hong Kong-listed Chinese carmaker on Thursday.

Its net profit attributable to shareholders in the year soared 213 percent from the previous year to 16.6 billion yuan, while net profit excluding non-recurring items rose 52 percent to 8.5 billion yuan.

The company's gross profit jumped to 38.2 billion yuan, with a gross margin of 15.9 percent, reflecting improved economies of scale and stronger competitiveness in core products.

Net cash surged 40 percent to a record 39.8 billion yuan, reinforcing Geely's financial position.

Geely's sales momentum continued to gain traction last year. It delivered 2.177 million vehicles in 2024, marking a 32 percent increase from the previous year and surpassing its target of 2 million units.

NEV sales grew even more rapidly, surging 92 percent year-on-year to exceed 888,000 units, with domestic NEV penetration exceeding 50 percent for five consecutive months.

Geely plans to launch 10 new NEV models in 2025 as part of an ambitious product expansion, while accelerating its transformation into a technology-driven automaker.

Geely's exports climbed 57 percent year-on-year to 414,522 units, surpassing the company's annual target of 380,000.

To strengthen its overseas footprint, the company plans to add over 300 new overseas sales and service outlets in 2025, bringing its global network to more than 1,100 locations by year-end.