Geely Automobile Holdings Limited, a leading automotive company, recently announced its financial results for the first quarter of 2024. The company reported a significant increase in revenue, reaching 52.3 billion yuan, representing a 56% year-on-year spike. Moreover, Geely Automobile’s net profit attributable to shareholders soared to 1.561 billion yuan in Q1, marking a remarkable 119% increase from the previous year.
Despite facing challenges in the industry, Geely Automobile has remained committed to a high-quality development strategy. The company has continuously optimized its product structure and improved operational efficiency. In Q1 2024, Geely Automobile’s gross profit reached 7.15 billion yuan, a 51% year-on-year surge. This strong financial performance has bolstered the company’s cash flow, with total cash reserves reaching 39.4 billion yuan as of March 31, 2024.
Geely Automobile has also focused on new energy vehicle development, enhancing its reputation for delivering high-value products. In the first five months of the year, the company sold a total of 789,645 vehicles, achieving 41% of its annual sales target of 1.9 million units. This represents a year-on-year increase of over 45%. Additionally, the automaker’s new energy vehicle sales saw a significant uptick, with brands like Geely, Lynk & Co, and ZEEKR driving sales to 254,226 units, a 126% surge compared to the previous year.
ZEEKR, a subsidiary of Geely dedicated to developing premium smart electric vehicles, has achieved notable success. The company went public on the New York Stock Exchange within just 37 months of its establishment. By the end of May 2024, ZEEKR had delivered over 260,000 vehicles, with the ZEEKR 001 model becoming the fastest Chinese high-end electric vehicle to surpass 200,000-unit deliveries in just 972 days. In Q1 2024, ZEEKR’s revenue reached a record high of 14.7 billion yuan.
To drive sustainable growth and innovation, Geely continues to invest in intelligent and safety technologies. The company recently launched the Galaxy Flyme Auto smart cockpit system in collaboration with DreamSmart Group and introduced its self-developed Aegis short-blade LFP battery.
Overall, Geely Automobile’s strong financial performance, focus on new energy vehicles, and commitment to innovation position the company for continued success in the rapidly evolving automotive industry.
