Geely Automobile Achieves Record-High Revenue in 2024
Shanghai (Gasgoo)- Geely Automobile Holdings Limited (“Geely Automobile”) recently announced its impressive financial results for the year 2024, showcasing a significant increase in revenue.
Photo credit: Geely Automobile
The company achieved a record-breaking annual revenue of 240.2 billion yuan in 2024, marking a notable 34% increase compared to the previous year. Additionally, its net profit attributable to shareholders saw a remarkable surge of 213% to 16.6 billion yuan, while the net profit excluding non-recurring items grew by 52% to 8.5 billion yuan, demonstrating improved operational profitability.
Benefiting from economies of scale and enhanced product competitiveness, Geely Automobile’s total gross profit reached 38.2 billion yuan in 2024, with a gross margin of 15.9%. The company also strengthened its financial stability with a 40% year-over-year increase in net cash position, totaling 39.8 billion yuan.
In terms of sales performance, Geely Automobile achieved record-high overall vehicle sales and new energy vehicle (NEV) sales in 2024. The total vehicle sales reached 2.177 million units, a 32% increase from the previous year, surpassing the annual target of 2 million units. NEV sales also soared by nearly 92% year-over-year to a record 888,000 units.
Furthermore, the company expanded its global presence with exports totaling 414,522 units in 2024, a significant increase of more than 57% compared to the previous year. Geely-branded vehicle sales accounted for 381,548 units, showing a 53% year-on-year growth. The Geely brand extended its reach to key regions such as the Middle East, Asia-Pacific, Africa, Latin America, and Europe, introducing 16 flagship models in strategic markets and establishing 891 sales and service outlets across 81 countries.
