Chinese automaker Geely Automobile Holdings Limited (Geely) reported a more than threefold increase in earnings in 2024, as revenues from its domestic brands soared by 34% to CNY240bn (US$33.1bn).
Net profits rose by 240% to CNY16.8bn, helped by a CNY9.1bn one-off gain from the sale of assets, allowing the group to generate net cash of CNY26.5bn. Excluding the one-off gain, net profit increased by 52%, despite intense competition in its domestic market.
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Global vehicle sales rose by 34% to 2,176,567 units last year, driven by a 92% surge in sales of new energy vehicles to 888,235 units – comprising mainly battery and hybrid-electric powered vehicles, equivalent to approximately 41% of its total vehicle sales.
The company attributed the rise in earnings to higher volumes, with improved economies of scale contributing significantly to its product competitiveness. Sales volumes were way higher than the company’s original target of 2 million units for the year, with its local brands significantly outperforming in the domestic market.
Exports also surged by 57% to 414,522 units last year, as Geely stepped up its globalization strategy. The company reported strong demand for its products in the Middle East, Asia-Pacific, Africa, Latin America and Europe – supported by a high number of new product launches.
Geely said it had 891 sales and service outlets in place across 81 markets worldwide at the end of last year, with plans to expand this number by over 300 to around 1,100 by the end of 2025.
The automaker confirmed it has launched an “Intelligent Vehicle AI technology system, applying AI across its intelligent vehicle domains, integrating AI in vehicle architectures, powertrain systems, chassis and cockpits, as well as throughout the product life cycle, from development to after sales.”
Geely has set a 2025 target of becoming “the world’s first automaker with full-domain AI integration ability, by building a complete intelligent ecological system that includes operating systems, intelligent cockpits, autonomous driving, vehicle connectivity, supercomputing centers, and satellite internet infrastructure.”
It plans to launch ten new energy models this year, as it targets for further sales growth in its home market and overseas.
