Geely races ahead with record sales

Melody Chen

Geely Automobile's (0175) net profit grew significantly by 575 percent to around 10.6 billion yuan (HK$11.58 billion) in the first half of 2024 compared to the same period a year ago, as its sales overseas boomed.

The Chinese automaker exports grew 67 percent to 197,400 vehicles in the first six months compared to a year earlier.

Revenue for the first six months rose 47 percent from the same period last year to 107.3 billion yuan, with sales hitting a record 955,730 units, up 41 percent year-on-year.

The company raised its annual sales target from 1.9 million to 2 million units and expects to launch more new products in the second half of the year.

Exports accounted for 21 percent of the total sales volume.

More than 120 sales and service outlets were opened in the first half, bringing the total number of Geely brand's outlets to 653 in 76 countries by the end of June.

Sales in the domestic market climbed 35 percent to 758,302 units, with Geely capturing a 6.96 percent market share and ranking second among mainland brands.

Internal combustion engine vehicles, plug-in hybrid electric vehicles, and battery electric vehicles sold 635,545, 130,238 and 189,947 units respectively, in the first half, showing year-on-year increases of 20 percent, 489 percent and 51 percent.

A total of 4.55 billion yuan was spent on research and development activities, an increase of 52 percent from the previous year, primarily for the development of intelligent new energy vehicle models.

The distribution and selling expenses in the first half surged by 33 percent to 6.33 billion yuan.

Its subsidiary, Zeekr, however recorded a net loss of 1 billion yuan in the first half, delivering a total of 87,870 battery electric vehicles, up 106 percent year-on-year.

Geely's shares closed up 0.13 percent yesterday.