Geely Automobile achieves record-high revenue in Q1 2024

Beijing (Gasgoo)- On June 28, Geely Automobile Holdings Limited (Geely Automobile) announced its financial results for the first quarter of 2024 (Q1 2024). The company reported revenue of 52.3 billion yuan, marking a 56% year-on-year spike.

The automaker’s net profit attributable to shareholders reached 1.561 billion yuan in Q1, soaring 119% from a year ago.

Photo credit: Geely Automobile

Despite the challenging industry environment, Geely Automobile has adhered to a high-quality development strategy, continuously optimizing its product structure and improving operational efficiency. In Q1 2024, Geely Automobile's gross profit reached 7.15 billion yuan, representing a year-on-year surge of 51%. The company's strong financial performance under competitive market conditions has bolstered its cash flow, with total cash reserves reaching 39.4 billion yuan as of March 31, 2024.

Geely Automobile has deepened its focus on new energy vehicle development and enhanced its reputation for delivering high-value products. From January to May, Geely Automobile sold a total of 789,645 vehicles, achieving 41% of its annual sales target of 1.9 million units, and indicating a year-on-year hike of over 45%. In the first five months of this year, the automaker's new energy vehicle sales, driven by its Geely, Lynk & Co, and ZEEKR brands, reached 254,226 units, skyrocketing approximately 126% compared to that of the previous year.

Photo credit: ZEEKR

ZEEKR, dedicated to developing premium smart electric vehicles, went public on the New York Stock Exchange within 37 months of its establishment. By the end of May 2024, ZEEKR had delivered over 260,000 vehicles cumulatively. The ZEEKR 001 became the fastest Chinese high-end electric vehicle model to surpass 200,000-unit deliveries in just 972 days. ZEEKR's revenue in Q1 2024 hit a record high of 14.7 billion yuan.

To ensure sustainable, high-quality development, Geely continues to innovate in intelligent and safety technologies. In the first half of the year, Geely launched the Galaxy Flyme Auto smart cockpit system in collaboration with DreamSmart Group and introduced its self-developed Aegis short-blade LFP battery.