Geely Automobile posts record-high annual revenue in 2024

Shanghai (Gasgoo)- On March 20, Geely Automobile Holdings Limited ("Geely Automobile") released its 2024 financial results, reporting record-breaking revenue.

Photo credit: Geely Automobile

The company's annual revenue surpassed 240 billion yuan for the first time in 2024, reaching 240.2 billion yuan, a 34% jump year-over-year. In the same period, its net profit attributable to shareholders surged 213% over the previous year to 16.6 billion yuan, while net profit excluding non-recurring items leapt 52% from a year earlier to 8.5 billion yuan, reflecting a significant improvement in operational profitability.

Fueled by economies of scale and enhanced product competitiveness, Geely Automobile's total gross profit jumped to 38.2 billion yuan in 2024, with a gross margin of 15.9%. The company's net cash position also climbed 40% year over year to 39.8 billion yuan, reinforcing its financial stability.

Geely Automobile achieved all-time high performance in both overall vehicle sales and new energy vehicle (NEV) sales last year. Total vehicle sales in 2024 hit a new high of 2.177 million units, up 32% year-over-year, exceeding its annual target of 2 million units. Its full-year NEV sales surged nearly 92% over a year earlier to a record 888,000 units.

The company also strengthened its global footprint, with exports reaching 414,522 units in 2024—soaring more than 57% year-over-year, exceeding the 380,000-unit target. Of those, sales of Geely-branded vehicles accounted for 381,548 units, marking a 53% year-on-year spike. Geely brand expanded its presence across key regions, including the Middle East, Asia-Pacific, Africa, Latin America, and Europe. The brand has introduced 16 flagship models in strategic markets such as Saudi Arabia, the UAE, Kazakhstan, and Panama, while establishing 891 sales and service outlets across 81 countries, further bolstering its global influence.