Geely Automobile's quarterly revenue hits new high in Q3 2024

Shanghai (Gasgoo)- Geely Automobile Holdings Limited ("Geely Automobile") has released its financial report for the third quarter (Q3) of 2024, revealing record-breaking revenue and robust growth.

All-time-high quarterly revenue, net profit surge

The company posted a quarterly revenue of 60.378 billion yuan in Q3 2024, marking a year-on-year increase of 20%, the highest single-quarter revenue in its history. For the first nine months of 2024, Geely Automobile's total revenue reached 167.7 billion yuan, jumping 36% compared to the same period last year.

Geely Automobile's Q3 net profit attributable to core shareholders soared to 2.76 billion yuan, a 116% year-on-year spike, driven by the benefits of scale and an optimized product mix. Cumulatively, the company's net profit for the first three quarters of 2024 hit 13.05 billion yuan, representing a staggering 358% year-on-year soar, highlighting the company's strengthened profitability.

Record-breaking quarterly sales and accelerated NEV transition

In Q3 2024, Geely Automobile achieved record-breaking sales of 534,000 vehicles, an 18.7% increase year-on-year. Total sales for the first nine months of the year amounted to 1.49 million vehicles, up 32.1% year on year, meeting 74.5% of the company's full-year target of 2 million vehicles. Sales of new energy vehicles (NEVs), including Geely, Lynk & Co, and ZEEKR brands, reached 226,000 units in Q3, while cumulative NEV sales for the first nine months hit 546,000 units, marking a 93% year-on-year hike.

Geely Xingyuan; photo credit: Geely Automobile

Geely Automobile's NEV transformation gained momentum in Q3 with a focus on expanding its Geely Galaxy lineup in the mainstream NEV market. The launch of the all-electric Geely Galaxy E5 and the Geely Xingyuan has been successful to some degree. The Galaxy E5 recorded over 50,000-unit deliveries within its first 100 days on the market, while the Xingyuan surpassed 20,000-unit deliveries in just 33 days. The Geely Galaxy series (excluding GEOME) reached total sales of 153,682 vehicles in the first nine months this year, bolstering Geely brand's total sales to 1,151,214 units, a 27% jump year-on-year. The Galaxy Starship 7 EM-i, featuring the NordThor EM-i super hybrid system, has entered pre-sale with its first batch of mass-produced vehicles rolling off the line.

Lynk & Co continued its upward trajectory, driven by strong sales of its PHEV (plug-in hybrid electric vehicle) models, the Lynk 07 EM-P and the Lynk 08 EM-P. The brand's total sales for the first nine months reached 195,603 units, with NEVs accounting for over 67% of total sales in September, a new monthly record.

ZEEKR launched several new models in the second half of the year, including the ZEEKR 7X and the ZEEKR MIX, while the ZEEKR 001 and the ZEEKR 009 maintained their strong positions in their respective segments. ZEEKR's total deliveries for the first three quarters hit 142,873 units, bringing its cumulative deliveries to nearly 340,000 units by the end of September.

Strong overseas expansion

Geely Automobile's overseas exports also showed impressive growth. In Q3, the company exported 117,000 vehicles, a 71% year-on-year surge. Total exports for the first nine months reached around 314,000 units, shooting up 68% year-on-year.

Breaking down the global performance by specific brands, the Geely brand continued to deepen its strategic presence across the Middle East, Asia-Pacific, Africa, Latin America, and Europe. Key international launches included the Geely Preface in the UAE in July, the four-wheel-drive Atlas in Kazakhstan in August, and the New Emgrand in Mexico in October.

Lynk & Co Z20; photo credit: Geely Automobile

Lynk & Co strengthened its presence in Europe and Asia-Pacific, with the global debut of its second all-electric model, the Lynk & Co Z20 (European market name: Lynk & Co 02), in Milan in October. The model is set for launch in the Chinese market later this year. The brand also made its first entry into Latin America with its August launch in Uruguay, followed by the debut of the Lynk 06 in Kuwait in September.

ZEEKR's global expansion has been rapid as well. The brand officially entered Thailand in July with the global premiere of the right-hand drive ZEEKR X. By August, the first right-hand drive ZEEKR X was delivered in Thailand and hit the market in Singapore. In September, the right-hand drive ZEEKR 009 was put onto the Thai market. The brand made its debut in Norway and Egypt in October, and expanded to Brazil and Australia. As of the end of October 2024, ZEEKR has established a presence in over 40 countries and regions, accelerating its growth in markets across the Middle East, Southeast Asia, Australia, Latin America, and Africa.