By Jiahui Huang
Geely Automobile, China's second-largest electric-vehicle maker, recorded flat net profit last year despite higher revenue and sales.
Annual net profit rose marginally to 16.85 billion yuan, equivalent to $2.45 billion, from 16.81 billion yuan the previous year as revenue climbed 25% to 345.23 billion yuan, the Hangzhou-based company said Wednesday. Its gross margin rose to 16.6% from 15.9% a year earlier.
The results came as Geely's EV sales rose sharply in its home market and overseas shipments gained momentum. The carmaker exceeded its annual sales target, selling a record of more than three million vehicles in 2025, with new-energy vehicle sales--including battery EVs and plug-in hybrids--nearly doubling to 1.7 million units.
This year, the company aims to sell 3.45 million vehicles, including 640,000 units in international markets, and targets NEV sales of 2.2 million vehicles.
To strengthen its competitive edge, Geely has been focusing on developing its artificial-intelligence technology, building its brand in the premium and expanding aggressively overseas. This multipronged approach has made the company a steadily growing EV maker despite growing competition in China.
The company has made some progress on these fronts. Earlier this week, Nvidia said that Geely and others, including BYD, Isuzu and Nissan, are building level 4-ready vehicles on its Drive Hyperion platform. The automaker also began presales of the Zeekr 8X, a five-seater SUV, this week, expanding its high-end lineup to strengthen its premium position in the highly competitive domestic market. The brand has said it plans to "fully surpass" Mercedes-Benz, BMW and Audi in the Chinese market and become a leading player in the luxury EV sector.
The Chinese auto giant has also set its sights on expanding into the U.S. In an interview with Autoline Network at the CES in Las Vegas earlier this year, Ash Sutcliffe, Geely's global communications chief, said that Zhejiang Geely Holding Group is likely to make an announcement on that within the next two to three years.
"The big question for us is when and where will we go to the U.S.A.," he said.
Sutcliffe said in the interview that Geely's Zeekr and Lynk & Co. could be good fits for the U.S. market. "We would look at these brands," he said.
The company merged the two brands last year to maximize resources and took Zeekr Group, the combined entity, private.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 18, 2026 00:43 ET (04:43 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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