By Jiahui Huang
Geely Automobile's net profit in 2024 more than tripled on robust sales and record exports, helping cement the company as one of the leading players in China's intensely competitive EV sector.
The Chinese automaker said Thursday that its 2024 net profit surged 213% to 16.63 billion yuan, equivalent to $2.30 billion, as revenue rose 34% to 240.19 billion yuan.
The robust earnings were largely driven by an outstanding performance in the overseas market and solid sales at home. Its total export wholesale volume rose 57% to 414,522 units, a new record high.
Improved economies of scale, a better product mix and cost controls helped its 2025 gross profit margin rise 0.6 percentage point to 15.9%, the company said.
Geely in February merged its two units --Zeekr and Lynk&Co--into Zeekr Group in order to better compete in the market with an eye to overpass its international rivals within the next two years.
Zeekr's total vehicle deliveries last year surged 87% to 222,123, helping narrow its net loss to 6.42 billion yuan from 8.35 billion yuan in 2023.
Geely said it expects the demand for vehicles will remain stable this year, though it noted that competition within the auto industry would intensifying in terms of both technology and pricing.
Geely set its 2025 sales target at 2.71 million units, up 25% from last year.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
Geely Automobile's 2024 gross profit margin rose 0.6 percentage point to 15.9%. "Geely Automobile's Net More Than Triples on Record Exports, Robust Sales," at 0504 GMT, incorrectly said it was Geely's 2025 gross profit margin in the fourth paragraph.
(END) Dow Jones Newswires
March 20, 2025 01:17 ET (05:17 GMT)
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