Geely Automobile Holdings reported a stellar performance in 2024, selling 2,177,000 units—a 32% increase from the previous year. This impressive figure surpassed the company’s initial annual target of 2 million vehicles at the beginning of the year.
Geely’s new energy vehicle (NEV) sales skyrocketed to 888,000 units, marking a 92% surge compared to 2023. The company’s export performance was equally impressive, with 414,522 units shipped overseas, representing a 57% growth from the previous year. This figure also surpassed Geely’s annual export target of 380,000 units.
As part of its global expansion strategy, the company aims to establish over 300 new overseas sales and service locations by 2025. By year-end, this ambitious plan will expand the company’s global network to more than 1,100 locations.
The company is also intensifying its transformation into a technology-driven car manufacturer. In 2025, it will introduce 10 NEV models as part of its expanding product lineup.
Fiscally, Geely reported total revenue of 240.2 billion CNY (approximately 33.2 billion USD), representing a 34% increase year-over-year. Net profit attributable to shareholders grew by 213%, reaching 16.6 billion CNY (approximately 2.29 billion USD). Excluding non-recurring items, net profit rose by 52% to 8.5 billion CNY (approximately 1.17 billion USD).
The company’s total profit was 38.2 billion CNY (approximately 5.27 billion USD), with a gross margin of 15.9%. Additionally, Geely’s net cash reserves increased by 40% year over year to 39.8 billion CNY (approximately 5.49 billion USD), reflecting improved economies of scale and the competitiveness of its core products.
