Geely's Remarkable 2024: Record Profits and Strategic Ambitions

In 2024, Geely Automobile Holdings achieved unprecedented financial success, marking a significant milestone in its journey within the global automotive industry. 

The company's net profit soared by an impressive 213% to reach 16.63 billion yuan (approximately $2.30 billion), while revenue experienced a robust 34% increase, totalling 240.19 billion yuan.

Key Revenue Drivers

Several factors contributed to Geely's outstanding financial performance:

• Surge in Vehicle Sales: The company reported total vehicle sales of 2,176,567 units, surpassing its annual target of 2 million and reflecting a 34% year-on-year growth. ​

• Record Exports: Geely's export volumes reached an all-time high of 414,522 units, a 57% increase from the previous year, underscoring the company's expanding international footprint. ​

• Electric Vehicle (EV) Expansion: The Zeekr brand, specializing in premium EVs, saw vehicle deliveries surge by 87% to 222,123 units, contributing significantly to the company's growth and reducing its net loss to 6.42 billion yuan.

Geely Auto Group is a leading automobile manufacturer based in Hangzhou, China, and was founded in 1997 as a subsidiary of Zhejiang Geely Holding Group. The Group manages several leading brands including Geely Auto, Lynk & Co, Proton Cars, and Geometry. Source: global.geely.com

Strategic Initiatives and Future Ambitions

Geely's strategic vision extends beyond its current achievements, with ambitious plans for the future:​

• Sales Targets: The company aims to increase its sales target by 25% to 2.71 million units in 2025, reflecting confidence in sustained growth despite intensifying market competition. 

• Global Expansion: Geely is actively expanding its global presence, with plans to enter markets such as Vietnam and Australia. In Vietnam, the company is partnering with local entities to establish assembly facilities and a dealership network, aiming to deliver 75,000 vehicles annually by late 2026.

• Technological Advancements: The company is investing in electrification and sustainable mobility, with plans to launch multiple new energy vehicle models. Additionally, Geely is focusing on developing smart vehicle technologies, including digital cockpit systems, to enhance the driving experience and maintain a competitive edge. 

Geely's impressive performance in 2024, driven by strategic initiatives and a focus on innovation, positions the company for continued success in the evolving automotive landscape.

Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. All investments carry risks, including potential capital loss. Readers should conduct their own research and consult a qualified financial professional before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information provided.