On March 20, 2025, Geely Automobile Holdings Ltd reported impressive financial results for the year 2024, marking a significant milestone as total revenue surged to 240.2 billion yuan, a remarkable year-on-year increase of 34%. This substantial growth signified a record high for the company and showcased its robust operational capabilities. Furthermore, the profit attributable to shareholders reached 8.5 billion yuan, representing a 52% increase compared to the previous year.
The company also achieved record-breaking sales figures, delivering 2.177 million vehicles in 2024, which reflects a 32% increase from the prior year. Notably, sales of new energy vehicles reached 888,000 units, with a staggering year-on-year growth of approximately 92%. These achievements underscore Geely’s ongoing transformation and significant strides toward expanding its footprint in the new energy vehicle sector.
“In 2024, Geely Automobile achieved remarkable results in its transformation towards new energy vehicles, achieving significant breakthroughs in the sector,” reported BitAuto. This transformation aligns with Geely's strategic focus set forth in its 2021 initiative, “Geely Technology 2025,” which outlines plans for an integrated technological ecosystem.
The financial outcome in 2024 reflects a growing trend in the automotive market, where the shift towards energy-efficient vehicles is becoming increasingly crucial. Geely’s push towards enhancing its competitive edge in this arena was further exemplified by its rising gross profit margin, which reached 15.9% with a total gross profit of 38.2 billion yuan.
As Geely continues to solidify its market presence, it has also expanded its operations significantly. The company is investing comprehensively in various regions, including the Middle East, Asia-Pacific, Africa, and Latin America. In 2024 alone, Geely launched 16 high-quality models in key international markets such as Saudi Arabia and Kazakhstan. These endeavors demonstrate Geely's commitment to fostering a prominent global identity.
Geely has established a solid sales network with 891 sales and service outlets across 81 countries. Looking forward to 2025, the company plans to expand this network, increasing the number of overseas sales and service points by more than 300. The goal is to exceed 1,100 global outlets by year-end, reinforcing Geely's capability to provide quality after-sales service.
In tandem with Geely’s expansionary strategies, its subsidiary, Geely Technology Group, also announced robust numbers. On the same day, March 20, it declared its financial results for the fourth quarter of 2024, revealing total revenue of 113.892 billion yuan, with 94.564 billion yuan derived from complete vehicle sales. The revenue of Geely Technology showed a remarkable year-on-year increase of 47%, and the gross profit margin for complete vehicles steadily improved through the fiscal year, reaching 17.3% by the fourth quarter.
Sales for the Geely Technology Group exceeded 500,000 units in 2024, with the Geely brand achieving 220,000 units, marking a staggering 87% increase. Meanwhile, sales for the Lynk & Co brand reached over 280,000 units, an increase of nearly 30%, highlighting the successful introduction of new models and innovations within both brands.
With ambitious plans for the near future, the Geely Technology Group aims to launch five new models in 2025. This includes three vehicles under the Geely brand, which will enhance its offerings in the electric vehicle range, and two new models under the Lynk & Co name, focusing on hybrids. Specific product launches, such as the Lynk & Co 090 SUV, are set to commence pre-sale on March 25, 2025, with an expected full market release in late April. The ZEEKR 9X is set to be unveiled at the Shanghai Auto Show, with market availability anticipated later in 2025.
Overall, Geely's concerted efforts not only reflect impressive technological innovations and financial accomplishments but also position the company for potential solid growth trajectories in the rapidly evolving automotive sector. The 2025 outlook looks promising as Geely seeks to leverage its established momentum, driving forward with an array of innovative new energy products and a robust global presence, which collectively underline its strategic vision and commitment to becoming a leader in the global automotive market.