Geely Automobile Holdings Limited Group (0175.HK) – referred as Geely Auto Group, has released its financial results for the first quarter of 2024. In reported terms, Geely Auto Group’s revenue was 52.3 billion yuan, representing an increase of 56% from the first quarter of 2023. The profit attributable to equity holders of the company was up 119% to 1.56 billion yuan on a YoY basis.

In an ever-evolving auto industry, Geely stays at its core of high-value development, optimizing product lineups, and enhancing operation efficiency. During the first quarter, the gross profit of Geely Auto Group was 7.15 billion yuan, a significant rise of 51% compared to the 2023 Q1. Geely Auto achieved rapid growth in both revenue and profit, securing a solid cash flow to enhance product value and service quality. As of March 31, 2024, Geely Auto's total cash level reached 39.4 billion yuan.

Geely Auto Group sold 955,730 units from January to June 2024, marking an impressive 41% year-on-year increase. Having achieved 50% of its 2024 sales target, the group raised the target to 2 million units, given the strong first-half performance. Geely Auto Group continues to expand its global presence with over 4,500 dealerships and service stations in more than 70 countries and regions. For the international market (excluding the Chinese Mainland), the sales target has also been increased from 330,000 to 380,000 units.

Michael Song, Vice President of Geely Auto and General Manager of GAIC, made his conclusion on Geely’s growth momentum, “With more than 22 years of experience in the international auto market, Geely is confident to provide users from different regions with high-value and versatile products that fit different needs.”

To establish a foundation for high-quality and sustainable development, Geely Auto Group bets big on advanced safety, intelligence, and powertrain technologies. In the first half of the year, Geely launched the self-developed Short Blade Battery technology, setting a high standard for power battery safety. Additionally, it formed a joint venture HORSE Powertrain with Renault to develop combustion and hybrid engines. Geely Auto will leverage technological innovation to accelerate the development of new energy and intelligent systems, enhance new productive forces, and achieve high-quality development.

With industry-leading experience in global cooperation, Geely will optimize its existing worldwide production capacity and network advantages to actively expand its global presence in the future.