• Geely Auto 2024 H1 revenues increased 46.6% YoY to 107.3 billion RMB
  • Net profit attributable to shareholders up 574.7% YoY to 10.6 billion RMB
  • Electrified and new energy vehicle sales increased 117% YoY to 320,000 units
  • Overseas expansion accelerating with export sales growing 67% YoY
  • R&D investment in intelligence and electrification increased by 17.9% to 7 billion RMB
  • Carbon emissions reduced by 14% and top ESG honors awarded
  • Annual target raised to 2m units with electrified vehicle sales increased by 70% and exports sales by 45% YoY

 2024 August 21st, Hong Kong and Hangzhou. Geely Automobile Holdings Ltd (HK.0175) (Geely Auto), the Hong Kong-listed entity in which Zhejiang Geely Holding Group is the lead shareholder and is the major shareholder in three brands including Geely Auto, Lynk & Co, and Zeekr, released its 2024 H1 results revealing revenues of 107.3 billion RMB, up 46.6% YoY with net profit attributable to shareholders of 10.6 billion RMB, up 574.7% YoY. Profit attributable to shareholders after deducting non-recurring items reached 3.37 billion RMB, a year-on-year increase of 114%. Net cash increased by 25.4% to 35.7 billion RMB. Thanks to increased scale and product optimization, the company total gross profit increased to 16.2 billion RMB, achieving a gross profit margin of 15.1% which has remained stable and rising into H2 2024.

In the first half of the year, Geely Auto deepened its determination to transform into an intelligent and electric brand, making smart premium vehicles for everyone. The company recorded sales of 956,000 vehicles in the 2024 H1, a YoY increase of 41%. Among those sales, electrified and new energy vehicles reached 320,000 units, an increase of 117% YoY. The share of electrified vehicle sales has increased from 21.8% in the previous year to 33.5%.

GEELY ELECTRIFIED TRANSFORMATION

In the first half of the year, the company’s mainstream brand Geely Auto saw its electrified transformation accelerate with the support of its high-end electrified “Geely Galaxy” model series. The brand saw sales of its Galaxy models reach 81,000 units in H1, a 742% YoY increase. The new model series leverages Geely’s cutting edge technology ecosystem with components such as Geely’s most advanced Short Blade LFP battery, GEA Global Intelligent New Energy Vehicle Architecture, and an 11-in-1 integrated intelligent electric drive unit. The first pure electric SUV of the series, the Galaxy E5 was recently launched in August and together with three other models the Galaxy L6, L7, and E8 form a comprehensive electrified line up consisting of advanced hybrid and pure electric sedans and SUVs.

LYNK & CO

The company’s premium brand, Lynk & Co continued to raise the benchmark for premium Chinese brands, achieving a total sales volume in H1 of 126,000 units, a YoY increase of 53.6%. By the end of June 2024, the brand has sold more than 1.17 million units since its launch, a new record speed for premium Chinese brands. Cumulative sales volume of hybrid Lynk & Co models in the first half of 2024 reached 64,072 units, accounting for 50.9% of the brand’s total sales.

ZEEKR

The intelligent luxury EV brand, Zeekr established itself as a leader in the 200,000 RMB and higher price market segment with total sales of 87,870 units in the first half, a 106% YoY increase. Among the brand’s sales, 20,106 units were delivered in June, marking the first time Zeekr sold more than 20,000 units in a single month. As of the end of June 2024, Zeekr has delivered more than 280,000 units since its launch.

PROTON

In Malaysia, the company’s strategic partner, PROTON achieved new highs with their H1 sales exceeding 78,000 units and net profit of 126 million RMB. The brand’s derived models from Geely X50 and X70 saw sales exceeding 10,000 units, becoming sales leaders in their respective segment.

INCREASED INVESTMENT IN INTELLIGENT ELECTRIFICATION

Geely Auto continues to increase investment in intelligent electrification R&D in H1 2024, with total R&D investment increased by 17.9% to 7 billion RMB. The investment has supported the comprehensive development of Geely’s intelligent technology ecosystem and accelerated the implementation of its “Smart Geely 2025” strategy.

Geely Auto brands saw significant advances in intelligent driving in H1 2024. Zeekr’s self-developed autonomous driving technology has obtained L3 pilot test licensing in Shanghai and Ningbo and the brand’s high-speed highway NZP function has been allowed throughout China. Lynk & Co’s high-precision maps coverage has extended to all regions of Mainland China and high-speed and highway NOA has been enabled for users.

Advances have also been seen in smart cockpits in H1 2024. On May 30th, Geely Auto released its “Flyme Auto” smart cockpit system jointly developed by Meizu and Geely. Geely Auto has also begun to apply improved AI capabilities in its smart vehicles backed by the Geely Wise Star Cloud Connected Central Computing System. Geely’s latest smart cockpit technologies have been supported by China’s first self-developed 7nm dedicated intelligent cockpit chip used in many of the company’s models.

In addition to achievements in intelligent vehicle technologies, Geely has also achieved breakthroughs in safety, durability, and efficiency through advances in high-value technologies such as the latest Short Blade LFP battery, 11-in-1 integrated intelligent electric drive unit, GEA Global Intelligent New Energy Vehicle Architecture. In its application of high-value technologies in its models, Geely is putting its focus first on new energy safety and improving the standards of EIC components. For example, Geely’s Short Blade LFP battery boast high safety, high longevity, and high-speed charging setting a new benchmark for “Blade” type batteries on the market.

OVERSEAS SALES

In the first half of the year, the company saw its export sales reach 197,428 units, an increase of 67% YoY. The Geely Auto brand has deepened its penetration into the Mideast, Asia Pacific, Africa, Latin-America, and Eastern European markets with the launch of 12 products in 30 countries in H1 2024. As of June 2024, the brand has established more than 650 overseas sales and service outlets in 76 countries outside of China.

Lynk & Co continued to implement its European and Asia-Pacific strategy, officially entering Azerbaijan and the Philippines markets in H1 2024. So far, Lynk & Co has opened 12 experience centers in 7 European countries as well as 10 Lynk & Co centers and 2 Co-spaces in Asia-Pacific markets.

As of June 2024, Zeekr has made forays into nearly 30 markets outside of China including Sweden, Netherlands, UAE, Mexico, and right-hand drive markets such as Thailand, Malaysia, and Indonesia.

Geely Auto’s joint venture partnership with Renault Korea has also begun to bear fruit with cumulative sales reaching 42,000 units. Dividends attributed to the partnership have reached 180 million RMB and 150 million RMB for the first half of 2023 and 2024 respectively as a result of the joint venture’s performance in Korean, European, and American markets.

SUSTAINABILITY

As of June 2024, Geely Auto has achieved a 14% reduction in carbon emissions and was selected for a number of ESG honors including eighth on the “China Top 100 listed ESG Pioneer Companies,” first among Chinese automakers for two consecutive years, and the only company in China’s automotive industry to receive a “five-star” excellence rating. The company has continued to maintain the honor of being first among Chinese automakers on the S&P Global Sustainability Assessment, and the only Chinese automaker on the Hang Seng Sustainability Enterprise Index.

2024 SECOND HALF OUTLOOK

In the first half of 2024, the company made significant breakthroughs with its intelligent and electric transformation. Revenue exceeded 100 billion RMB in H1 for the first time in the company’s history, sales continue to grow steadily, and profitability has improved. Looking ahead, the company has raised its annual sales target to 2 million units with electrified new energy vehicles increasing by 70% and export sales by 45%. Going forward, Geely Auto will continue to focus on its intelligent and electric transformation, build on its solid technological foundations, and strengthen its technology ecosystem to enable improved intelligent driving and intelligent mobility to users around the world.