Geely Automobile Sees Record Profit Growth in 2024

Key Takeaways

Geely’s net profit for 2024 rose by 213% to 16.63 billion yuan ($2.30 billion), driven by strong sales and export growth.
The company aims to achieve a sales target of 2.71 million units in 2025, a 25% increase from the previous year.
Geely announced a 50% increase in its final cash dividend to HK$0.33 per share, reflecting strong financial performance and commitment to shareholders.

Remarkable Growth and Future Targets

Geely Automobile has reported exceptional financial results for 2024, highlighting its substantial growth in China’s competitive electric vehicle market. Announced on March 20, 2025, the company experienced a staggering 213% increase in net profit, reaching 16.63 billion yuan (approximately $2.30 billion). This surge showcases Geely’s effective operational strategies and strong sales performance both domestically and internationally.

Revenue also climbed impressively, up 34% to 240.19 billion yuan, primarily driven by increasing consumer demand and efficient cost management. Vehicle sales were a key factor in this success, with Geely reporting a 32% increase in total sales volume, amounting to 2.1 million units sold. Notably, the Zeekr brand saw its deliveries leap by 87%, contributing significantly to a reduction in net loss for the group.

Geely’s export numbers reached record highs, with a wholesale volume of 414,522 units, representing a 57% increase year-on-year, strengthening its position in international markets. The company’s gross profit margin improved by 0.6 percentage points to 15.9%, reflecting enhanced economies of scale and a better product mix. A spokesperson noted stable demand for both electric and combustion engine vehicles, hinting at optimistic future sales.

Looking ahead, Geely has set an ambitious goal of selling 2.71 million units in 2025, which would mark a 25% increase from the previous year. However, CEO Li Shufu acknowledged the increasing competition and emphasized the need for adaptability and innovation to sustain the company’s market share.

In addition to its operational successes, Geely announced a final cash dividend of HK$0.33 per share, marking a significant 50% increase from the prior year. This dividend payout, pending shareholder approval on May 30, 2025, and expected for distribution on July 25, 2025, highlights the company’s commitment to returning value to its investors.

Despite facing challenges such as trade barriers and tariff fluctuations, Geely has maintained robust growth, aided by significant contributions from stakeholders, particularly a group led by CEO Li Shufu, which contributed 28 billion yuan to revenue. Overall, Geely’s financial report for 2024 not only demonstrates a strong recovery from past disruptions but also sets a positive tone for its strategic direction in the evolving automotive landscape, focusing on electric vehicle technology and international market expansion.

The content above is a summary. For more details, see the source article.