Geely Automobile's Q3 revenue exceeds 60 billion, setting a new quarterly record, and is expected to achieve an annual sales target of 2 million vehicles | Financial Report Insights

Benefiting from the company's continuous launch of new products, sales have rapidly increased, and Geely Automobile's profitability has further improved, with strong performance in the third quarter.

On November 14, Geely Automobile announced its third-quarter financial report for 2024, in which the core profit attributable to shareholders reached 2.76 billion yuan, a year-on-year increase of 116%.

Key Financial Data:

Revenue: The company's revenue in the third quarter exceeded 60 billion for the first time, reaching 60.378 billion yuan, a year-on-year increase of 20%, setting a new quarterly record; in the first three quarters, the company's revenue grew by 36% year-on-year.

Net Profit: The company's profit attributable to shareholders in the third quarter was 2.455 billion yuan, a year-on-year increase of 92%; in the first three quarters, the profit attributable to shareholders increased by 358% year-on-year to 13.053 billion yuan.

Sales Volume: The company's sales volume in the third quarter reached 534,000 units, setting a new high, with a year-on-year increase of 19%, and the penetration rate of new energy vehicles in the domestic market exceeded 50%; in the first three quarters, sales volume increased by 32% year-on-year to 1.4897 million units.

Geely Automobile stated that in the first three quarters, the company's performance maintained strong growth, with sales growth outpacing the market. With a complete research, production, supply, and sales chain system, the company continuously launched new products, leading to rapid sales growth.

As of October, Geely Automobile has sold 1.72 million vehicles this year, a 32% increase compared to the same period last year. According to media analysis, the company is expected to achieve its annual sales target of 2 million vehicles, requiring an average monthly delivery of about 150,000 vehicles in November and December.

It is noteworthy that Geely Automobile's transition to plug-in hybrid vehicles is progressing well. In the first ten months, the company's deliveries of electric vehicles and plug-in hybrid vehicles nearly doubled compared to last year, reaching approximately 655,000 units. New electric vehicles such as the Xingyuan and Galaxy E5 SUV quickly received tens of thousands of orders after their launch.

In terms of exports, Geely Automobile's overseas export sales in the first ten months increased by 71% year-on-year. In the first nine months, Geely Automobile's cumulative overseas export sales reached 314,000 units, a year-on-year increase of 68%. In contrast, the China Association of Automobile Manufacturers reported a year-on-year growth rate of only 23.8% for automobile exports.

So far this year, Geely's stock price has risen by 69.34%.

Additionally, according to 36Kr, Geely Group is integrating its two major brands, Lynk & Co and ZEEKR, to clarify brand positioning, streamline equity relationships, and reduce conflicts of interest and duplicate investments. In the first three quarters of this year, the sales of Lynk & Co and ZEEKR accounted for nearly 30% of Geely Group's total sales. The financial report shows that ZEEKR Holdings' total delivery volume in the first three quarters was approximately 143,000 units, a year-on-year increase of 81%, with revenue reaching 53.1 billion yuan, a year-on-year increase of 51%