Gold prices steady ahead of Fed decision; weekly weakness noted
Investing.com -- Geely Automobile, a leading player in China’s competitive EV sector, reported a significant increase in net profit for 2024.
The Chinese automaker announced on Thursday that its net profit for the year surged 213% to 16.63 billion yuan, or approximately $2.30 billion. This substantial growth was driven by robust sales and record exports, with revenue rising 34% to 240.19 billion yuan.
Zeekr Group’s total vehicle deliveries in 2024 surged 87% to 222,123 units, which helped to reduce its net loss to 6.42 billion yuan from 8.35 billion yuan in 2023.
The company’s impressive earnings were largely due to exceptional performance in overseas markets and strong domestic sales. Geely’s total export wholesale volume saw a 57% increase, reaching a record high of 414,522 units.
In addition to strong sales, improved economies of scale, a better product mix, and cost controls contributed to the company’s financial success in 2024. Geely’s gross profit margin increased by 0.6 percentage point to 15.9%.
Looking ahead, Geely anticipates that the demand for vehicles will remain stable in 2025. However, the company also noted that competition within the auto industry is expected to intensify, particularly in terms of technology and pricing.
For 2025, Geely has set an ambitious sales target of 2.71 million units, marking a 25% increase from the previous year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.