Geely Automobile Holdings Limited (Geely Auto) unveiled its 2024 financial results today, marking a significant milestone as the company’s total revenue surpassed 240 billion RMB for the first time in its history.
- Total annual sales volume reached 2,176,567 units, up 34% YoY
- Total new energy and electrified vehicles sales reached 888,235, up 92% YoY
- Share of new energy and electrified vehicles reached 41%
- Overseas export sales reached 414,522 units in 2024, up 57% YoY
- Revenue of 240 billion RMB, up 34% YoY
- Total profit increased to 16.8 billion RMB, up 240% YoY
- Profit attributable to stockholders of 16.6 billion RMB, up 213% YoY
- Net cash rose to 26.5 billion RMB
This achievement was driven by the scale effect and substantial boost in product competitiveness. Geely Auto overall sales volume and new energy business both climbed to new heights, setting the pace for the industry with standout growth rates. In 2024, Geely Auto achieved a record-breaking cumulative sales volume of 2,176,567 vehicles, reflecting a robust 34% year-on-year increase. This figure not only surpassed the company’s annual sales target of 2 million vehicles but also outpaced the broader market. Within this, the Group’s cumulative sales of new energy exceeded 888,235 units, a strong increase of about 92% year-on-year.
Global expansion advances, ESG practices sets industry benchmark
Geely Auto made remarkable progress in its globalization strategy further broadening its international footprint with cumulative overseas export sales of 414,522 units in 2024, an increase of over 57% year-on-year, exceeding the annual export target of 380,000 units; of which, the Geely Auto brand had export sales of 381,548 units, an increase of 53% year-on-year. The brand expanded its reach in the Middle East, Asia-Pacific, Africa, Latin America, Europe and other regions, launching 16 high value main models in Saudi Arabia, the United Arab Emirates, Kazakhstan, Panama and other key markets, building 891 sales and service outlets in 81 countries, further expanding the brand’s influence. Looking ahead in 2025, Geely will enhance its channel and aftersales coverage by adding more than 300 overseas sales and service outlets, and is expected to have more than 1,100 outlets worldwide by the end of year.
In terms of ESG practices, Geely Auto has delivered standout achievements, consistently ranking among the top Chinese automakers for ESG performance and will continue to strengthen its international influence through ESG initiatives. For two consecutive years, Geely Auto has been recognized as one of the ‘Pioneer 100 Chinese ESG Listed Companies’ securing the top position among Chinese automobile enterprises, and the only enterprise in the automobile industry to receive a ‘five-star’ excellence evaluation. The company was selected as one of the first batch of companies named a ‘Waste-free Enterprises’ and was awarded the ‘Waste-Free Enterprise’ prize by the China Industrial Association. By the end of 2024, Geely was also selected as one of the first batch of ‘Waste-Free Enterprises’ in China, and was awarded the title of ‘Leader’ in China’s Industrial Carbon Peak Achievement. In addition, Geely was awarded AA grade by MSCI ESG rating, and was listed in the Hang Seng Corporate Sustainability Index for two consecutive years. By the end of 2024, Geely has reduced life cycle carbon emissions from a single vehicle by 18% compared to 2020, reaching closer to its goal of achieving a 25% carbon reduction by 2025 and carbon neutrality by 2045.
‘Smart Geely 2025’ strategy wraps up, commencing full-scale AI-driven vehicle manufacturing
Back in 2021, the ‘Smart Geely 2025’ strategy was released, which paved the layout of the intelligent mobility era in Geely. In 2025, the company set a goal of becoming the world’s first automaker with full-domain AI integration ability. Building a complete intelligent ecological system that includes operating systems, intelligent cockpits, autonomous driving, vehicle connectivity, supercomputing centers, and satellite internet infrastructure.
The company has released the industry’s first ‘Intelligent Vehicle AI’ technology system, applying AI across its intelligent vehicle domains, integrating AI in vehicle architectures, powertrain systems, chassis, and cockpits as well as throughout the product life cycle, from development to after sales. Along with the development of Geely Xingrui AI model, Geely has also completed in-depth integration with ecological partners such as DeepSeek and others AI large models accelerating the deployment of AI in automotive applications.
This year represents a major product year for Geely Auto as company plan to launch 10 new energy models and accelerate the transformation and production of high-value technologies such as AI Intelligence, Intelligent Driving, and Intelligent Cockpit. These advancements focused on mass production will propel Geely ahead as a leader in intelligent driving.
SOURCE: Geely
