GEELY announces first half-year revenue, electric car sales double growth

On August 21, GEELY released its financial report for the first half of 2024. The financial report shows: In the first half of 2024, GEELY achieved a total operating income of 1073 billion RMB, an increase of 46.6% year on year; the total sales volume in the first half of the year was 956,000, an increase of 41% year on year, among which the sales volume of electric vehicle products (including GEELY, Lynk & Co, ZEEKR) was 320,000, an increase of 117% year on year.

In the first half of the year, the cumulative sales of GEELY Galaxy series reached 81000, a year-on-year increase of 742%, with an average monthly sales of over 10,000. The first pure electric SUV of this series, GEELY Galaxy E5, was launched in August. And it is equipped with Shendun Short Blade Battery, GEA Global Intelligent New Energy Architecture, Galaxy 11-in-1 Smart Electric Drive and other high-value technology applications, together with the other three models, constitute the product layout of "Pure Electric + Hybrid, Sedan + SUV" of GEELY Galaxy.

Lynk & Co continues to lead the upward development of Chinese automobile brands. It has achieved a total sales volume of 126,000 units in the first half of the year, a sharp increase of 53.6% year on year. As of the end of June this year, Lynk & Co's cumulative sales have exceeded 1.17 million units, setting a new record for high-end car brands in China. In the first half of 2024, Lynk & Co's new energy accumulated sales were 64,072 units, accounting for 50.9%, setting a new record.

In the first half of 2024, ZEEKR delivered a total of 87,870 units, an increase of 106% year-on-year. It ranks first in the sales of more than 200,000 pure electric brands in China in 2024, and the annual sales target achievement rate ranks first in the new forces. Among them, 20,106 units were delivered in June, and the single month delivery exceeded the 20,000 mark for the first time, a record high. As of the end of June this year, ZEEKR has delivered more than 280,000 units, continuously refreshing the delivery record

In the increasingly clear situation of GEELY's electric vehicle mainline logic, various brands actively participate in market competition by revolving around user needs and clear brand positioning. By establishing basic technology research, infrastructure development and application, and collaborative cooperation in supply chain and manufacturing, they will exert the scale effect and systematic advantages of GEELY.

In the first half of this year, GEELY continually increased its investment in intelligent electrification research and development. The total R&D investment increased by 17.9% year-on-year to RMB 7 billion, which further accelerates technological innovation in the field of new energy intelligence.

In the first half of this year, the group's cumulative export volume was 197,428 units, a year-on-year increase of more than 67%. And its overseas market growth rate continues to lead the industry. GEELY deepens its layout in multiple regions such as the Middle East, Asia Pacific, Africa, Latin America, Europe and etc. In the first half of the year, 12 products were launched in 30 overseas countries. At present, more than 650 sales and service outlets have been deployed in 76 countries.

With the breakthrough progress in the transformation to electric vehicles and intelligentization, GEELY's revenue exceeds one hundred billion for the first time, sales volume grows steadily and profitability is further improved. In 2024, GEELY's annual sales target is raised to 2 million units, of which the sales volume of electric vehicles increased by 70% year-on-year, and the export sales volume increased by 45% year-on-year. Looking to the future, GEELY will continue to focus on electric vehicles and intelligent transformation, build a strong technological fortress and strengthen the enabling of scientific and technological ecology for intelligent driving and intelligent transportation.