Geely Auto sees electrified and overseas sales surge in H1 2024

HANGZHOU: In the first half of 2024, Geely Automobile Holdings' revenue exceeded 100 billion yuan (RM62bil) for the first time in the company’s history, sales continue to grow steadily, and profitability has improved.

Looking ahead, the company has raised its annual sales target to 2 million units with electrified new energy vehicles increasing by 70% and export sales by 45%.

Geely Auto is the Hong Kong-listed entity in which Zhejiang Geely Holding Group is the lead shareholder and is the major shareholder in three brands including Geely Auto, Lynk & Co, and Zeekr.

In the first half of the year, the company saw its export sales reach 197,428 units, an increase of 67% YoY.

The Geely Auto brand has deepened its penetration into the Mideast, Asia Pacific, Africa, Latin-America, and Eastern European markets with the launch of 12 products in 30 countries in H1 2024.

As of June 2024, the brand has established more than 650 overseas sales and service outlets in 76 countries outside of China.

Lynk & Co continued to implement its European and Asia-Pacific strategy, officially entering Azerbaijan and the Philippines markets in H1 2024.

So far, Lynk & Co has opened 12 experience centers in 7 European countries as well as 10 Lynk & Co centers and 2 Co-spaces in Asia-Pacific markets.

As of June 2024, Zeekr has made forays into nearly 30 markets outside of China including Sweden, Netherlands, UAE, Mexico, and right-hand drive markets such as Thailand, Malaysia, and Indonesia.

Geely Auto’s joint venture partnership with Renault Korea has also begun to bear fruit with cumulative sales reaching 42,000 units.

Dividends attributed to the partnership have reached 180 million yuan and 150 million yuan for the first half of 2023 and 2024 respectively as a result of the joint venture’s performance in Korean, European, and American markets.