Profit at Geely Automobile Holdings, China’s second-largest carmaker, more than tripled last year on the back of a surge in electric vehicle (EVs) sales and an investment gain from asset disposals.
The company’s 2024 profit jumped 213 per cent from a year earlier to 16.6 billion yuan (US$2.3 billion), with sales increasing 34 per cent to 240.2 billion yuan, Geely said in a filing to the Hong Kong stock exchange on Thursday. The full-year profit beat analysts’ estimates of 14.6 billion yuan tracked by Bloomberg.
The company booked a gain of 9.1 billion yuan from the disposal of subsidiaries, the statement said. Excluding the one-off gain, profit increased 52 per cent. It proposed a dividend payout of HK$0.33, up from HK$0.22 in 2023.
Geely’s shares rose 1.5 per cent to HK$18.24 in Hong Kong on Thursday, taking its gain to 23 per cent this year. The benchmark Hong Kong Index has advanced 20 per cent in 2025.
Geely has accelerated its shift to EVs to take advantage of a boom in China, the world’s biggest car market. The company spun off Zeekr, a unit that makes luxury EVs, for a listing in the US last year, and launched more models to compete for a bigger slice of the market. Zeekr raised US$480 million from the sale of 24.15 million American depositary receipts in May last year.
EV sales in China jumped 38 per cent to 11 million units in 2024, with the government continuing to offer subsidies to buyers to boost consumption.
Source: SCMP
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