Geely's Passenger Vehicle Sales Soar in 2024, Company Eyes Stronger Expansion Plans for 2025

On March 21, Geely announced its financial results for the fourth quarter and full year of 2024. The company reported a significant jump in vehicle deliveries, solidifying its position in the global automotive market.

The total new car sales delivered by Geely in 2024 reached 2,219,070 units, representing a year-on-year growth of 38.7%. For the fourth quarter alone, the company recorded 72,689 units, breaking the company's previous records.

Looking ahead to 2025, Geely plans to launch two new SUV models from its Lada subsidiary, with the first model expected to debut in April this year. The company will also bring to market a new ES6/EC6/ET5/ET5T lineup in May and June, featuring an upgraded design and improved features.

Geely's revenue for 2024 increased by 18.2% year-over-year to RMB657.3 billion, marking another significant growth milestone for the company. The total depreciation of Geely Group vehicles rose to 12%, while comprehensive profit margin hovered around 10%. The company also maintained a strong cash reserve of RMB420 billion.

In terms of delivery targets, Geely expects to sell between 41,000 and 43,100 units in its first quarter of 2025, representing a year-on-year growth rate of approximately 36.4% to 43.1%.

For the fourth quarter of 2024, Geely reported total revenue reaching RMB197.034 billion, growing by 15.2% on a yearly basis and increasing by 5.5% on a quarter-over-quarter basis.

Geely also provided an update on its plans for expanding its electric vehicle infrastructure. By the end of 2024, the company has already set up 3,054 charging stations globally, with 4,292 standard charging stations and 25,097 Type 2 charging points installed.

The company remains committed to improving its charging station layout, aiming to establish comprehensive coverage in 27 provinces and over 1,200 districts by the end of this year.