ZEEKR, Lynk & Co, and Galaxy Contributes Greatlly, Geely Auto Achieves Historic High in Revenue for 2023

On March 20th, Geely Automobile released its financial report for 2023, showing that the company's operating income reached 179.2 billion yuan, a year-on-year increase of 21%, reaching a historic high. At the same time, Geely Automobile's core profitability also saw a significant improvement, with a net profit attributable to shareholders of 53.08 billion yuan in 2023, a year-on-year increase of 51%.

Furthermore, due to the optimization of product structure, cost reduction, and the enhancement of economies of scale, Geely Automobile's total gross profit increased by 31% year-on-year to 27.4 billion yuan, with a gross profit margin rising from 14.1% in 2022 to 15.3% in 2023.

Geely Automobile exceeded its key performance indicators for 2023, due to its successful transition to new energy. Last year, Geely Automobile achieved record-high sales, with total sales of 1.687 million units, a YOY increase of approximately 18%.

Among them, the new energy business became an important growth driver, with Geely's new energy vehicle sales reaching 487,000 units in 2023, an increase of over 48% year-on-year. Looking at the data from each month, the sales of Geely's new energy vehicles also showed a monthly growth trend.

Currently, Geely's new energy brand matrix has been perfected, with Geometry positioned as a high-end pure electric vehicle brand, LYNK & CO positioned as a high-value new energy intelligent vehicle brand priced between 100,000 to 200,000 yuan, and LYNK & CO focusing on hybrid new energy vehicle models.

Last year, ZEEKR delivered nearly 120,000 vehicles, a year-on-year increase of 65%. The Galaxy brand launched several new products last year, including the Galaxy L7, L6, and E8, achieving A sale volume of over 110,000 units in nine months since their launch. LYNK & CO's annual sales exceeded 220,000 units, with a year-on-year increase of 22.3%. Last year, it launched several new energy vehicle models including the LYNK & CO 09, 08, and 06.

Additionally, Geely has established a self-developed ecological system covering areas such as chips, intelligent computing centers, AI models, intelligent operating systems, and satellite services.

In 2023, Geely's overseas exports reached a new high, with total exports reaching 274,000 units, an increase of over 38% year-on-year. In the first two months of this year, Geely's exports exceeded 50,000 units, an increase of approximately 57% year-on-year. According to Autocango, Geely has established 533 sales outlets worldwide, covering 70 countries.

In 2024, Geely Automobile has set more ambitious goals, with sales expected to reach 1.9 million units, an increase of 13% compared to the total sales in 2023. While the sales target for new energy vehicles will increase by more than 66% compared to the total sales achieved in 2023.

To achieve this goal, Geely plans to launch three new new energy products under the Geely brand, three under the LYNK & CO brand, including the LYNK & CO 07 EM-P, which will be launched in the first quarter this year, and three under the ZEEKR brand. Additionally, Geely will continue to increase its investment in channels, charging infrastructure, and iterate on technologies in areas such as three key components: motors, batteries, and electronic control systems, intelligent driving, and intelligent cockpit.