Geely Automobile’s annual revenue hits new high in 2023

March 21, 2024

On March 20, Geely Automobile Holdings Limited ("Geely Automobile") revealed its financial results for 2023, showing that the company achieved a record-breaking operating revenue of 179.2 billion yuan, a 21% increase year-over-year.

 

The company announced its annual net profit attributable to the parent company surged by 51% to 5.308 billion yuan last year, compared to the 3.511 billion yuan in 2022 after adjusting for one-time gains from bargain purchases. Meanwhile, its yearly gross profit also saw a significant increase of 31% year-over-year, reaching 27.4 billion yuan, with the gross margin improving from 14.1% in 2022 to 15.3% in 2023. Additionally, the net cash position rose by 46% to 28.4 billion yuan, indicating a robust and ample reserve.

 

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In 2023, Geely Automobile exceeded its sales target, achieving a total annual sales volume of 1.687 million vehicles. This figure includes 487,000 units of new energy vehicles. Notably, both the overall and new energy vehicle sales reached all-time highs. Additionally, the company's total vehicle exports for the year amounted to 274,000 units, marking a more than 38% increase year-over-year and setting a new record as well.

 

Throughout the year, Geely Automobile saw a steady increase in the proportion of new energy vehicles, with the monthly penetration rate reaching 29% and even surpassing 40% in several months.

 

Moreover, thanks to an optimized product mix, reduced costs, and scale effects, the company witnessed an improvement in gross profit conditions. Its annual gross profit rose by 31% year over year to 27.4 billion yuan, with the gross margin increasing from 14.1% in 2022 to 15.3% in 2023.