Geely Automobile Holdings Ltd (HK.0175) (Geely Auto), the Hong Kong-listed entity of Geely Auto Group, recently unveiled its impressive 2023 Financial Results, showcasing substantial growth and strategic advancements. The figures for the 12-month period ending December 31, 2023, illustrate a robust performance across various key metrics:
Total annual sales volume soared to 1,686,516 units, marking a notable 17.7% year-on-year (YoY) increase.
The share of new energy and electrified vehicles surged to 29%, underlining the group’s commitment to sustainable mobility.
Revenue reached 179 billion RMB, exhibiting a significant 21% YoY upswing.
Profit attributable to stockholders amounted to 5.3 billion RMB, reflecting a 1% YoY increase.
Excluding the impact of a one-off bargain purchase gain in 2022, profit attributable to stockholders surged by an impressive 51% YoY.
Diluted earnings per share reached RMB51, indicating a 1% YoY rise.
Net cash flow surged to 28.4 billion RMB, representing a substantial 46% YoY increase.
Throughout 2023, the Geely Auto Group achieved unprecedented milestones, setting new records in total sales, electrified vehicles, and export volumes. In a year marked by significant structural shifts in the global automotive landscape, the group capitalized on opportunities arising from electrification and intelligentization, surpassing its sales target of 1,650,000 units and bolstering its financial performance.
The group’s proactive response to market dynamics, coupled with phased achievements in electric and intelligent transformation, enabled it to achieve commendable results. Notably, by the end of 2023, the group reduced lifecycle carbon emissions per vehicle by 12% compared to 2020, showcasing its commitment to sustainability.
Brand Performance Highlights
GEELY AUTO
Geely Auto delivered a total of 1,309,580 vehicles in 2023, driven by the successful launch of its high-end electrified Yinhe product series. The introduction of Yinhe, featuring two PHEVs and one BEV model, witnessed an average monthly sales volume exceeding 10,000 units for six consecutive months. In 2024, the brand will intensify its focus on the electrified Yinhe series while maintaining its leadership position in the ICE segment with the “Geely Star” product series.
LYNK & CO
Lynk & Co, the global premium joint venture brand, recorded sales of 220,250 vehicles in 2023. The brand’s emphasis on electrified vehicles, including the latest generation ultra-long-range EM-P hybrid models and plans for its first fully electric model, contributed to a significant increase in electrified vehicle sales, accounting for 47% of monthly sales. Looking ahead, Lynk & Co aims to enhance profitability in Europe while accelerating its expansion into the Middle East and Asia-Pacific markets.
ZEEKR
Zeekr, Geely’s global electric mobility technology solutions brand, sustained rapid growth with the successful launch of two new products, the Zeekr 009 and Zeekr X. With sales reaching 118,685 vehicles in its second full year, the brand plans to solidify its position in the luxury smart electric vehicle segment through the launch of three new products and accelerated market entry into Europe, the Middle East, and Asian markets.
Electrified Transformation and Sustainability
In 2023, the Geely Auto Group laid the foundation for its electrification transformation, launching a range of new BEV, PHEV, and HEV products. Sales of new energy and electrified vehicles witnessed a remarkable 48% YoY increase, with the group emerging as one of the leading electrified vehicle manufacturers in China. Additionally, the group reaffirmed its commitment to sustainable development, aiming to reduce lifecycle carbon emissions per vehicle by over 25% by 2025.
Overseas Expansion and Corporate Profile
Overseas export sales surged by 38% YoY, with the group intensifying its presence in key overseas markets. Expansion efforts included establishing subsidiaries in Mexico, enhancing product offerings in higher value segments, and venturing into new right-hand drive markets. Looking ahead, the group plans to bolster its technological prowess and introduce advanced smart models in overseas markets.
Geely Auto Group, founded in 1997 as a subsidiary of Zhejiang Geely Holding Group (ZGH), manages leading brands such as Geely Auto, Lynk & Co, and Zeekr. With over 50,000 employees and a global footprint spanning 12 plants and five R&D centers, the group is committed to driving the development of world-renowned automotive and mobility technology brands, meeting diverse consumer demands across multiple market segments.
