Gasgoo Munich- On August 17 that Geely Auto (00175.HK) released its 2024 interim results. Total revenue for the first half reached 173.6 billion yuan, a 15% year-on-year increase and a record high for the period. Profit attributable to shareholders of the parent company declined 1.8% to 9.09 billion yuan; core net profit, excluding foreign exchange effects and asset impairments, rose 46% to 9.68 billion yuan.Image source: Geely AutoDuring the reporting period, total sales rose 1% to 1.423 million units. New energy vehicle sales increased 10% to 799,000 units, accounting for 56.2% of the total. Exports jumped 158% to 474,000 units, the fastest growth rate among mainstream Chinese automakers.Sales of the Zeekr brand jumped 97% to 178,000 units. The Zeekr 9X became the best-selling model across all categories priced above 500,000 yuan, with sales exceeding 46,000 units.Regarding profitability, an improved product mix increased average revenue per vehicle by 15,000 yuan to 112,000 yuan. Gross margin expanded by 1.6 percentage points to 17.9%. Net cash flow from operating activities reached 19.9 billion yuan.Geely Auto plans to strengthen its domestic market presence and accelerate overseas expansion in the second half of the year. The company aims to drive product upgrades using full-domain AI as a core driver.
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