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Geely Profit Drops 1.8% Amidst Overseas Growth

Wall Street Journal US Business •
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Geely Auto's net profit dipped 1.8% to 9.09 billion yuan in the first half of 2024, despite a 15% revenue rise to 173.60 billion yuan. The Hangzhou-based EV maker sold 1.42 million vehicles, up 1% YoY, driven by overseas deliveries surging to 474,288 units—over double the prior period. June exports hit 100,000+ units for the first time, reflecting reliance on global markets as China's auto sector slows.

Gross profit margin rose 1.6% to 17.9%, aided by premium product sales and higher average prices (112,000 yuan).