Hangzhou‑based Geely sold 709,358 vehicles in the first quarter, a record haul that pushes new‑energy models past half of total sales. The surge reflects China’s electrification push and competitive pressure on other automakers to accelerate EV offerings. Despite the volume win, currency swings dented profitability.

Revenue climbed 15% to 83.78 billion yuan, while net profit fell 27% to 4.17 billion yuan (about $609.9 million) due to weaker foreign‑exchange. Core earnings, however, rose thanks to record sales and higher margins on electrified vehicles. The hit illustrates how currency volatility can erode margins even amid strong top‑line growth.

Geely’s first‑quarter performance underscores the tightening EV race in China, where sales volume can outpace profitability when exchange rates swing. The company’s ability to grow revenue while managing currency risk will be a key focus for investors. In the near term, analysts will watch how Geely balances expansion with margin preservation.

Liquidity remains solid, with cash balances unchanged from the prior quarter, giving Geely room to invest in battery supply chains. The firm’s strategic focus on cost control, coupled with aggressive pricing to capture market share, should help cushion future currency shocks and sustain margin recovery in subsequent quarters.