Geely Automobile Holdings Co., Ltd. announced its 2023 financial report, achieving operating income of 179.2 billion RMB, a year-on-year increase of 21%, a record high; net profit attributable to the parent company reached 5.308 billion RMB, compared with 2022 Net profit attributable to the parent company after excluding one-time bargain acquisition gains was 3.511 billion RMB, a year-on-year increase of 51%; net cash level increased by 46% year-on-year to 28.4 billion RMB.
In 2023, Geely Automobile exceeded its sales target, with cumulative sales of 1.687 million vehicles throughout the year, including 487,000 new energy vehicles. The total annual sales and new energy sales reached a record high simultaneously; the cumulative exports throughout the year were 274,000 vehicles, a year-on-year increase of more than 274,000 vehicles. 38%, export volume reached a new high. In 2023, the proportion of new energy products will steadily increase, with a penetration rate of 29%, and a single-month penetration rate of up to more than 40%. Product structure optimization, cost reduction and scale effects have improved the gross profit situation. Total gross profit increased by 31% year-on-year to 27.4 billion, and gross profit margin increased from 14.1% in 2022 to 15.3% in 2023.
As the mid-to-high-end new energy series of the Geely brand, Geely Galaxy has firmly built three new energy smart boutique cars worth 100,000-200,000 RMB since its official release in February 2023, Galaxy L7 (parameters | inquiry), Galaxy L6, and Galaxy E8. New products have been launched, and a product layout of pure electric + electric hybrid, sedan + SUV has been formed in the mainstream new energy market. Cumulative sales exceeded 110,000 vehicles in 9 months of launch.
The Lynk & Co brand will achieve sales of more than 220,000 vehicles in 2023, a year-on-year increase of more than 22%. The average transaction price of Lynk & Co 08 EM-P reached 220,000, surpassing competing products of the same level.
In 2023, Zeekr’s product matrix will continue to expand. A total of 119,000 units were delivered throughout the year, a year-on-year increase of 65%. As of December 31, 2023, the cumulative delivery of the Zeekr brand exceeded 190,000 units, and its four models have become benchmarks in the market segment.
With the overall development of the “Smart Geely Technology Ecological Network” accelerating, the results of “Smart Geely 2025” also completed a new implementation last year. In February 2023, Geely Xingrui Intelligent Computing Center was officially launched, and Geely’s overall R&D efficiency increased by 20%. In January this year, Geely Xingrui AI large model was officially released, realizing the industry debut of many AI native applications.
Centering on the “space and earth integration” satellite communication technology, NOA high-end intelligent driving assistance system, and Flyme Auto intelligent operating system, Geely Automobile has established full-stack self-research capabilities in the fields of smart cockpits and intelligent driving, and the “space and earth integration” travel ecology has been further improved. Empower Geely’s models with autonomous driving and intelligent network services.
In 2023, the Geely brand will complete the launch of 10 products in 43 countries around the world; by the end of 2023, Geely has deployed 533 sales and service outlets in 70 countries around the world, continuing to break through the five major global regions of Europe, Africa, Latin America, the Middle East, and Asia-Pacific business layout. Among them, the Lynk & Co brand adheres to the domestic and international “dual cycle”, “European strategy” and “Asia-Pacific strategy”, and is steadily moving towards the world. Its sales in Asia-Pacific, the Middle East and other regions will increase by 150% in 2023. Lynk & Co said it will further accelerate in the future Explore potential markets such as Southeast Asia and Latin America. At the same time, Zeekr will also officially start the pace of globalization in 2023, and has entered the markets of many countries and regions such as Europe and the Middle East. Zeekr 001 and Zeekr X have been successively delivered in overseas markets, and the first batch of overseas Zeekr direct sales Stores were opened in Sweden and the Netherlands.
In 2024, Geely Automobile will accelerate the pace of new energy transformation and intelligence. The annual sales target is 1.9 million vehicles, an increase of 13% compared with the total sales in 2023. Various energy-based models will develop in a balanced manner and go hand in hand. Among them, the sales target of new energy vehicles This is an increase of more than 66% compared to the total sales volume achieved in 2023. In the future, Geely Automobile will also continue to strengthen technological iterative upgrades in the fields of intelligent driving and intelligent cockpit, artificial intelligence, and three electric technologies.
