Geely Released 2023 Financial Report, with Revenue and Sales Reaching New Highs

On March 20th, Geely Auto unveiled its 2023 financial report. According to the data, Geely achieved a revenue of 179.2 billion yuan in 2023, marking a 21% year-on-year increase and setting a new record. The net profit attributable to shareholders reached 5.308 billion yuan, representing a remarkable 51% surge compared to 2022 after excluding one-time bargaining acquisition gains. The net cash level rose by 46% to 28.4 billion yuan, demonstrating a robust financial condition.

In terms of sales, Geely sold a total of 1.6865 million vehicles throughout 2023, marking an approximately 18% year-on-year increase and setting a new annual sales record. Among them, sales of new energy vehicles reached 487,500 units, representing a growth of over 48%. As we entered 2024, Geely's growth momentum continued unabated. Data indicates that from January to February 2024, Geely's cumulative sales reached 324,900 units, a year-on-year increase of over 55%, with nearly 100,000 units of new energy vehicles sold in the first two months, a staggering increase of 208%. Despite fierce competition and challenges such as industrial chain transformation and price competition within the automotive industry in 2023, Geely Auto managed to achieve record-breaking revenue and sales, becoming a standout performer in the industry.

In addition to accelerating the transformation to new energy vehicles and driving sales, Geely's international expansion in 2023 also showed remarkable progress. Public information reveals that in 2023, the Geely brand launched 10 high-value products in 43 countries worldwide. By the end of 2023, Geely had established 533 sales and service outlets in 70 countries globally, covering Europe, Africa, Latin America, the Middle East, and the Asia-Pacific, thus achieving a global business layout across these five major regions. In February of this year, Lotus, a subsidiary of Geely Holding Group, was listed on the US stock market, once again attracting high attention to Geely's overseas markets. Regarding its overseas deployment, CEO Gan Jiayue stated that Geely Auto adheres to the strategy of "going out, going in, and going up" in its overseas layout, focusing on promoting brand localization and enhancing overseas core competitiveness.

In 2023, Geely Auto, with its outstanding product strength and system capabilities, not only exceeded market targets but also made significant progress in the transformation to electrification and globalization strategies. Looking ahead, Geely Auto will continue to accelerate the transformation to new energy vehicles and intelligentization processes, planning to launch more new energy products in 2024 to further increase its share in the luxury intelligent electric vehicle market. Meanwhile, the company will continue to expand its international market layout to enhance global competitiveness.