Chinese carmaker Geely’s 2024 profit soars 213% driven by EVs, asset sales

Geely sold 2.18 million vehicles last year, of which 1.76 million units were delivered on the mainland while 414,522 units were exported

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Geely is China’s second-largest carmaker with several brands in its portfolio. Photo: Reuters

Published: 6:15pm, 20 Mar 2025

Profit at Geely Automobile Holdings, China’s second-largest carmaker, more than tripled last year on the back of a surge in electric vehicle (EVs) sales and an investment gain from asset disposals.

The company’s 2024 profit jumped 213 per cent from a year earlier to 16.6 billion yuan (US$2.3 billion), with sales increasing 34 per cent to 240.2 billion yuan, Geely said in a filing to the Hong Kong stock exchange on Thursday. The full-year profit beat analysts’ estimates of 14.6 billion yuan tracked by Bloomberg.

The company booked a gain of 9.1 billion yuan from the disposal of subsidiaries, the statement said. Excluding the one-off gain, profit increased 52 per cent. It proposed a dividend payout of HK$0.33, up from HK$0.22 in 2023.

“By leveraging on the successful transformation in electrification and ‘intelligentisation’, the group launched multiple new energy vehicle (NEV) models during the year, resulting in a substantial increase in NEV sales volume,” Geely said. “The group accelerated its electrification transformation, while implementing a balanced development strategy to pursue both internal-combustion engine vehicles and NEVs.”

The Geely EX5 is displayed at the Indonesia International Motor Show in Jakarta in February. Photo: Xinhua

Geely’s shares rose 1.5 per cent to HK$18.24 in Hong Kong on Thursday, taking its gain to 23 per cent this year. The benchmark Hong Kong Index has advanced 20 per cent in 2025.