On November 14th, Geely Automobile Holdings Limited (referred to as "Geely Automobile") released its financial report for the third quarter of 2024. In the third quarter, Geely Automobile achieved a revenue of 60.378 billion yuan, a year-on-year increase of 20%, and a record high single quarter revenue; From January to September, Geely Automobile achieved a revenue of 167.684 billion yuan, a year-on-year increase of 36%.
Benefiting from economies of scale and product structure optimization, in the third quarter, Geely Automobile's profit attributable to shareholders after deducting non recurring gains and losses was 2.76 billion yuan, a year-on-year increase of 116%. From January to September, the company's shareholders' attributable profit reached 13.053 billion yuan, a year-on-year increase of 358%, further enhancing profitability.
Under the strategic focus guidance of the Taizhou Declaration, Geely Automobile closely follows the trend of electrification and intelligence, and continues to promote the accelerated outbreak of new energy. In the third quarter of 2024, Geely Automobile sold 534000 vehicles, setting a new historical high with a year-on-year increase of 19%, leading the industry in sales growth rate; From January to September, the total sales reached 1.4897 million vehicles, a year-on-year increase of 32%. 74.5% of the annual sales target of 2 million vehicles has been achieved, ranking among the top Chinese automotive brands in terms of achievement rate. Geely's new energy products (including Geely, Lynk&Co, and Jike) sold 226000 units in the third quarter, with a penetration rate of over 50% in the domestic market for new energy; From January to September, Geely's total sales of new energy reached 546000 vehicles, a year-on-year increase of over 93%, ranking among the top tier of new energy brands.
In the third quarter, Geely Automobile's overseas export sales reached 117000 units, a year-on-year increase of 71%. From January to September, Geely Automobile's cumulative overseas export sales reached 314000 vehicles, a year-on-year increase of 68%. Geely brand continues to deepen its strategic layout in the Middle East, Asia Pacific, Africa, Latin America, Europe and other regions, accelerating the full system output of products, channels and technologies.
At the third quarter performance exchange meeting on November 14th, Gui Shengyue, CEO of Geely Automobile Holdings Limited, shared the considerations for the strategic integration of Geely Automobile, Jike, and Lynk&Co. Gui Shengyue stated that Geely Automobile has always taken it as its responsibility to create maximum value for shareholders, adhering to the principle of putting shareholder interests first. This strategic integration is not only imperative based on market strategy considerations, but also the best opportunity for Geely Automobile's small shareholders.
Li Donghui, CEO of Geely Holding Group, stated that in the future, as the major shareholder of Geely Automobile and Volvo, Geely Holding will continue to firmly implement the Taizhou Declaration, further strengthen internal collaboration, and promote deep and efficient integration of internal resources. As a result, the interests of stakeholders of Geely Holding will continue to be optimized.
Gan Jiayue, CEO of Geely Automobile Group and Executive Director of Geely Automobile Holding Co., Ltd., introduced that the company is accelerating the deepening of its global strategic layout, accelerating new market development and global product launch, and is expected to export over 400000 vehicles for the whole year of 2024.