Geely Automobile (175) Q3 2024 earnings summary

Executive summary

• Sales volume for the first three quarters of 2024 rose 32% year-over-year, outpacing the market.

• Revenue increased 36% year-over-year to RMB167.7 billion for the nine months ended 30 September 2024.

• Profit attributable to equity holders surged 358% year-over-year to RMB13.1 billion for the same period.

Financial highlights

• Third quarter sales volume reached 534,000 units, up 19% year-over-year.

• Third quarter revenue was RMB60.4 billion, a 20% increase year-over-year.

• Profit attributable to equity holders for Q3 was RMB2.46 billion, up 92% year-over-year.

• Gross profit for the nine months was RMB25.6 billion, up from RMB18.3 billion year-over-year.

• Total assets as of 30 September 2024 were RMB215.7 billion, up 12% from year-end 2023.

Segment performance

• ZEEKR Holding delivered 143,000 units in the first three quarters, up 81% year-over-year.

• ZEEKR revenue reached RMB53.1 billion, up 51% year-over-year; gross profit was RMB8 billion, up 69%.

• ZEEKR gross profit margin improved to 15.2%, up 1.7 percentage points year-over-year.