Geely Automobile Holdings Ltd Reports Q3 Profit Surge

Geely Automobile Holdings Ltd (HK:0175) announced on Thursday that its third-quarter profit nearly doubled compared to the previous year, primarily driven by robust electric vehicle sales amid strong automobile demand in China.

Financial Highlights

• Net Profit: Attributable to equity holders rose by 92% to 2.46 billion yuan ($340 million) for the three months ending September 30.
• Revenue: Increased by 20% to 60.38 billion yuan from the same period last year.

Market Performance

The significant profit increase was largely due to the high demand for new energy vehicles (NEVs), with China continuing to be a strong market for this sector. As of October 2024, Geely ranks as the second-largest NEV seller by volume in China, trailing only BYD (SZ:002594).

Zeekr Brand

Geely's premium NEV brand, Zeekr (NYSE:ZK), which is publicly traded in the U.S., reported strong sales in the first three months of the year but posted a loss for that period.