Geely Auto's Annual Profit, Revenue Rose on Higher Exports
By Kimberley Kao
Geely Automobile posted higher net profit and revenue in 2023, driven by a sharp rise in export sales as supply chains gradually stabilized.
The Chinese carmaker on Wednesday said its full-year net profit was 5.31 billion yuan ($737.6 million), compared with CNY5.26 billion in 2022. Revenue rose 21% to CNY179.20 billion as pandemic restrictions were lifted and prices of batteries and chips fell.
Its gross margin was relatively stable at 15.3%, rising 1.2 percentage points. The carmaker attributed the higher margin to large-scale cost cuts and better product structure.
Geely sold nearly 1.7 million vehicles in 2023, up 18% but slower than China's passenger vehicle sales growth. Chinese-brand passenger vehicle sales rose 24% to 14.6 million units last year.
The company set its 2024 sales volume target at 1.9 million units but cautioned that the automotive industry will remain challenging and competitive.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
March 20, 2024 01:28 ET (05:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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