Geely Auto H1 Sales Hit 1.423 Million Units, NEV Penetration at 56%, Overseas Exports Surge 158% YoY

In the first half of 2024, Geely Auto achieved cumulative sales of 1.423 million vehicles, including 240,800 units sold in June alone—marking four consecutive months of year-over-year and month-over-month growth. New energy vehicle (NEV) sales totaled 799,500 units, accounting for 56% of total sales; NEV penetration reached a record-high 67% in June. Overseas markets emerged as a key growth driver. H1 overseas sales hit 474,200 units, surging 158% year-over-year and already exceeding the company’s full-year 2023 export volume. June marked the first time monthly overseas sales surpassed 100,000 units, reaching 102,900 units—42.7% of total sales that month. Geely has raised its full-year export target from 750,000 to 1 million units. The product portfolio reflects a diversified strategy: - The Geely Galaxy series recorded nearly 520,000 units sold in H1, with the Xingyuan model maintaining its position as China’s best-selling vehicle across all brands and segments. - The China Star series (including Xingrui and Xingyue L) achieved cumulative sales of 580,000 units, retaining its title as the top-selling Chinese-brand ICE passenger car for nine consecutive years while expanding into hybrid markets with i-HEV technology. - Premium brand Zeekr delivered 178,400 vehicles in H1, up 97% year-over-year, with an average selling price of approximately RMB 350,000 per unit and cumulative deliveries exceeding 820,000 units. - Lynk & Co reported sales of 144,200 units, continuing its dual focus on electrification and global expansion. Financial performance also improved significantly. In Q1 2024, Geely Auto’s core net profit per vehicle reached RMB 6,429, up 30% year-over-year—the highest in five years—and gross margin stood at 17.5%, an increase of 1.8 percentage points year-over-year. The company is advancing its “One Geely” strategy, integrating R&D, procurement, channels, and intelligent technologies while streamlining redundant entities to concentrate resources on its core listed platform. Its intelligent driving system, “Qianli Haohan,” has been deployed across Geely, Lynk & Co, and Zeekr brands. Leveraging proprietary algorithms, high-compute platforms, and real-world data, the system is capable of evolving toward L3 autonomy and is expected to match Tesla’s current FSD capabilities by year-end. Geely’s global footprint spans five key regions: - In Southeast Asia, the Xingyuan model has commenced deliveries in Indonesia and Thailand, with localization in Indonesia reaching 46.5%. - In Europe, the brand has established presence in Spain, Germany, the Netherlands, Belgium, and Luxembourg. - In Latin America, Lynk & Co 01, 02, and Xingyuan have been launched. - In Central Asia, the EX5 and Galaxy Starship 7 EM-i have been introduced. - In the Middle East and Africa, the Galaxy Starship 7 EM-i and Lynk & Co 900 are now available. Geely currently operates over 1,900 sales and service outlets across more than 100 countries and regions, utilizing a light-asset partnership model and leveraging existing networks from Volvo, Proton, and Renault to accelerate localization. In the second half of 2024, Geely will prioritize new products, advanced technologies, and overseas expansion. The Galaxy brand will launch the Galaxy TT (a mid-to-large pure-electric sedan) and Galaxy Battleship 700 (its first off-road model), targeting higher price segments. A next-generation AI-powered electric drive technology will debut in July. The Zeekr 9X will make its Middle Eastern debut in Q3 before entering European, Latin American, and Central Asian markets. The Zeekr 009 Glory is scheduled to launch in Hong Kong in Q4. Additionally, i-HEV hybrid technology will be extended to more China Star models and rolled out comprehensively overseas in Q4 to serve markets where charging infrastructure remains underdeveloped. As of the end of H1, nearly 50 international investment institutions have either increased their stakes in or initiated positions in Geely Auto, with multiple investment banks issuing “Buy” or “Outperform” ratings.