Geely sees Q1 profit surge 264%

Geely Automobile Holdings reported on Thursday a 264 percent surge year-on-year in first-quarter net income as robust demand for its NEV lineup lifted sales and profitability.

The Hong Kong-listed carmaker saw its net profit attributable to shareholders rise to 5.67 billion yuan ($786.3 million) from January to March, while its revenue climbed 25 percent to 72.5 billion yuan in the same period.

The company's gross profit rose to 11.4 billion yuan, with margins improving to 15.8 percent, as economies of scale and improving NEV profitability took hold.

Its overall sales hit a record 704,000 units in the first quarter, up 48 percent year-on-year, putting Geely on track to meet its full-year sales target.

NEV sales across Geely's brands—including Geely, Lynk & Co, and Zeekr—reached nearly 339,000 units in the quarter, accounting for more than half of total domestic deliveries.

The newly established Galaxy brand led the growth, with sales soaring 214 percent to 260,000 units.

In a move toward deeper integration, Geely this month announced plans to acquire all outstanding shares of Zeekr, aiming to consolidate resources across R&D, manufacturing, and sales.

Geely also unveiled new in-house battery technology and expanded its intelligent driving systems, further aligning with its "Smart Geely 2025" strategy.

With export volumes approaching 90,000 units in the first quarter and operations in over 80 countries and regions, the automaker is positioning itself as a serious global NEV contender.

Geely said it will continue executing its transformation under its Taizhou Declaration strategy to become a leading smart NEV group globally.