Geely’s third-quarter revenue and profit soar on surging EV sales in mainland China
Carmaker posts a 27 per cent jump in revenue to 89 billion yuan (US$12.5 billion) and a 59 per cent increase in net profit to 3.8 billion yuan
Geely Auto, mainland China’s second-largest carmaker, reported a 27 per cent jump in third-quarter revenue on the back of a near 100 per cent jump in electric vehicle (EV) sales this year.
The Zhejiang-based carmaker reported revenues of 89 billion yuan (US$12.5 billion) in the July-September period, compared with 70 billion yuan a year earlier. Net profit jumped 59 per cent to 3.8 billion yuan.
For the first nine months of the year, Geely’s revenue rose 26 per cent to 239 billion yuan, but net profit fell 1 per cent to 13 billion yuan in the same period.
Geely’s sales of EVs, which surged 81 per cent year on year to 165,201 units in September, allowed the company to retain the No 2 position after BYD. Sales at the Shenzhen-based carmaker fell 5.5 per cent year on year to 396,270 units in September.
The increase in sales at Geely comes as the market is eagerly watching whether the slowdown at BYD spreads across the sector amid an anti-involution campaign initiated by Beijing to combat deflation. Late last month, BYD reported a 32.6 slump in third-quarter net profit, the first year-on-year decrease since 2020. Revenue fell 3 per cent.