- Automaker leads China’s domestic brand sales in first quarter
- Margin expansion and cash reserves signal improving fundamentals
Geely Automobile Holdings reported first-quarter revenue of 83.8 billion yuan ($12.26 billion), up 15% from a year earlier and setting a record for the period, as the carmaker topped domestic-brand sales in China.
According to the automaker’s earnings report, released on April 29, core net profit attributable to shareholders rose 31% year-on-year to 4.56 billion yuan.
This outpaced revenue growth after excluding non-operating items such as foreign exchange impacts. Gross margin climbed to 17.5%, up 11% from a year earlier, reflecting improving profitability.
The company said its global expansion and push into higher-end models helped drive performance, while cash reserves stood at 60.2 billion yuan at the end of the quarter, underscoring a stable financial position.
Looking ahead, Geely plans to launch more than 10 new models and technology upgrades in the second quarter, as it doubles down on globalization, premium positioning, intelligent features and diversified energy strategies.
