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On August 21, Geely Automobile Holdings Limited released its financial report for the first half of 2024. Geely Automobile achieved operating income of 107.3 billion yuan in the first half of 2024, a year-on-year increase of 46.6%; the total gross profit in the first half of the year increased to 16.2 billion yuan, and the gross profit margin reached 15.1%.

Geely Auto's profit increase in the first half of the year was mainly due to the increase in car sales. Geely Group's total sales in the first half of the year reached 956,000 vehicles, a year-on-year increase of 41%; among them, the sales of new energy vehicles hit a new record, with cumulative sales in the first half of the year reaching 320,000 vehicles, a year-on-year increase of 117%, and the penetration rate of new energy products increased from 21.8% in the same period last year to 33.5%.

Specifically, the sales of various brands under the Geely Group have reached 742,000 units in the first half of this year, a year-on-year increase of 34%, and the Geely brand has achieved year-on-year sales growth for 18 consecutive months.

Among them, the cumulative sales volume of the China Star high-end series in the first half of the year reached 205,000 units, a year-on-year increase of 56%.

The sales volume of Geely Galaxy brand increased even more significantly, with cumulative sales of 81,000 vehicles in the first half of the year, achieving a monthly average of over 10,000, a year-on-year increase of 742%.

With the launch of Geely Galaxy E5, Geely Galaxy has formed a four-car matrix of plug-in hybrid + pure electric, sedan + SUV, covering multiple market segments in the 100,000-200,000 range.

At the same time, Geely Galaxy's models are also equipped with the Flyme Auto car-machine system. The car-machine interconnection experience is comparable to the Hongmeng smart cockpit. Coupled with solid vehicle basic qualities and excellent model design, it is one of the keys to achieving brand sales growth.

Later, Geely Galaxy brand will also launch a flagship large SUV model - Geely Galaxy Starship. It is expected that the new car will provide a six-seat layout and access to a variety of AI technologies to enhance its product strength. It is believed that with the launch of this model, Geely Galaxy brand will be able to move towards a higher-end market.

The cumulative sales of the Lynk & Co brand in the first half of this year was 126,000 vehicles, a year-on-year increase of 53.6%. In addition, Lynk & Co's new energy vehicle models accounted for 50.9% of the cumulative sales in the first half of the year. This shows that Lynk & Co's new energy transformation is quite successful.

Among Lynk & Co's current new energy vehicle products, Lynk & Co 08 EM-P and Lynk & Co 07 EM-P are the main sales leaders.

In addition, Lynk & Co's pure electric model, Lynk & Co Z10, which was delayed by four years, will also be officially launched soon. Its pre-sale price starts at 215,800 yuan. It is positioned as a medium-to-large sedan and will provide a variety of configurations such as laser radar, air suspension, and Meizu car machine. With this size and configuration, coupled with this price, Lynk & Co Z10 has the potential to become a hit.

After Lynk & Co Z10, Lynk & Co will also launch other new new energy vehicle models to continue to expand its product lineup and increase the sales share of new energy vehicles.

Finally, let’s look at the Zeekr brand. Zeekr’s cumulative deliveries in the first half of this year reached 88,000 vehicles, a year-on-year increase of 106%.

In the first half of this year, Zeekr launched the annual facelift models of Zeekr 009, Zeekr 001 and Zeekr 007, with upgraded configurations and lowered prices. The product cost performance has been greatly improved, and the number of people visiting the stores to view the cars has also increased significantly. However, this new car upgrade also put Zeekr under considerable public pressure.

At the Geely Auto mid-term results conference, Zeekr CEO An Conghui made it clear that Zeekr 001, 007, and 009 will not launch annual facelift models within one year of the launch of the new models. At the same time, An Conghui also revealed Zeekr's next move.

1. Zeekr 7X will make its debut at the Chengdu Auto Show and will be launched at the end of September, while Zeekr MIX will be launched at the end of October.

2. Nvidia's next-generation Thor intelligent driving chip is confirmed to be installed in vehicles next year. One Thor has the computing power of about eight Orin-X chips and will be installed in the new flagship large SUV.

3. The new flagship large SUV has two power options: pure electric and plug-in hybrid. The plug-in hybrid version uses the new super electric hybrid technology, combining the advantages of pure electric, extended-range and plug-in hybrid. The new car is expected to be released in the third quarter of next year and be launched in the fourth quarter.

As the Zeekr 001, 007, 009 and other models switch to new models, the pace of Zeekr product updates will gradually stabilize. Zeekr will have many more new cars on the market in the future. Which one are you most looking forward to?

In terms of exports, Geely Group's export sales in the first half of the year reached 197,000 vehicles, a year-on-year increase of more than 67%. Currently, the Geely brand has launched 12 products in 30 countries in the first half of this year, and has deployed more than 650 sales and service outlets in 76 countries.

The Lynk & Co brand officially entered the Azerbaijan and Philippine markets in the first half of this year, and currently has 12 experience stores in seven European countries.

The Zeekr brand was listed on the New York Stock Exchange this year and has now entered 30 countries including Sweden, the Netherlands, and the UAE.

With the launch of subsequent new models, Geely, Lynk & Co, and Zeekr will also bring these new cars to more countries and regions, accelerating Geely's expansion in overseas markets and speeding up its overseas market layout.

In order to cope with the fierce competition in China's new energy vehicle market, Geely has also increased its investment in technology research and development. The total R&D investment in the first half of the year reached 7 billion yuan, a year-on-year increase of 17.9%.

For example, Zeekr's self-developed Haohan Intelligent Driving has been installed in vehicles, and Geely Xingrui AI large model has also been connected to the smart cockpit system. In terms of three-electric technology, Geely's self-developed and self-produced new generation of "blade-shaped" lithium iron phosphate battery - the Aegis Short Blade Battery has also been installed in vehicles.

The above-mentioned technologies have enhanced the product strength of many new vehicles under Geely Group, and also laid a good foundation for the launch of many subsequent new vehicles.

Editor says:

Judging from Geely's overall sales data in the first half of the year, Geely can be said to have achieved good success in its shift to new energy. Brands such as Lynk & Co and Geely Galaxy have gradually gained a foothold in the new energy market. The group has also increased its research and development in intelligent and three-electric technologies to cope with the subsequent fierce competition.

In addition to developing technology and continuously launching new cars, maintaining user reputation is also a top priority. Today's new energy vehicle products have entered a cycle of rapid updates, and various new technologies are emerging in an endless stream. How to balance the frequency of new car iterations and the rights and interests of old users is an aspect that every car company needs to think about. I believe that after the replacement of Zeekr 001 and 007, Geely will have rich experience to deal with such events, retain old users, attract new users, and thus further increase brand sales.