Geely earnings surge as annual sales near 2 million target [Fortune]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: Fortune
Net income climbed 92% to 2.46 billion yuan ($340 million), while revenue rose 20% to 60.38 billion yuan in the three months ended Sept. 30, the company said in a statement Thursday. Geely sold 1.72 million vehicles this year as of October, up 32% from a year earlier. It's on track to meet its sales target of 2 million cars for the year and only needs to deliver around 150,000 vehicles per month on average in November and December. “In the first three quarters of 2024, the group maintained strong growth momentum, with sales volume increasing by 32% year on year, outperforming the market,” the company said. Although still a long way from market leader BYD Co., which sold half a million EVs and hybrids in October alone, Geely's transition to plug-in vehicles is showing good progress. Deliveries of EVs and plug-in hybrids have almost doubled from last year to about 655,000 in the first 10 months of 2024, with the premium EV brand Zeekr and mass market Galaxy series popular with cu
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