Geely Auto First Quarter Net Income Doubles on Higher Sales [BNN Bloomberg (Canada)]
ZEEKR Intelligent Technology Holding Limited American Depositary Shares (each representing ten (10) Ordinary Shares) (ZK)
Company Research
Source: BNN Bloomberg
Net income more than doubled to 1.56 billion yuan ($215 million) in the three months ending March 31 from a year earlier. Revenue climbed 56% to 52.3 billion yuan. It's the first time Geely has reported quarterly earnings, putting it in line with sister company Zeekr Intelligent Technology Holding Ltd., which listed in the US last month. Geely sold 475,700 cars in the first three months of this year, up 50% from a year earlier. Rival BYD Co., which only sells electric vehicles and plug-in hybrids, posted sales of 624,398 cars in the same period, at a slower growth rate of 14%. Geely has set a target to sell 1.9 million vehicles this year. “Thanks to significant sales growth and continuous optimization of the product structure, the Group's revenue increased rapidly compared to the same period last year,” Geely said in a statement Friday. There were no analyst estimates due to the lack of historical data. Geely shares closed 1.2% lower in Hong Kong on Friday. The stock is up 2.4%
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News
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ZK
Sec Filings
- 11/1/24 - Form 6-K
- 10/21/24 - Form 6-K
- 10/2/24 - Form 6-K
- ZK's page on the SEC website