Geely's 2024 profit jumps 213% with EV sales

Geely, a Chinese carmaker, reported a significant profit increase of 213% for 2024, mainly due to sales of electric vehicles (EVs) and asset sales. The company sold a total of 2.18 million vehicles last year. Out of these, 1.76 million were sold in China, and 414,522 were exported. The company's financial report showed a gain of 9.1 billion yuan from selling parts of its business. Even without this one-time gain, profits still grew by 52%. Geely also announced a dividend of HK$0.33, which is higher than last year's HK$0.22. Geely attributed its success to a strong shift towards electrification and intelligence in their vehicles. The company launched several new energy vehicle models over the past year, which helped boost NEV sales. Geely is focusing on both electric and traditional combustion engine vehicles in its growth strategy. Following the news, Geely's shares went up by 1.5% to HK$18.24 in Hong Kong. This increase contributes to a total rise of 23% for the company this year, while the overall Hong Kong Index has improved by 20%.