Half Year 2024 Geely Automobile Holdings Ltd Earnings Call (Chinese, English) Transcript
Key Points
- Geely Automobile Holdings Ltd (GELYF) reported a significant year-on-year sales growth of 41%, reaching 956,000 vehicles in the first half of the year.
- The company's revenue surpassed RMB100 billion for the first time, reaching RMB107.3 billion, marking a 46.6% increase year-on-year.
- Shareholders' profit saw a substantial increase of 574.7% year-on-year to RMB10.6 billion.
- Geely's new energy vehicle sales grew by 116% year-on-year to 320,000 units, outperforming the market.
- The company has a strong cash reserve, reaching a historical high of RMB41.488 billion in the first half of the year.
- Despite the growth, Geely's results are not yet comparable to major competitors, indicating room for improvement.
- The company faces challenges in maintaining profitability amidst fierce market competition and price wars.
- There are concerns about the impact of potential European Union tariffs on Geely's electric vehicle exports.
- Geely's international expansion strategy may face hurdles due to geopolitical and regulatory challenges.
- The rapid iteration of Zeekr models led to customer dissatisfaction, highlighting potential issues in communication and product launch strategies.
Dear, investors, dear friends from the media, good afternoon to you all. Thank you very much for taking the time off to attend the GT Automotive Holdings Limited 2025 interim results conference. My name is [Zhou Yang], the moderator of today's conference.
Now let me introduce to you the leadership attending today's conference. They are respectively, Mr. Daniel Dong Hui Li, CEO of Geely Holding Group and also Vice Chairman and Managing Director of Geely Auto Holdings Group; Mr. Gui Sheng Yue, CEO of GD Automobile Holdings Limited; Mr. Andy An, President of Geely Holding Group and also CEO of Zeekr Intelligent Technology Holdings Company Limited; Mr. Gan Jia Yue, CEO of Geely Auto Group, and also Managing Director of Geely Auto Holdings; Mr. Dai Yong, CFO of Geely Auto Group.
In the season of August, we can easily form the warmth of this season of August, which can be also seen as typical description of the rapid growth of Geely Auto Group. So I hope you will find today's conference a rewarding one. So the best is to come.
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