Investing.com– Geely Automobile (HK:0175) reported a 264% surge in first-quarter net profit on Thursday, driven by robust sales of its new energy vehicles (NEVs) and improved profitability.
The Chinese automaker’s profit attributable jumped to 5.67 billion yuan ($790 million) for the three months ended March 31, up from 1.56 billion yuan a year earlier.
Revenue rose 25% to 72.5 billion yuan, while sales volume climbed 48% to 703,800 units.
Hong Kong-listed shares of Geely rose 2.4% to HK$19.60, their highest level since January 2022.
Geely’s Galaxy brand led the charge, with sales skyrocketing 214% year-on-year, as the company benefited from economies of scale and stronger margins in its NEV segment.
Subsidiary Zeekr (NYSE:ZK) also delivered better results, with Q1 deliveries up 21% to 114,000 units and net loss narrowing 60.2% from a year-ago loss.
The results underscore Geely’s momentum in China’s competitive EV market, though challenges remain as rivals like BYD (HK:1211) and Tesla Inc (NASDAQ:TSLA) vie for dominance.
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