Beijing (ZXZC)- Geely Automobile Holdings Limited (Geely Automobile) achieved a 45.6% year-on-year surge in annual revenue in 2022, according to the yearly financial report the company released today. 

Photo credit: Geely Automobile

The company saw its 2022 annual revenue hit record high at 148 billion yuan. Meanwhile, Geely Automobile’s net profit attributable to shareholders amounted to 5.26 billion yuan, climbing 8.5% from the prior-year period. 

By the end of December 2022, Geely Automobile’s total cash levels had risen 20.4% compared to the year-ago period to 33.7 billion yuan, which also refreshed its historic record. 

Notably, throughout 2022, Geely Automobile brought in 1.66 billion yuan in technology licensing alone, representing a 29.9% increase year-over-year. 

In the past year, the automaker sold 1,432,988 vehicles in total, up 8% from a year ago. Among which, 328,727 units were new energy vehicles (NEVs), soaring over 300% year on year, including sales generated from the Geely, Geometry, Lynk & Co, ZEEKR, and Livan brands. 

In November 2022, Geely Automobile completed its equity purchase of Renault Korea Motors, which will introduce new hybrid technology and models to the Korean market. The new product will ride on Geely's CMA modular architecture developed at its R&D center in Sweden and adopt Geely's advanced hybrid technology. According to Geely, the new model is expected to be mass produced in 2024.

In 2023, Geely set an annual sales target of 1.65 million vehicles, with NEV sales doubling compared to 2022.