Shanghai (ZXZC)- On March 20, Geely Automobile Holdings Limited ("Geely Automobile") revealed its financial results for 2023, showing that the company achieved a record-breaking operating revenue of 179.2 billion yuan, a 21% increase year-over-year.

The company announced its annual net profit attributable to the parent company surged by 51% to 5.308 billion yuan last year, compared to the 3.511 billion yuan in 2022 after adjusting for one-time gains from bargain purchases. Meanwhile, its yearly gross profit also saw a significant increase of 31% year-over-year, reaching 27.4 billion yuan, with the gross margin improving from 14.1% in 2022 to 15.3% in 2023. Additionally, the net cash position rose by 46% to 28.4 billion yuan, indicating a robust and ample reserve.

Galaxy E8; photo credit: Geely Galaxy

In 2023, Geely Automobile exceeded its sales target, achieving a total annual sales volume of 1.687 million vehicles. This figure includes 487,000 units of new energy vehicles. Notably, both the overall and new energy vehicle sales reached all-time highs. Additionally, the company's total vehicle exports for the year amounted to 274,000 units, marking a more than 38% increase year-over-year and setting a new record as well.

Throughout the year, Geely Automobile saw a steady increase in the proportion of new energy vehicles, with the monthly penetration rate reaching 29% and even surpassing 40% in several months.

Moreover, thanks to an optimized product mix, reduced costs, and scale effects, the company witnessed an improvement in gross profit conditions. Its annual gross profit rose by 31% year over year to 27.4 billion yuan, with the gross margin increasing from 14.1% in 2022 to 15.3% in 2023.