China’s Geely Auto clocks nearly twofold jump in Q3 profit

Investing.com-- Geely Automobile Holdings Ltd (HK:0175 ) said on Thursday its third-quarter profit nearly doubled from the prior year, buoyed chiefly by strong electric vehicle sales as automobile demand in China remained robust 

Geely’s net profit attributable to equity holders jumped 92% to 2.46 billion yuan ($340 million) in the three months to September 30. This came on the back of revenue of 60.38 billion yuan, up 20% from the same period last year. 

The strong print was driven chiefly by strong demand for new energy vehicles, as China remained a bright spot in terms of demand for the sector. Geely is the second-largest NEV seller by volume in China as of October 2024, behind only BYD (SZ:002594 ).

Geely said its premium NEV brand Zeekr (NYSE:ZK ), which is publicly listed in the U.S., clocked strong sales in the first three months of the year, but marked a loss for the period. 

Source: Investing.com