Geely Car Holdings Group posted a higher-than-expected revenue of 5.31 billion Yuan (~RM 3.46 billion) in 2023, up 1 p.c from the yr earlier than, regardless of intense worth conflict in China. Analysts had anticipated Geely to submit a decrease revenue determine of 4.9 billion Yuan (~RM 3.2 billion), in accordance with Bloomberg.

Geely additionally stated if its one-off spending to amass 34 p.c of Renault Korea is eliminated, its revenue would’ve elevated by 51 p.c.

Income climbed 21 p.c to 179.2 billion Yuan, additionally beating expectations.

Geely Car Group, to not be confused with the holding firm Zhejiang Geely Holding Group, includes the corporate’s namesake Geely Auto model, in addition to Proton, Lotus, Zeekr, and Lynk & Co, however excludes Volvo and Polestar.

Geely Cars’ group-wide deliveries for 2023 got here in at 1,686,516 models, up 18 p.c from the yr earlier than. Gross sales in home China alone is up 14 p.c (1,412,415 models), whereas exports are up 38 p.c (274,101 models).

Deliveries of plug-in hybrids (PHEVs) and BEVs (collectively referred to in China as new power autos, or NEVs) are up 48 p.c, reaching 487,461 models, or about one third of the group’s whole gross sales.

Gross sales of the battery EV (BEV) solely Zeekr model was up 65 p.c, to 118,685 models.

In a separate report by Nikkei Asia, Gui Shengyue, CEO of Geely Car Holdings Group repeated a remark first made by Geely’s chairman Li Shufu, who stated the worth wars in China are affecting pure BEV producers greater than diversified powertrain producers like Geely.

In an interview with China’s state-owned information channel CCTV, Li stated Geely is “not going to simply hand over” on inner combustion engine (ICE) automobiles, explaining that combustion engine automobiles present stability to China’s automotive business.

Regardless of fast progress in gross sales of PHEVs and BEVs, common combustion engine automobiles nonetheless contribute over 70 p.c of Geely Car Holdings Group’s whole deliveries final yr.

Additionally learn: Harm by worth wars, Chinese language automakers now query if China has gone too deep into BEVs

Amongst China’s NEV-only corporations, solely BYD and Li Auto are worthwhile. Each rely closely on PHEVs, which nonetheless use combustion engines. PHEVs contribute 45 p.c of BYD’s whole deliveries final yr, whereas Li Auto’s product line-up are all E-REVs, aside from the BEV Li Mega.

E-REVs, or prolonged vary electrical autos, are a subset of PHEVs. The one distinction is {that a} PHEV’s combustion engine can drive the automobile instantly, however E-REVs use their engines solely as a generator. This enables the engine to run at a relentless, most fuel-efficient rotational velocity for charging the battery. This dual-power supply function is beneficial for lengthy distance driving, permitting drivers to skip lengthy queues at charging stations.

Chinese language BEV-only producers resembling XPeng and Nio are nonetheless working at a loss. Volvo has since transferred its money-losing BEV-only Polestar model to Geely, and Geely has additionally delayed the general public itemizing of its BEV-only Zeekr model.