• Geely Automobile Holding Ltd. (HK.0175) FY revenue 101.6B RMB
  • Net profit attributable to stockholders 6.06B RMB
  • Top selling Chinese automaker for five consecutive years, FY sales up 1% to 1.32 million units.
  • Lynk & Co sold more than 220,000 vehicles, an increase of appx 26%
  • Geely Auto exported more than 115,000 units, an increase of appx 58%
  • Sales of electrified vehicles exceed 100,000 units with BEV sales growing 172% and PHEV sales growing 185.3%

2022 March 23rd, Hong Kong and Hangzhou. Geely Automobile Holdings Ltd (HK.0175) (Geely Auto), the Hong Kong listed entity of Geely Auto Group, has today released its 2021 Financial Results. The figures for the 12 months to December 31, 2021, show: 

  • Revenue of 101.6 billion RMB, up 10.3% YoY
  • Profit attributable to stockholders excluding share-based payments of 6.06 billion RMB, up 9.4% YoY 
  • Profit attributable to shareholders of 4.85 billion RMB, down –12.4% YoY 
  • Net profit of RMB 4.35 billion RMB, down –21.9% YoY,  
  • Gross profit margin of 17.1%, up 1.1% YoY.   

Geely Auto cash flow management remained stable in 2021 with net cash flow reaching 20.8 billion RMB and total cash flow reaching a record 28 billion RMB. In addition, the company plans to distribute a dividend of HK$0.21 per share, with a dividend payout ratio of 35.3%, an increase of 5.8 percentage points from the previous year. 

In 2021, faced with the challenges of the ongoing global pandemic that deeply disrupted supply chains, and ongoing industry changes, Geely Auto steadily implemented its long-term development strategy. As a result, the company achieved comprehensive improvements in its finances through improved cash flow, introduction of leading electric vehicles and systematic expansion into key overseas markets. For 2022, the company will continue to diversify its profit model by introducing new electrified and fuel-efficient vehicles whilst continuing to apply feasible solutions to address ongoing global supply chain disruptions. 

BRAND PERFORMANCE  

GEELY AUTO 

Geely Auto has continued to maintain strong market competitiveness in 2021, delivering a total of 1,328,029 vehicles and maintaining its position as the best-selling Chinese automaker for the fifth consecutive year. With the optimization of the company’s product lineup, overall revenue per vehicle rose to 87,672 RMB, an increase of 9.0% year-on-year. As the company accelerates its transition to advanced modular architecture-based products, sales of Geely Auto’s products based on its Compact Modular Architecture (CMA)  exceeded 210,000 units in 2021 with an average selling price of more than 150,000 RMB.  

LYNK & CO 

Lynk & Co, the global premium joint venture brand, sold 220,516 vehicles in 2021, an increase of about 26% year-on-year. Average transaction prices of Lynk & Co vehicles have risen to 165,000 RMB in 2021. Since its introduction in 2017, Lynk & Co has welcomed more than 650,000 customers to the Lynk & Co family.   

In 2021, the proportion of new energy product sales increased significantly with the launch of Zeekr, a new premium pure electric vehicle brand, while the mass-market electric vehicle Geometry brand offered new affordable models. Sales of electrified products exceed 100,000 units with battery electric vehicle sales growing 172% YoY and plug-in hybrid vehicle sales growing 185.3% YoY. 

ZEEKR 

Zeekr began deliveries of its first product, the Zeekr 001, in October 2021 and in five months, a total of 12,453 vehicles with an average order price of 335,000 RMB have been delivered. In 2022, Zeekr aims to sell 70,000 units. Within the next three years, Zeekr has the ambition to launch six new products and expand its sales network globally.  

GEOMETRY 

Geometry, Geely Auto’s mass market electric brand offering, saw its sales grow to a record 145.3% year-on-year in 2021, helping the brand achieve a 7.43% market share in China’s A-segment EV market. This year, Geely Auto will increase investment in the development of new pure electric products and will launch more advanced fast charging long-range PHEV models, pure electric models, battery swapping models, and hybrid electric models to increase its commitment to new energy models.  

OVERSEAS EXPANSION  

Overseas sales of Geely Auto branded vehicles reached 115,008 units, a year-on-year increase of about 58%. The overseas expansion of the brand and its products continued with new markets opening in South America, Mideast, and Europe. Lynk & Co also continued its global expansion, delivering vehicles to new users in the Netherlands, Belgium and other EU markets. The brand also began to implement its APAC strategy in 2021, entering four markets in the Gulf region.  

PROFIT DIVERSIFICATION  

The diversification of Geely Auto’s income and profit streams continued in 2021. Net profit for the company’s joint ventures (Lynk & Co and Genius AFC) increase by 42% year-on-year with Lynk & Co net profit increasing 37% and Genius AFC net profits increasing 45%. Other income streams including technical services and licensing also continued to grow by 153%, year-on-year becoming a new growth point for the company.  

Deepening its commitment to sustainable development, Geely Auto announced in 2021 its intention to reduce its total emissions by 25% by 2025 and achieve carbon neutrality by 2045. In addition, the company also increased investment in green technologies such as sustainable methanol vehicles, green energy supply, and low carbon supply chain as it lays the foundation for the “zero-carbon transformation” of the company’s entire industry chain and ecosystem.  

Looking ahead, the auto industry continues to face many challenges including rising material prices and chip shortages in 2022. Geely Auto is leveraging its extensive manufacturing experience and global resources to ensure stable supply for the production of Geely Auto Group products. Despite the challenges of 2022, the fundamentals for the long-term development and growth of Geely have not changed and the company remains committed to delivering 1.65 million vehicles in the current year.