Geely Beats Revenue Expectations for 2022

Chinese automaker Geely exceeded revenue estimates for 2022, resulting in a 7% increase in its share value. Geely announced that revenue for 2022 increased 45.6% year on year to 148 billion yuan ($21.49 billion), while profit increased 8.5% to 5.26 billion yuan. Analysts had expected Geely to announce revenue of 135.4 billion yuan.

This was achieved despite challenging market conditions and ongoing pandemic-related disruption, according to the company’s description of its “resilient financial and operational performance.” Geely reported that overall sales increased by 8% to more than 1.4 million vehicles in 2017. CEO Daniel Li told CNBC’s “Squawk Box Asia” that this figure exceeded China’s 5% forecast for its overall auto industry.

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According to the company, high-end models accounted for 252,787 units, or 23%, of all sales in 2022. Furthermore, given that sales of its new energy and electrified models increased by over 300% to over 328,000 units last year, Geely claimed to have made “great progress” in this area too.

Related: Chinese Cars Shaking Up the EV Market in Thailand

Geely has set a sales target of 1.65 million units for 2023, with the goal of doubling the share of new energy and electrified vehicle sales. Plus, in order to meet that goal, Li stated that the company will rely on supply chain collaborations to reduce costs and, as a result, reduce selling prices. Li went on to say:

“In the long term, no doubt, the EV [prices] will be on par with [internal combustion engine] cars.”

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