EV Morning Report
Geely announced its financial results for 2024, reporting total revenue exceeding 240 billion yuan, marking a year-on-year growth of 34%. This is the first time the company’s revenue has surpassed 240 billion yuan, reaching 240.2 billion yuan. The net profit attributable to shareholders increased by 213% year-on-year, standing at 16.6 billion yuan, while the adjusted net profit rose by 52% to 8.5 billion yuan. The gross profit surged to 38.2 billion yuan, with a gross margin of 15.9%. Cash reserves also saw a significant increase, rising by 40% to 39.8 billion yuan, marking a historical high.
As part of its “Smart Geely 2025” initiative, the company has established a comprehensive AI ecosystem that includes advanced computing centers, operating systems, intelligent cockpits, autonomous driving, and satellite internet capabilities. Geely is now the first automotive manufacturer to achieve a full-scale AI integration.
In other news, the 2025 Wuling M9 was officially launched, starting at 469,800 yuan. Within just two hours of its release, pre-orders exceeded 10,000 units. The new model features the ADS 3.3 autonomous driving system, which allows for intelligent parking capabilities without prior memory of parking spots. An upgrade to ADS 4 is expected in the third quarter of this year.
The pricing for the 2025 Wuling M9 varies for different configurations. The large five-seater version starts from 469,800 yuan to 549,800 yuan, while the six-seater versions range from 479,800 yuan to 569,800 yuan. Additionally, Wuling M5 Ultra has been launched starting at 229,800 yuan, with large-scale deliveries beginning on April 3.
Zeekr also reported its 2024 financials, showing annual revenue of 75.9127 billion yuan, a year-on-year increase of 46.9%. The company delivered 222,123 vehicles throughout the year, with a significant profit margin of 17.3% in the fourth quarter. Despite an operational loss of 1.4361 billion yuan, net losses decreased by 72.1% compared to the previous year.
Looking ahead, Zeekr’s flagship SUV, the Zeekr 9X, is set to feature an L3 autonomous driving solution and is expected to debut at the Shanghai Auto Show in April before launching in the third quarter.
In domestic news, NIO is set to begin user test drives for its ET9 flagship sedan on March 29, equipped with advanced safety features and an intelligent driving system. The company also announced a partnership with CATL to invest 2.5 billion yuan into related battery assets.
Li Auto has opened reservations for the upgraded MEGA, with all previous models sold out as of March 19. The new version will be available for pre-order starting March 21.
On the international front, Tesla’s stock has plummeted over 50% since December, resulting in a market cap loss of over 700 billion USD and CEO Elon Musk’s net worth decreasing by more than 100 billion USD.
Finally, Hon Hai is reportedly in talks with Mitsubishi to begin electric vehicle production for the Japanese firm, marking a significant step into the electric vehicle market.
