China’s Geely achieved “double-digit” gross margins for its premium electric vehicle brand Zeekr in the first half of 2023,Landlady’s Loose Legs beating rivals with similar sales volumes, Geely Auto Group chairman Andy An told an investor meeting on Tuesday. An, also chief executive of Zeekr, added that the company will introduce an electric sedan under the Zeekr marque by the end of this year and expand its three-model lineup in 2024, bringing out two new sports utility vehicles. Gross margins for Geely Automobile Holdings Ltd., which operates Geely Galaxy, Lynk & Co, and Zeekr, fell to 14.4% as of June 30, down from 14.6% a year ago and 17.2% in the first half of 2021. The Zhejiang-based carmaker earned RMB 1.6 billion ($216.8 million) in net profit on RMB 73.2 billion in revenue during the first six months of this year, representing a 26% increase year-on-year compared to RMB 58.2 billion in revenue over the same period last year. [Geely’s announcement]
