Summary by Futu AI
On June 11, 2024, Geely Auto's non-wholly owned subsidiary, Cao Cao Intelligence Technology Holdings Limited (Cao Cao), announced its unaudited financial performance for the first quarter of 2024. Cao Cao achieved a total delivery volume of 33,059 automobiles in the first quarter of 2024, an increase of 117% year-on-year. The automobile sales revenue for the quarter reached RMB 817.41 million, a year-on-year increase of 73.0%, but down 22.8% from the previous quarter. The automobile profit margin was 14.0%, the gross margin was 11.8%, and the total revenue was RMB 1,473.68 million, a year-on-year increase of 71.0%. The operating loss was RMB 208.69 million, and the net loss was RMB 202.21 million, both lower than the same period last year. Cao Cao CEO An Conghui said that the...Show More