Geely (Part 2): New EV Brand and Strengthening of CV Business
Expansion with Mercedes-Benz and smart, entering new markets with Proton and Renault
2022/10/27
- Summary
- Geely Automobile Holding's sales: 1.328 million units in 2021, up 0.6% y/y, targeting 1.65 million units in 2022
- Developing new brands centered on electric vehicles
- Alliances/joint ventures: Released smart as part of JV with Mercedes-Benz; cooperated with Proton in overseas expansion, especially in ASEAN
- Overseas expansion: Exports in 2021 hit a record high of 115,000 units, and production of a jointly developed model with Renault in South Korea
- Commercial vehicle business: Acquisitions and partnerships to expand manufacturing sites, commercial vehicles to be electrified
- Geely Group's sales volume in China (ex-factory)
- Sales forecast by LMC Automotive: Geely Group’s light vehicle sales will reach 2.9 million units in 2025
Summary
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| Premium intelligent EV brand "Zeekr" (Source: Shanghai Motor Show 2021) |
According to an announcement by Geely Automobile Holdings Limited (hereafter, Geely), a major Chinese privately-owned automaker, in 2021, Geely’s China domestic sales were 1.213 million units, and exports were 115,000 units, for a total sales volume of 1.328 million units, up 0.6% year-over-year (y/y). Geely has set a sales volume target of 1.65 million units for FY2022.
Geely launched its electric vehicle brand Geometry in 2019, followed by the premium intelligent EV brand Zeekr in 2021, and the battery-swappable electric vehicle brand Livan Auto in 2022. Geely has been establishing new EV brands one after another, with RADAR, an electric vehicle brand designed for outdoor lifestyles, established in 2022. In addition, smart Automotive Co., Ltd., a joint venture with Mercedes-Benz, sells the smart#1 electric vehicle.
On September 30, 2022, the company announced the acquisition of a 7.6% stake in Aston Martin. As for overseas activities, the company plans to jointly develop vehicles with the Renault Group and start production in South Korea in 2024. They will be sold through Renault Korea's network. In the ASEAN market, the company aims to utilize Proton's network as well as expand its market presence in Southwest Asia and Africa.
In recent years, Geely Automobile Holdings has acquired/partnered with small and medium-sized commercial vehicle manufacturers to strengthen its commercial vehicle business. Shandong Tangjun Ouling Automobile manufactures EV light-duty commercial vehicles, while Farizon Auto and Hanma Technology Group Co., Ltd. (formerly Hualing Xingma Automobile) manufacture NEV (New Energy Vehicle) heavy-duty trucks.
Related reports:
Nidec Corporation 200kW e-Axle (for Geely Auto ZEEKR 001) Teardown Survey Report (Oct. 2022)
Geely (Part 1): Sales volume of 3.65 million units by 2025, with 600K units to be sold overseas (Sep. 2022)
2022 H1 China market: Sales Down to 12.05 Million Units, but NEVs Up 2.2 Times to 2.6 Million Units (Aug. 2022)
Chinese Market Q2 2022: Chinese Automakers Focus on Improving Production Systems for Drive Batteries (Jul. 2022)
Chinese Market Q1 2022 (1): SAIC, FAW, BYD, etc. accelerate development in battery and energy fields (May. 2022)
Auto Shanghai 2021: Geely, Great Wall Motor, BYD (May. 2021)
Geely: Brand expansion, production capacity increase, CASE strategy implementation (Dec. 2019)
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