Geely Plans to Sell 3.65 Million Vehicles in 2025

xingyueL
(Source: Geely)

At an interim results conference on Wednesday, Chinese carmaker Geely Auto Group said that its revenue in the first half of the year reached 45 billion yuan ($6.92 billion), a year-on-year increase of 22%, while net profit was 2.41 billion yuan. In addition, the firm set a goal to sell 3.65 million vehicles annually in five years from now.

At the conference, Geely announced that it aimed to rank first among Chinese brands by 2025, with sales reaching 3.65 million vehicles, of which smart electric vehicles (EV) will account for more than 30%. By 2025, the firm also aims for the market share of Zeekr among high-end EVs to rank among the top three in the world, with sales reaching 650,000 vehicles.

In the first half of 2021, Geely sold 630,237 vehicles, up about 19% year-on-year. Among them, Lynk&Co sold 107,873 vehicles in the first half of the year, an increase of 96.98% year-on-year.

Geely Auto Group’s annual sales target in 2021 was previously set at 1.53 million vehicles, although only 41% of the total target was achieved in the first half of the year. In this regard, CEO Yan Jiayue said, “This is in line with our management expectations, because Geely will have a number of new models on the market in the second half of the year, which will bring new sales outcome.”

The firm’s Xingyue-L model, which was released on July 20, has amassed more than 35,000 orders so far. The fourth generation Emgrand, built under the BMA platform, is expected to be available by the end of August and has already exceeded 15,000 orders. In addition, Zeekr 001, the first coupe model owned by Zeekr, will be delivered in October.

However, the ongoing COVID-19 pandemic, a persistent global chip shortage and tight battery supply may adversely affect Geely’s goals.

SEE ALSO: Geely and Renault to Jointly Explore Hybrid Vehicles for Chinese and South Korean Markets

As for the firm’s exports, Geely’s cumulative export volume from January to June reached 53,422 vehicles, up about 173% year-on-year. Proton Car sold 57,854 vehicles in the first half of the year, and its market share in Malaysia has increased from about 8% three years ago to 23% now.

Li Donghui, CEO of Zhejiang Geely Holding Group, said in response to investors’ questions, “In the second half of this year, Geely expects the number of exports to Europe to double on the existing basis.”

This year, Geely Holding Group has successively signed cooperation agreements with Baidu, Foxconn, Tencent and a Swiss blockchain developer. Recently, Geely also signed a memorandum of understanding with Renault Group to establish a business partnership.