Geely Holding sells 256,556 vehicles globally in May 2024
EVs ramp up the demand
Geely Holding (Zhejiang Geely Holding Group) has registered robust global sales figures for May 2024, underscoring a significant uptick in demand across its diverse automotive portfolio. Aggregate sales for the month soared to 256,556 vehicles, marking a notable 22.2% year-on-year (YoY) increase.
Of particular note was the surge in sales of electric vehicles (EVs), which reached 110,681 units, constituting 43.1% of the total sales for May 2024. This segment recorded an impressive 59% YoY growth, highlighting the growing consumer preference for electric and hybrid vehicles within Geely Holding’s lineup.
The cumulative performance for the first five months of 2024 was equally impressive—total sales amount to 1,230,162 units, reflecting a robust 28% YoY increase. EVs continued to lead this growth trajectory, with cumulative sales reaching 468,212 units, up 48.8% compared to last year.
Geely Holding’s automotive brands include Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Proton Cars, Lotus, Smart, Radar, Levc, and Farizon.
e-boost
Geely Auto, the Hong Kong-listed holding company encompassing brands such as Lynk & Co and Zeekr, reported stellar individual performances within its subsidiaries. In May 2024, Geely Auto achieved sales of 160,658 units, marking a substantial 38% increase from the previous year. The company’s EV sales were particularly noteworthy, reaching 58,673 units, representing a staggering 146% YoY growth and accounting for 36.5% of its monthly sales.
Lynk & Co, positioned as the premium brand under Geely Auto, saw its sales climb by 50% YoY, totalling 21,778 units. Meanwhile, Zeekr, Geely’s high-end electric mobility technology brand, achieved a new record with sales of 18,616 units, reflecting a remarkable 115% YoY increase.
Volvo Cars, another prominent member of the Geely Holding portfolio, reported global sales of 68,034 vehicles in May, registering a solid 13% YoY growth. EVs accounted for 48% of Volvo’s total sales, buoyed by European solid performance and the popularity of its fully electric EX30 model.
Proton Cars, in which Geely Auto Group holds a 49.9% stake, recorded sales of 12,522 units for May 2024, marking a 13.6% YoY increase. The brand maintained its leadership position in Malaysia, with models like the Proton X90 and Proton S70 leading their respective market segments.
Zeekr IPO
Meanwhile, in a strategic move to bolster its EV capabilities, Geely Holding recently facilitated Zeekr’s initial public offering on the New York Stock Exchange. This milestone event will enhance Zeekr’s global footprint and accelerate its development of advanced e-mobility technologies. Zeekr aims to leverage Geely’s Sustainable Experience Architecture (SEA) to expand its offerings, including the Zeekr 001, Zeekr 009 MPV, and Zeekr X urban SUV.
Commenting on the achievement, Daniel Li, CEO of Geely Holding, stressed the immense opportunities in the global new energy vehicle market.
Zeekr is poised to play a pivotal role in Geely’s electric transformation. Andy An, CEO of Zeekr Technology and President of Geely Holding, expressed confidence in Zeekr’s prospects as a global leader in premium e-mobility, poised to meet growing international demand with innovative products and an expanding market presence.
With plans underway to further penetrate European, Middle Eastern, and Asian markets, Zeekr is set to capitalise on the growing global shift towards sustainable transportation solutions.
Aramco joins consortium
Aramco, Saudi Arabia’s integrated energy and chemicals company, has finalised agreements through a wholly-owned subsidiary to acquire a 10% stake in Horse Powertrain. This new entity, headquartered in London, UK, and formed on May 31, 2024, is a leading global provider of powertrain solutions, established by Renault Group and Geely Holding.
Aramco will purchase its 10% stake from Renault Group and Geely, which will retain 45% of each. The acquisition price, contingent upon customary closing conditions, including regulatory approvals, reflects a €7.4 billion enterprise valuation.
Aramco, Renault Group, and Geely Holding jointly recognise the importance of diverse technologies in the evolution of the automotive sector. These technologies encompass highly efficient internal combustion engines (ICE), transmissions, hybrid powertrains, lower-carbon synthetic fuels, hydrogen, and vehicle electrification. This collective effort aims to facilitate a structured global transition towards sustainable energy and mobility solutions.
Horse Powertrain aims to lead in the development of next-generation, lower-emission technologies. Leveraging Aramco’s extensive capabilities, including its global network of R&D centres dedicated to synthetic fuels, hydrogen, and ICE optimisation, the collaboration seeks to accelerate the creation of accessible and sustainable lower-carbon solutions worldwide.
Featured image: Trade visitors check out the latest sedans in the Zeekr exhibitor pavilion at the 2024 Beijing International Automotive Exhibition (Auto China 2024) on April 25, 2024. Credit: Arnold Pinto
