Geely Auto Raises Export Target After 67% Growth in First Half of Year

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Zeekr’s cars waiting for loading at Guangzhou Nansha Port on July 2, 2024.

Geely Automobile Holdings Ltd. announced that it is to raise its 2024 export target to 380,000 units from 330,000 units, after reporting a 67% year-on-year growth in vehicle exports in the first half of this year.

Gan Jiayue, Geely Auto Group’s CEO, highlighted the company’s impressive export performance, saying it was driven by aggressive expansion into emerging markets such as Africa, where sales surged over 400%.

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Geely Automobile Holdings Ltd. has raised its 2024 export target to 380,000 units, with significant growth driven by expansion into emerging markets and a 67% year-on-year increase in vehicle exports.
Geely is leveraging partnerships in Malaysia and South Korea, yielding substantial financial returns, and planning significant international sales for Lynk & Co and Zeekr brands.
Despite EU tariffs on EVs, Geely remains committed to Europe, exploring hybrid and alternative energy vehicles to mitigate impacts and continuing long-term investments.

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Who’s Who

Geely Automobile Holdings Ltd.: Geely Automobile Holdings Ltd. is raising its 2024 export target to 380,000 units, following a 67% year-on-year growth in vehicle exports. The company is expanding aggressively into emerging markets and has partnerships in Malaysia and South Korea. Geely faces challenges in Europe due to impending tariffs on EVs but remains committed, planning to adjust its product offerings and leverage existing investments in Volvo, Lotus Cars, and other brands to mitigate impacts.

Lynk & Co: Lynk & Co, a youth-focused plug-in hybrid brand by Geely, operates on a subscription basis in Europe, allowing users to pay for car use and associated services. This model has built a strong brand reputation. The company is now planning to launch direct sales to individual consumers across Europe.

Geely Auto Group: Geely Auto Group, led by CEO Gan Jiayue, has seen significant export growth, particularly in Africa and emerging markets. The company plans to raise its 2024 export target to 380,000 units. It has youth-focused brands like Lynk & Co. and Zeekr, and strategic partnerships with Proton and Renault. Despite facing EU tariffs on EVs, Geely remains committed to the European market and is exploring flexible production strategies.

Zeekr: Zeekr, a brand spun off from Geely, is focusing on international market penetration. CEO An Conghui announced plans to sell vehicles in over 50 countries by the end of 2024. Despite slowing down its EU market plans due to new tariffs, Zeekr is accelerating its efforts in other overseas markets.

Proton Holdings Bhd: Geely acquired a 49.9% stake in Proton Holdings Bhd. The partnership has proven financially successful, as Proton sold 78,000 units in the first half of 2024, generating a net profit of 126 million yuan ($18 million). This contributed 63 million yuan of investment gain for Geely.

Renault Korea: Renault Korea, part of a joint venture with Geely, sold 42,000 cars in the first half of 2024, generating a net profit of 85 million yuan, contributing 29 million yuan of investment gain to Geely.

Zhejiang Geely Holding Group Co. Ltd.: Zhejiang Geely Holding Group Co. Ltd. is the parent company of Geely Automobile Holdings Ltd. The group's CEO, Li Donghui, highlighted their commitment to the European market despite challenges like EU tariffs on Chinese EVs. They own stakes in Volvo, London EV Co. Ltd., and Lotus Cars Ltd., creating over 10,000 European jobs. Geely plans to adjust products and possibly use flexible production strategies to mitigate the tariff impacts.<|vq_7774|>

London EV Co. Ltd.: London EV Co. Ltd. is part of Zhejiang Geely Holding Group Co. Ltd., Geely's parent company. It is mentioned as one of the European investments contributing to Geely's long-term commitment to the European market. Geely could potentially leverage these resources to mitigate the impact of new EU tariffs on Chinese-made EVs.

Lotus Cars Ltd.: Lotus Cars Ltd. is a British sports and racing car producer. Geely, which has existing investments in Lotus, views these investments as part of its long-term commitment to the European market. The company plans to leverage these resources to mitigate the impact of the new EU tariffs on Chinese-made electric vehicles.

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What Happened When

First half of 2024：: In the first half of 2024, Proton sold 78,000 units, generating a net profit of 126 million yuan ($18 million) and Renault Korea sold 42,000 cars with a net profit of 85 million yuan.