SHANGHAI (Reuters) – China’s Geely Holding Group on Sunday mentioned it goals to promote greater than 5 million automobiles yearly by 2027, an enormous bounce from 2023, which it hopes to attain by accelerating consolidation of its sprawling manufacturers and enhancing effectivity.
The aim represents about 79% progress from 2023, when Geely Holding offered 2.79 million items of passenger vehicles and industrial automobiles. The group offered 3 million automobiles within the first 11 months of 2024, a 20% progress in comparison with the identical interval of 2023.
To realize the aim, which might additionally put Geely amongst one of many high 10 automaking teams globally, it’s going to additional consolidate its sprawling passenger automobile manufacturers into two items — Geely Auto (HK:) and Zeekr Expertise — to focus on the mass market and premium segments, respectively, it mentioned in an announcement revealed on Sunday.
It might additionally deepen alignment of analysis and improvement of key applied sciences in seven facets together with structure, sensible driving and cockpits and batteries among the many group, which has made redundant investments with separate R&D staff beneath every model.
The Chinese language firm owned by billionaire Eric Li launched into a sequence of strategic strikes in September to deal with its major enterprise of automaking after increasing into different sectors reminiscent of satellites, sensible telephones and banking in earlier years.
In November, it introduced the merger of Zeekr with its sister model Lynk & Co as the primary massive restructuring transfer in a deliberate overhaul for the sprawling automotive group.
(This story has been corrected to repair gross sales progress to twenty%, not 31%, within the first 11 months of 2024, in paragraph 2)
