China’s Geely Holding aims for more than 5 million units in annual sales by 2027. Reuters
SHANGHAI (Reuters) – China’s Geely Holding Group said on Sunday it aims to sell more than 5 million vehicles a year by 2027, a big jump from 2023, which it hopes to achieve by accelerating the consolidation of its sprawling brands and improving efficiency.
The goal represents a growth of about 79% compared to 2023, when Geely Holding sold 2.79 million units of passenger and commercial vehicles. The group sold 3 million vehicles in the first 11 months of 2024, a growth of 31% compared to the same period in 2023.
To achieve the goal, which could also put Geely among the top 10 car manufacturing groups in the world, it will further consolidate its broad passenger car brands into two units — Geely Auto (HK:) and Zeekr Technology — to target the mass market and premium segments, according to a statement issued on Sunday.
It would also deepen the alignment of research and development of key technologies in seven aspects, including architecture, smart driving and cockpit and batteries within the group, which has made redundant investments with a dedicated research and development team under each brand.
The Chinese company, owned by billionaire Eric Li, launched a series of strategic moves in September to focus on its core business of making cars after expanding into other sectors such as satellites, smartphones and banking in previous years.
In November, it announced the merger of Zeekr with its sister brand Lynk & Co as the first major restructuring move in a planned overhaul for the sprawling automotive group.
