Geely predicts increased EV growth

Zhejiang Geely Holding Group (Geely Group) says aggregate sales across its automotive brands – grew 4.7% year-on-year to exceed 2.3 million units in 2022.

The group owns brands such as Geely Auto, Volvo Cars, Polestar, Lotus, Proton, Smart, Geometry, Livan, LYNK & CO, Zeekr, Radar, LEVC, and Farizon Commercial Vehicle – most of them involved in EV manufacturing

For the fifth consecutive year, Geely Group says it recorded more than two million units in aggregate sales.

The Group has seen sales of electrified and clean alternative fuel passenger and commercial vehicles nearly double year-on-year, exceeding 675,000 units and accounting for 29% of group aggregate sales.

During 2022, it also signed an agreement with key European partners to share technology and achieve greater operational efficiencies.

Geely anticipates increasing demand for electrified and clean alternative fuel vehicles in 2023 across its brands, pushed by strong growth in electrified models, an easing of supply chain issues, and the end of COVID-19 related disruptions.

Among the subsidiaries, Geely Automobile Group (HK.0175) has set a sales target of 1.65 million units for 2023, an increase of roughly 15% of its 2022 total sales. Zeekr aims to double its sales of premium electric vehicles and expand to European markets in 2023. Polestar anticipates its global volumes will grow to 80,000 electric vehicles in 2023, a roughly 60% increase from its 2022 sales. Geely New Energy Commercial Vehicle Group expects to increase sales of clean electrified and alternative fuel commercial vehicle to 150,000 units in 2023.