50% of Geely vehicle sales to be electric by 2023
The Chinese carmaker Geely is accelerating its transition to electric vehicles, as was revealed in the company’s financial report for the first half of 2022. The company aims to make 50 per cent of its overall sales electric by 2023.
The carmaker’s vehicle sales fell 9 per cent in the first half of the year due to Corona restrictions in China, the chip crisis and the increased cost of raw materials. But while combustion engine sales fell by 20 per cent – electric and hybrid models rose by around 400 per cent to 109,000 units, accounting for almost 18 per cent of the company’s sales, which includes the Geometry, Lynk & Co, Zeekr and Livan brands.
Over 70 per cent of these electric models (BEV, PHEV & HEV) were purely battery-electric models (BEV). Just over 20 per cent were plug-in hybrids (PHEV), and less than 10 per cent were hybrids (HEV). Geely chief executive Jerry Gan said that by the second half of 2022, sales of all-electric vehicles and plug-in hybrids should already account for more than 30 per cent of total sales.
In the first half of this year, overseas markets made up 14.3 per cent of the company’s total sales, which marks an increase of 64 per cent. Geely says it is aiming to increase overseas market sales to 20 per cent by 2025.
In its European operations, Lynk & Co delivered a total of 10,912 units to a combination of owners and subscribers, marking an increase of 3,986 per cent. Not surprisingly, Geely says the brand will continue expanding its presence in Europe as well as in Asia-Pacific markets.
In Malaysia, the company’s strategic partner Proton has also accelerated its overseas expansion, becoming Malaysia’s top vehicle exporter. Geely says the brand is to focus on Southeast Asian markets such as Thailand and Vietnam.
The first half of the year also saw a 71.7 per cent increase in R&D investment in intelligent and electrified vehicles. The Chinese carmaking giant also said that new energy models featuring smart and intelligent capabilities would continue to be the company’s focus in new product offerings in the second half of 2022. While increasing exports, Geely says it will also work on exporting its advanced hybrid, electric, and other new energy technologies by means of technology licensing, subscription, or cooperation with local automakers.