China’s Geely Holding targets over 5 million models of annual gross sales by 2027

SHANGHAI (Reuters) – China’s Geely Holding Group on Sunday mentioned it goals to promote greater than 5 million automobiles yearly by 2027, a giant leap from 2023, which it hopes to realize 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 models of passenger automobiles 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 may additionally put Geely amongst one of many prime 10 automaking teams globally, it would additional consolidate its sprawling passenger automobile manufacturers into two models — Geely Auto (HK:0175) and Zeekr Expertise — to focus on the mass market and premium segments, respectively, it mentioned in a press release printed on Sunday.

It could additionally deepen alignment of analysis and growth of key applied sciences in seven points together with structure, sensible driving and cockpits and batteries among the many group, which has made redundant investments with separate R&D staff underneath every model.

The Chinese language firm owned by billionaire Eric Li launched into a collection of strategic strikes in September to deal with its important enterprise of automaking after increasing into different sectors comparable to 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 large 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)