Zhejiang Geely Holding Group (Geely Holding) announced this month the aggregate sales across its automotive brands – Geely Auto, Geometry, LYNK & CO, Zeekr, Volvo Cars, PROTON, Lotus, LEVC, and Farizon Commercial Vehicle – grew 5% year-on-year to exceed 2.2 million units in 2021, a new record for the Group. For the fourth consecutive year, Geely Holding recorded more than 2 million units in aggregate sales.
Key points
Demand for new energy vehicles drives aggregate sales to new record levels at Geely Holding brand portfolio.
Group sales of electrified and clean alternative fuel vehicles grew more than 70%, exceeding 330,000 units.
Rapid global expansion and new energy vehicle sales help Geely Auto return to growth.
Sales of Volvo Recharge models rise more than 60% as Swedish brand accelerates electric transition.
Geely New Energy Commercial Vehicles reach new highs with record sales and innovative new models.
EV vehicles, Geely’s the Path to a Sustainable Future
In a market environment disrupted by supply constraints around the world, Geely Holding portfolio of automotive brands showed resilient growth. The Group’s growth was led by its brand’s rapidly expanding global presence and sales of new electrified vehicles. With a greater focus placed on sustainability and green mobility, sales of electrified and clean alternative fuel passenger and commercial vehicles grew more than 70% YoY, exceeding 330,000 units and accounting for over 15% of Group aggregate sales.
Geely Holding regards sales of low-emission vehicles as part of its sustainability strategy, in which it supports the global consensus on reaching peak carbon and achieving carbon neutrality. In 2021, Geely Holding pledged to make every effort to reduce its carbon footprint by 25% by 2025 and achieve carbon neutrality by 2045. In manufacturing, Geely Holding has aimed to achieve carbon neutral production with “zero wastewater, zero landfill waste, and zero production waste.” Through sharing its expertise and industrial technologies, Geely Holding also hopes to help suppliers reduce waste and emissions as well.
In new mobility services, Geely Holding welcomed the reduction of 468,000 tons of carbon emissions achieved by CaoCao Mobility, the green-ride hailing provider in which it is a major shareholder. CaoCao operates a fleet of zero-emission vehicles in 62 cities serving more than 100 million customers in China. CaoCao Mobility has pledged to become completely carbon neutral in its operations by 2023.
The Group’s sustainability strategy also saw Geely Technology Group establish around 100 battery swapping stations across China that can safely swap batteries in less than a minute. By 2025, at least 5,000 swapping stations will be deployed across 100 cities. CaoCao Mobility has already become a leading user of the battery swapping service in 2021, proving the technology’s maturity.
Outlook 2022
Geely Holding anticipates continued solid demand in 2022 across its brands, mobility services, and technology operations as disruption linked to the coronavirus pandemic and supply-chain shortages begin to ease. Geely Holding aggregate sales in 2022 are expected to exceed 2.5 million vehicles, backed by strong growth in electrified vehicles and brand expansions into new markets.
Among Geely Holding’s subsidiaries, Geely Automobile Group has set a sales target of 1.65 million units for 2022, an increase of 24%. Zeekr is planning to deliver 70,000 electric Zeekr 001s, more than ten times the number it had in its first year. Polestar has also set a high target of 65,000 electric vehicles, a nearly 125% increase.
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