Geely wants to sell more than 5-million cars a year by 2027

China’s Geely Holding Group on Sunday said 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 consolidation of its sprawling brands and improving efficiency.

The goal represents about 79% growth from 2023, when Geely Holding sold 2.79-million units of passenger cars and commercial vehicles. The group sold 3-million vehicles in the first 11 months of 2024, a 20% growth compared with the same period of 2023.

To achieve the goal, which could also put Geely among one of the top 10 car-making groups globally, it would further consolidate its sprawling passenger car brands into two units — Geely Auto and Zeekr Technology — to target the mass market and premium segments, respectively, it said in a statement published on Sunday.

It would also deepen alignment of research & development of key technologies in seven aspects, including architecture, smart driving, and cockpits and batteries among the group, which has made redundant investments with separate R&D teams under each brand.

The Chinese company owned by billionaire Eric Li embarked on a series of strategic moves in September to focus on its main business of car-making 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 big restructuring move in a planned overhaul for the sprawling automotive group.

Reuters