- Group sales of electrified and clean alternative fuel vehicles grew over 52% to more than 1,487,954 units, representing 45% of aggregate sales.
- Cumulative sales of vehicles outside of China reached 1,221,852 units, a YoY increase of 21%
- Over 300,000 new energy commercial vehicles delivered by Farizon brand since brand establishment
- Geely Holding aiming for 5 million annual sales by 2027
- Growth across brand portfolio driven by demand for electrified vehicles.
- New stage of Geely strategic transformation focused on automotive business, expansion of technology ecosystem, enhancing competitiveness, and making steady progress
2025 January 8th, Hangzhou, China – Zhejiang Geely Holding Group (Geely Holding) announced today that aggregate sales across its automotive brands grew 22% year-on-year to 3,336,534 units in 2024, setting a new record for the Group. For the first time in its history, Geely Holding achieved more than 3 million units in aggregate sales. Electrified and clean alternative fuel new energy vehicles led growth throughout the year reaching 1,487,954 units, a 52% YoY increase, representing 45% of aggregate sales. Sales of vehicles in markets outside of China also saw significant growth reaching 1,221,852 units over the past year, a YoY increase of 21%.
New Stage in Geely’s Strategic Transformation
The overarching theme for Geely Holding over past year was the call to accelerate the group’s strategic transformation through focusing on its core automotive business, expanding its technology ecosystem, enhancing the competitiveness of brands and products, and pursuing sustainable business growth.
The improved sales performances among Geely invested brands have shown the early results of entering a new stage in their intelligent electrified transformation journey. Geely Auto, Lynk & Co, Zeekr, Volvo, Polestar, Lotus, and other portfolio brands have clarified their market positioning, and unveiled a broad product matrix offering high-quality experience to global users.
Setting New Records Empowered by Intelligent Electrification
Geely Auto, the Hong Kong-listed holding company (HK.0175) that includes majority shareholdings in Lynk & Co and 62% of Zeekr, reported 2024 sales of 2.17 million units, an approximately 32% YoY increase. Sales growth was driven by the company’s expanding global presence and electrified vehicle sales. In the new energy and electrified vehicle segment (including BEVs, PHEVs, and HEVs) the company saw unit sales nearly double to 888,235 units, a 92% YoY increase. Capitalizing on the high demand for high-end intelligent electrified vehicles, the brand’s flagship electrified product series, Geely Galaxy, saw sales reach 494,440 units, an 80% YoY increase. Accelerating the brand’s global expansion to new markets in Central Asia, Middle East, South America, and Southeast Asia, exports to overseas markets grew a robust 53% YoY to 403,923 units.
Lynk & Co, Geely Auto Group’s premium brand delivered 285,441 vehicles globally to its users in 2024, a 30% YoY increase. The brand saw great success with their new generation ultra-long-range EM-P plug-in hybrid models and improved intelligent experience after partnering with mobile device make Meizu to create the Flyme OS in 2024. The newest hybrid models, Lynk & Co 07 and 08 EM-P models helped the brand reach new milestones with sales of over 10,000 units per month for seven consecutive months.
ZEEKR, the Geely invested luxury electric mobility technology brand, in its third full year of sales delivered 222,123 units, an increase of 87% YoY. In the Chinese market, the brand was able to secure the title of best-selling Chinese luxury pure electric vehicle brand. Zeekr also announced plans to integrate Lynk & Co into a leading global high-end luxury new energy vehicle group, enhancing core synergies between the two with the goal of increasing their global competiveness.
Proton Cars, of which Geely Auto Group controls 49.9% in partnership with DRB-HICOM, recorded annual sales of 152,352 units. The Malaysian national brand maintained its number-two position in its home market accounting for nearly a fifth of Malaysia’s total market share for the sixth consecutive year. The past year also saw the brand making its transition to the EV space with the launch of its first electric model, the Proton e.MAS 7.
Lotus Cars’ global sales have reached a new high exceeding 2,000 units in December 2024, a new record in its history and ranking among the top 3 super luxury sport car brands. The brand is set to exceed annual sales of 10,000 units in 2024, marking a new milestone in its revitalization and electrified transformation.
Volvo Cars transformational journey continues with new milestones set. For the full-year, Volvo saw its unit sales reach 763,389 vehicles, an approximately 8% YoY increase, and a new historic record for the brand. The Swedish brand saw a significant increase in sales of its electrified products with sales of fully electric vehicles reaching 175,194 units, a 54% YoY increase and sales of plug-in hybrids reaching 177,593 units, a 16% YoY increase. Shares of electrified models accounted for 46% of all vehicles sold.
Polestar, the Swedish electric performance car brand, continues making progress in its journey to improving profitability in 2024. Deliveries of its fourth model, the performance SUV, Polestar 4, began in earnest throughout 2024. Production of its models in the US (Polestar 3) also began in 2024 with plans for new production in South Korea to start in 2025 for global markets.
Farizon, the commercial vehicle brand under Geely New Energy Commercial Vehicle Group maintained its position as the market leader for new energy light trucks in China for a third consecutive year, and reached a new milestone with the cumulative sales of over 300,000 new energy commercial vehicles since the brand establishment. The brand’s commitment to expanding the application of methanol-hydrogen fuel for transportation and non-transportation uses have helped it secure a significant competitive advantage in the new energy commercial vehicle sector. Outside of China, the Farizon brand has also made significant progress throughout 2024, entering new markets in Europe, Middle East, Asia-Pacific, Central Asia, and South America with its latest most advanced SuperVAN, Homtruck, electric heavy trucks, and electric bus series
Geely Holding Outlook 2025
Geely Holding will redouble its focus on core businesses in the automotive sector in 2025, accelerate the pace of technological innovation, and create new opportunities for its portfolio brands through electric, hybrid, methanol-hydrogen powertrain technologies. Synergetic business units within the wider Geely Holding portfolio of investments such as low-orbit satellites, vehicle specific chips, computing capabilities that create new value through super synergies will also continue to be supported. The next year will also see increased integration and more efficient resource utilization to improve the synergetic advantages offered by Geely Holding in lowering costs and improving product margins for its portfolio brands. Improving synergies will not only take place within the Group, but also externally through open cooperation and collaboration with global partners.
Among the Geely Holding’s subsidiaries, Geely Automobile Group (HK.0175) has set a sales target of 2.71 million units for 2025, an increase of roughly 25% of its 2024 total sales. Zeekr will aim to increase its sales of premium electric vehicles to over 320,000 units while Lynk & Co aims for 390,000 units in 2025.
2027 Goals
By the end of 2027, Geely Holding has the ambition to achieve an aggregated global sales of 5 million units under a revitalized business plan that will see Geely Group take greater strategic focus on its core businesses in the automotive sector, greater strategic integration to generate software and hardware synergies, improved strategic coordination among its portfolio brands, increased capabilities to achieve sustainable development, and accelerating organizational transformation and rejuvenation through strategic emphasis on talent.