| Geely Automobile Holdings Limited | |||||||||||||
| Type: | Public | ||||||||||||
| Traded As: | HKEX: | ||||||||||||
| Industry: | Automotive | ||||||||||||
| Area Served: | Worldwide | ||||||||||||
| Products: | Automobiles | ||||||||||||
| Production: | 1,686,516 vehicles (2023) | ||||||||||||
| Revenue: | (2023) | ||||||||||||
| Net Income: | (2023) | ||||||||||||
| Assets: | (2023) | ||||||||||||
| Equity: | (2023) | ||||||||||||
| Num Employees: | 60,000 (2023) | ||||||||||||
| Parent: | Zhejiang Geely Holding | ||||||||||||
| Divisions: |
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| Footnotes: | [1] | ||||||||||||
| Module: |
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Geely Automobile Holdings Limited, also commonly known as Geely Auto (;) is a publicly traded automotive company predominantly owned by the Zhejiang Geely Holding (ZGH) group. It owns the eponymous Geely Auto brand and partly owns Lynk & Co, Proton Cars and Zeekr brands. The company is incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange.
Established in 1986 by Li Shufu in Ningbo, Zhejiang, China, Geely initially focused on refrigerators before transitioning to motorcycles in 1994. In 1997, Geely entered the automotive industry, becoming China's first privately-owned car manufacturer. Its first product, the Geely Haoqing rolled off the production line in 1998. In 2004, the company went public on the Hong Kong Stock Exchange.
The company is the largest subsidiary of Zhejiang Geely Holding, producing over 1.68 million out of the 2.79 million vehicles produced by the group in 2023. Around 487,000 were new energy vehicles (plug-in hybrid and battery electric vehicles). It also has the largest number of employees, with 60,000 out of the group's total of over 130,000 employees.[2] [3]
Geely is a phonetic transliteration of the company's native name Chinese: 吉利, which means "auspicious" or "propitious" in Chinese.[4]
Geely Automobile Holdings or hereinafter Geely Auto is a publicly listed company within Zhejiang Geely Holding, a conglomerate largely owned by Li Shufu. Since February 2017, Geely Auto became a constituent of the Hang Seng Index.[5], Zhejiang Geely Holding is the largest shareholder of Geely Auto by holding 39.94% stake, followed by Proper Glory Holding Inc., a holding company partly owned by Zhejiang Geely Holding that held 26.2%. At least 76% of Geely Auto's stake is held by companies connected to Li Shufu.
Geely Auto fully owns Geely, Geely Galaxy and Geely Geometry brands. Lynk & Co ownership is shared with parent Zhejiang Geely Holding and Volvo Cars, Proton Holdings is jointly owned (via subsidiary Linkstate Overseas Limited) with long-time Malaysian owner DRB-HICOM, and Zeekr became a NYSE-listed company since May 2024 with Geely Auto retaining 50.8% stake. The company also controls 75% of Geely's financing arm, Genius Auto Finance Co., Ltd. In February 2024, Geely Auto sold its 45% stake in battery swapping joint venture brand Livan Automotive to Geely Qizheng, another company under Zhejiang Geely Holding.[6]
Zhejiang Geely Holding only considers Geely, Lynk & Co, Proton, and Livan (until 2024) as part of the "Geely Auto Group" business unit, while Zeekr is considered a standalone business unit.[7]
References: [8]
Geely was established in 1986 in Ningbo, Zhejiang by Li Shufu. Initially, the company entered the refrigerator manufacturing industry in Taizhou, Zhejiang. To start the company, Li Shufu had to borrow funds from his family.[4] [9] In 1994, Geely transitioned into the motorcycle industry by acquiring a state-run firm, and started producing China's first scooter.[10]
Li Shufu has described the company's development as encompassing three eras: the "1.0era" of machinery, the "2.0era" of electronics, and the "3.0era" of intelligence.[11] [12]
In 1996, Geely Group Co., Ltd. was formally established as a private company. The very first car made by Geely was completed in 1996, which is called the "Geely Number 01". It is a clone of a Mercedes-Benz E-Class (W210) with a chassis taken from a Hongqi CA7200, which in turn is based on the Audi 100. The prototype was conceived from Li Shufu's frustration over China's lack of a luxury carmaker. He wanted to prove that a Chinese company has the ability to produce luxury cars, according to his interview with CCTV in 2009. The car remained a single prototype and was never produced.[13] By 1997, the company had completed the construction of relevant factories and initial investment preparations to enter the automobile industry. This made Geely the first private automobile company in China, whereas other carmakers are state-owned enterprises such as Chery. Geely's first car, the Geely Haoqing, rolled off the assembly line in Linhai, Zhejiang on 8 August 1998. The Haoqing is similar to the small Japanese car Daihatsu Charade and is powered by a Daihatsu three-cylinder engine. However, Geely did not obtain its national production license until 9 November 2001, which delayed mass production until 2002.[14] By 2002, the brand was ranked among the top ten in the Chinese automobile market. It also ranked 421st among the "Top 500 Companies in China" and 28th among the "Top 100 Companies in Zhejiang Province".[15]
Geely was known for imbuing a sense of humor in the names of some of its vehicles. One of the early Geely brand sedan is called the "King Kong" and its early model was named Uliou (Chinese: 优利欧, You Li Ou),[9] a play on words that literally means "better than the Tianjin Xiali (Chinese: 夏利, Xia Li) or the Buick Sail (Chinese: 赛欧, Sai Ou), two of its competitors.[16]
In 2002, Geely shifted from being a family-operated entity to a joint-stock company managed by professional management. Zhejiang Geely Holding Group Co., Ltd. (ZGH) was established on 24 March 2003.[17] In April 2003, Zhejiang Geely Holding entered a joint venture agreement with Guorun Holdings Co., Ltd., a company listed on the Hong Kong Stock Exchange, to expand Geely's automotive business. Geely and Guorun later created several other joint ventures.[18] In January 2004, Li Shufu bought controlling shares in Guorun, and in March 2004, the company was renamed Geely Automobile Holdings Limited. This strategy was seen as a "backdoor" entry into the Hong Kong stock market, providing a means for the company to raise funds.[19] [20] [21]
In August 2002, Geely Auto acquired Shanghai Jiashida Automobile Group Co., Ltd. to form the Shanghai Maple vehicle manufacturing base. In August 2003, the first car from Shanghai Maple called Maple Biaofeng rolled off the assembly line. In January 2003, Geely launched its first sports car, the Geely BL, which went on sale in November 2003.
In the second half of 2003, the Chinese government initiated macro-control measures on the automobile industry and ended its micromanagement policies, which caused a sharp decline in the automotive market following years of growth. Geely took advantage of the situation by starting its independent research and development effort, investing hundreds of millions of yuan in technological upgrades of its factory. As a result of these changes, the quality of Geely cars improved, and sales increased, particularly in the economy car segment from 2003 to 2004.[22] In August 2003, the first batch of Geely cars were exported overseas. Geely began to expand its presence in international markets by participating in the Frankfurt Auto Show in 2005 and the Detroit Auto Show in 2006.[23]
In a 2012 report, Reuters detailed how Geely, through its subcontracted local engineering partner CH-Auto, reverse engineered a Toyota Aygo city car in 2005 to develop the similar Geely LC.[24]
From 2007 to 2008, Geely Auto shifted its strategy to focus on technology, quality, and service rather than competing on price. This new direction was outlined in their "Ningbo Declaration". This approach helped Geely navigate the 2008 global financial crisis.[25]
In January 2007, Geely Auto launched its Ukrainian semi-knock down (SKD) exports, by shipping the first batch of 300 sets of knock-down parts that would be assembled in Ukraine. By 2012, Geely became the second largest car exporter from China after Chery by exporting 100,300 vehicles. CKD facilities was also established with local partners in Russia, Indonesia and Egypt.[26] [27]
Geely Auto started developing its own turbocharged petrol engines, which it introduced in 2008. The engines helped Geely vehicles to compete in terms of power performance and fuel economy. In 2008, Geely Auto founded a new brand named Gleagle, followed by the Emgrand and Englon brands in 2010.[28] The Englon brand was aimed to emulate a classic British brand. Its model line also included the London black cab model, the TX4 that Geely acquired while taking a stake in British company Manganese Bronze Holdings.[29] [30]
In late 2011, Geely appointed former Volvo designer Peter Horbury as Senior Vice President of Design. He led the development of the Geely Borui sedan, which is considered as the company's first "3.0 era" car.[31]
Between 2013 and 2014, Geely Auto faced declining sales and outdated technology. The company undertook major restructuring in 2014 by merging its Emgrand, Haoqing, and Englon brands into a unified Geely brand, streamlining its product lineup.[32] [33] This restructuring paved the way for successful launches that the company describes as the "Era of Premium Cars 3.0", which include the Geely Borui in 2015, Geely Boyue in 2016, the Emgrand GS and Emgrand GL.
In October 2016, Geely Auto released its new brand called Lynk & Co in Berlin, Germany. The brand was launched with three production models, all based on the Compact Modular Architecture (CMA) developed by China Euro Vehicle Technology (CEVT). Lynk & Co as a brand is positioned between Geely and Volvo.[34] The brand also adopts innovative sales models such as direct-to-consumer sales model and subscription model.[35] In August 2017, Zhejiang Geely Holding, Geely Automobile Holdings and Volvo Car Group signed an agreement at Geely Auto's Hangzhou Bay R&D Center to establish the Lynk & Co joint venture. Under this agreement, Geely Auto controls 50% of Lynk & Co, Volvo Cars held 30%, and Zhejiang Geely Holding held the remaining 20%.[36] In 2018, Geely Auto entered a period that it describes as a "new phase", with the introduction of the "Technology Geely 4.0" architecture. This included the introduction of high-quality products dubbed the "Refined Vehicle Series" which includes the "Star" series such as the Geely Xingrui and Geely Xingyue,[37] and the implementation of the NordThor E-Hybrid powertrain. Starting in 2018, Geely Auto saw increasing market share despite a declining market. By the end of that year, it had produced and sold over 1.5 million units with a diverse lineup of over 10 models, including models using the BMA platform. Despite challenges in 2019 such as trade tensions and new emission standards, Geely maintained strong growth by selling 651,680 vehicles in the first half of 2019, and enjoyed higher average selling prices with more high-end products.
In April 2019, Geely Auto launched its battery electric brand, Geometry. The brand was consolidated into Geely Auto in March 2023 as Geely Geometry, becoming its entry-level electric product series.[38] [39]
In March 2021, Zeekr was founded the company's premium brand for battery electric vehicles.[40] The company also released the "Smart Geely 2025 Strategy" focusing on intelligent and electrified vehicle development, and targeting an annual sales of 3.65 million vehicles under the Geely Auto, Lynk & Co, Geometry and Zeekr brands by 2025.[41]
In November 2022, Geely Auto unveiled a new logo in conjunction with the 2022 Asian Games in Hangzhou. The brand also became the official automotive service partner for the sport event. The new logo is based on its old logo, but inverted and simplified.[42]
In February 2023, Geely Auto unveiled its mass-market new energy vehicle product line, the Geely Galaxy. The first product of this series is the Geely Galaxy L7 plug-in hybrid SUV which uses the NordThor E-Hybrid 8848 powertrain, along with the innovative Galaxy N-OS technology.[43] [44] Geely Auto reached its record sales in 2023, selling more than 1.6 million vehicles.
, Geely Auto controls 10 manufacturing plants, all located in mainland China.
| Chunxiao plant | Zhenhai, Ningbo, Zhejiang, China | 200,000 vehicles | Boyue, Boyue L | |
| Xiangtan plant | Xiangtan, Hunan, China | 240,000 vehicles | Binyue | |
| Baoji plant | Baoji, Shaanxi, China | 200,000 vehicles | Galaxy L7, Boyue, Boyue L | |
| Linhai plant | Linhai, Zhejiang, China | 300,000 vehicles | Galaxy L6, Emgrand L | |
| Jinzhong plant | Jinzhong, Shanxi, China | 180,000 vehicles | Geometry A, Geometry C, Emgrand EV | |
| Qiantang plant | Qiantang, Hangzhou, China | 100,000 vehicles | Galaxy E8, Geometry E, Icon | |
| Hangzhou Bay DMA plant | Hangzhou Bay, Ningbo, Zhejiang, China | 150,000 vehicles | Xingyue, Xingrui, Xingrui L | |
| Guiyang plant | Guiyang, Guizhou, China | 150,000 vehicles | Haoyue L, Jiaji | |
| Changxing plant | Changxing, Huzhou, Zhejiang, China | 180,000 vehicles | New Emgrand, Binrui Cool | |
| Xi'an plant | Xi'an, Shaanxi, China | 300,000 vehicles | Xingyue L, Smart #1, Smart #3 |
See main article: List of Geely vehicles. Geely Automobile Holdings owns the main Geely Auto brand and its sub-brands, Geely Geometry and Geely Galaxy. The company partly owns Lynk & Co, Proton Cars and Zeekr brands, and a former owner of joint venture brand Livan Automotive. The brands formerly used by the company include Emgrand, Englon, and Gleagle.
| Geely Auto | |||||||||||||
| Type: | Automotive | ||||||||||||
| Currentowner: | Geely | ||||||||||||
| Origin: | China | ||||||||||||
| Introduced: | 1997 | ||||||||||||
| Markets: | Worldwide | ||||||||||||
| Website: | geely.com | ||||||||||||
| Module: |
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Geely is the main brand of the company. The brand mostly sells petrol-powered cars, with several hybrid and battery electric offering.
See main article: Geely Galaxy. Geely Galaxy [45] is Geely's mass-market range of new energy vehicles (plug-in hybrid and battery electric vehicles) that was established in 2023.[46] [47] [48]
See main article: Geely Geometry.
Geely Geometry is the battery electric vehicle range of Geely-based cars. Previously independent, the Geometry brand that was established in 2019 was consolidated into Geely Auto as an entry-level battery electric product series in March 2023.[38] [49]
Lynk & Co is a brand jointly owned by Geely Auto, Volvo Cars and Zhejiang Geely Holding that was established in 2016. The brand is positioned between the Geely and Volvo brands. It is aimed to be a startup-like company by introducing innovative sales models such as direct-to-consumer sales model and subscription model to market its vehicles.[35]
Geely Auto controls 50% of Lynk & Co, Volvo held 30%, and Zhejiang Geely Holding held the remaining 20%.[36]
See main article: Proton Holdings. Proton is a national car brand of Malaysia that is partly managed by Geely Automobile Holdings.[50] Since 2017, the brand is owned 49.9% by Zhejiang Geely Holding and 50.1% by DRB-HICOM. Its first Geely-based vehicle, also the carmaker's first-ever SUV, the Proton X70 was introduced in Malaysia in December 2018. It is based on first-generation Geely Boyue.[51]
See main article: Zeekr.
Zeekr is a premium battery electric vehicle brand partly owned by Geely Automobile Holdings. The brand was founded in 2021 as an offshoot of Lynk & Co, as its first vehicles were meant to be Lynk & Co models.[52] The company is listed on the New York Stock Exchange since May 2024.[53] While it is 50.8% owned by Geely Automobile Holdings, it is not part of the Geely Auto Group business unit.
See main article: Emgrand. Emgrand was launched in 2009 as a medium- to high-end luxury brand.[54] In 2014, Emgrand ceased to be a standalone brand, and Emgrand became a sub-brand of Geely, which itself adopted an updated version of the Emgrand logo.
Englon was launched in 2010 to replace the Shanghai Maple brand.[30] Geely claimed Englon emulated classic, British styled cars.[29] Some of its cars were built by Geely subsidiary Shanghai LTI.[55] As Geely fully acquired The London Taxi Company in 2013, the emblem of Englon also became the new logo of The London Taxi Company.
See main article: article and Gleagle. Gleagle was Geely's entry-level brand sold between 2010 and 2015.[56] Some Gleagle cars, such as the Gleagle Panda, were available for sale on the internet in China via the Taobao Mall, a popular e-commerce site.[57] [58] While Geely would deliver the car to the customer's address, buying one of the Panda models on offer did necessitate a trip to a traditional dealer.[59] This sub-brand was discontinued in 2015. Most Gleagle products continued to be sold directly under the Geely brand.
| JLC-4G15 | 103 - 106 HP | 1,498 cc | 2016 | |
| JLY-4G15 | 98 - 106 HP | 1,498 cc | 2009 | |
| JLC-4G18 | 131 - 133 HP | 1,799 cc | 2016 | |
| JLY-4G18 | 125 - 133 HP | 1,792 cc | 2007 | |
| JLD-4G20 | 136 - 141 HP | 1,997 cc | 2010 | |
| JLD-4G24 | 148 - 156 HP | 2,378 cc | 2010 | |
| JLE-4G18TD | 163 HP | 1,799 cc | 2015–2019 | |
| JLE-4G18TDB | 184 HP | 1,799 cc | 2017 | |
| JLH-3G15TD | 150 - 180 HP | 1,477 cc | 2018 | |
| JLH-4G20TDB | 238 HP | 1,969 cc | 2019 | |
| MR479Q | 84 HP | 1,342 cc | 1998–2016 | |
| MR479QA | 94 HP | 1,498 cc | 2000–2016 |
The 2009 Geely GE concept received criticism for looking like a Rolls-Royce.[60]
An unsuccessful lawsuit was brought against the company in the early 2000s by Toyota, which claimed Geely had "implied in ads that some of the parts [used in Geely vehicles] were made by Toyota".[61] [62]
| Year | Total | Geely | Geometry | Galaxy | Lynk & Co | Zeekr | Livan/Maple | |
|---|---|---|---|---|---|---|---|---|
| 2009 | 325,413[63] | undisclosed / not available | ||||||
| 2010 | 415,286[64] | |||||||
| 2011 | 421,385[65] | |||||||
| 2012 | 483,483[66] | |||||||
| 2013 | 549,518[67] | |||||||
| 2014 | 417,851[68] | |||||||
| 2015 | 509,863[69] | |||||||
| 2016 | 765,851[70] | |||||||
| 2017 | 1,247,116[71] | |||||||
| 2018 | 1,500,838[72] | |||||||
| 2019 | 1,361,560[73] | |||||||
| 2020 | 1,320,217[74] | |||||||
| 2021 | 1,328,029[75] | 1,046,186 | 55,320 | - | 220,516 | 6,007 | 4,945 (not included) | |
| 2022 | 1,432,988[76] | 975,391 | 149,389 | - | 180,127 | 71,941 | 56,140 | |
| 2023 | 1,686,516[77] | 1,034,737 | 191,346 | 83,497 | 220,250 | 118,685 | 38,001 | |
| References: [78] [79] | ||||||||