2023 annual sales by Geely Holding Brands rise 20% to 2.79m units

Hangzhou, China — Zhejiang Geely Holding Group (Geely Holding) announced on January 15 that aggregate sales across its automotive brands—Geely Auto, LYNK & CO, Zeekr, Volvo Cars, Polestar, PROTON, Lotus, smart, Radar, LEVC and Farizon—grew 20% year-on-year to 2.79 million units in 2023, setting a new record for the Group. For the sixth consecutive year, Geely Holding achieved more than 2 million units in aggregate sales.

Accelerating a green and electrified future

The Group has seen sales of electrified and clean alternative fuel passenger and commercial vehicles grew over 51% year on year to approximately 980,000 units and accounting for 35% of Group aggregate sales.

The improved sales performance coincided with the Group’s continued focus on electrification, next-generation technologies and synergies in sustainability.

During 2023, the Group’s core advantages in synergy building and technology sharing was highlighted with the launch of several new electric models across Geely’s brand portfolio developed on Geely’s Sustainable Experience Architecture (SEA) and its derivatives. New models launched in 2023 include Geely Auto’s Yinhe E8, Zeekr 007, Lynk & Co 07 EM-P, Volvo EX30, Polestar 4, Lotus Emeya, smart #3, PROTON S50 and Farizon SuperVAN,.

Geely outlook for 2024

Geely Holding anticipates accelerated growth in electrified and clean alternative fuel vehicles sales and margins in 2024 across its brands. Nearly all brands under Geely Holding have announced new electrified models in 2023 with global production and delivery set to start in 2024.

In addition, several new models launched share Geely’s Sustainable Experience Architecture allowing brands to benefit from the synergetic advantages offered by Geely Holding in lowering costs and improving product margins.

Among the Geely Holding’s subsidiaries, Geely Automobile Group (HK.0175) has set a sales target of 1.9 million units for 2024, an increase of roughly 18% of its 2023 total sales. Zeekr aims to double its sales of premium electric vehicles to over 200,000 units and accelerate deliveries to European customers in 2024. Polestar aims to improve margins into the high teens and achieve annual sales around 150,000 by 2025.

About the group

Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development and design to production, sales and servicing.

Founded in 1986 by Eric Li, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China.

Today, Geely Holding operates a number of brands including Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Lotus, Radar, smart, London Electric Vehicle Company and Farizon Auto.

Geely Holding sold over 2.79 million vehicles in 2023, with Volvo Cars sales reaching 708,716 units globally and Geely Auto Group's Hong Kong listed entity reporting sales reaching 1,686,516 units.

Geely Holding employs over 120,000 people globally, and has been listed in the Fortune Global 500 for the past 11 years.

For more information regarding Zhejiang Geely Holding Group please refer to the official website at www.zgh.com and Geely Global http://global.geely.com.