Geely Holdings Group annual sales rise 20% in 2023

Zhejiang Geely Holding Group (Geely Holding) announced their aggregate sales across its automotive brands 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.

The Geely Holdings Group consists of Geely Auto, Lynk & Co, Zeekr, Volvo Cars, Polestar, Proton, Lotus, smart, Radar, LEVC, and Farizon.

Geely Group sold almost 3 million cars in 2023 image

Geely Auto, the Hong Kong-listed holding company (HK.0175) that includes Lynk & Co and Zeekr, reported 2023 sales of 1.68 million units, an approximately 18% YoY increase. Sales growth was driven by the company’s expanding global presence and electrified vehicle sales. Exports to overseas markets increased 38% YoY to 274,101 units. In the new energy and electrified vehicle segment (including BEVs, PHEVs, and HEVs) the company saw unit sales more than double to 354,471 units.

Lynk & Co, Geely Auto Group’s premium brand delivered 220,250 vehicles globally to its users in 2023, a 22% year-on-year increase. Zeekr, Geely’s electric mobility brand, reached a new milestone in its second full year of sales by delivering over 100,000 units. By the end of 2023, 118,685 Zeekr vehicles were sold, an increase of 65% year over year.

Geely Group sold almost 3 million cars in 2023 image

Proton Cars, of which Geely Auto Group controls 49.9% in partnership with DRB-HICOM, recorded its fifth consecutive year of growth with a 9.3% year-over-year increase in sales to 154,611 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.

Lotus Cars’ revitalization and transformation reached a turning point in 2023 as the historic British sports car brand saw its sales increase by over 1300% year over year with more than 50% of its sales from electric models.

Geely Group sold almost 3 million cars in 2023 image

Volvo Cars' electric transformation continues to progress steadily in 2023. For the full year, Volvo saw its unit sales reach 708,716 vehicles with the share of fully electric vehicles rising 16% of all vehicles sold globally. The Swedish brand saw sales increase for its products in its three major markets of Europe, China, and the US led by its electrified Recharge line.

Polestar, the Swedish electric performance car brand, presented a strengthened business plan focusing on improving margins and delivered 54,600 cars in 2023. smart, the new-premium intelligent and all-electric auto brand completed its first full year of sales and has successfully achieved its core objectives for the new era of operations. In 2023, smart has delivered nearly 70,000 units worldwide.

Geely Group sold almost 3 million cars in 2023 image

RADAR, the new energy outdoors lifestyle vehicle brand, in its first full year of sales, saw its market share in electric pickup trucks reach 61.5%. Farizon, the commercial vehicle brand under Geely New Energy Commercial Vehicle Group doubled its market share to over 20% in 2023.

LEVC announced its transformation from a high-end taxi manufacturer to a leading provider of e-mobility solutions in 2023 and debuted its next-generation electric model the L380 based on Geely’s Space Oriented Architecture (SOA). While making steady progress in its transformation, the brand also saw a new milestone with LEVC’s TX making up more than 50% of London’s licensed taxis in 2023.

Geely Holding anticipates accelerated growth in electrified and clean alternative fuel vehicle 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.