Geely Holding Group, a Chinese conglomerate, has set a target to sell more than 5 million vehicles annually by 2027, a significant increase from its 2023 sales of 2.79 million units. To achieve this goal, the company aims to accelerate the consolidation of its sprawling brands and improve efficiency. Geely will further consolidate its passenger car brands into two units, Geely Auto and Zeekr Technology, to target the mass market and premium segments, respectively. The company will also deepen alignment of research and development of key technologies in seven areas, including architecture, smart driving, and batteries.
The goal represents an 79% growth from 2023, and could also put Geely among the top 10 automaking groups globally. The company has already seen a 20% growth in sales in the first 11 months of 2024, compared to the same period last year. To achieve its target, Geely will focus on its main business of automaking, after previously expanding into other sectors such as satellites, smart phones, and banking.
Geely has embarked on a series of strategic moves to focus on its core business, including the merger of Zeekr with its sister brand Lynk & Co in November. The company aims to achieve its goal by accelerating consolidation, improving efficiency, and deepening alignment of its research and development efforts.