Zhejiang Geely Holding Group (Geely Holding) announced today that aggregate sales across its three automotive subsidiary units – Geely Auto Group, Volvo Car Group and Geely New Energy Commercial Vehicle Group– exceeded 2.1 million units in 2020.
Despite the global coronavirus pandemic and months of work stoppage in many markets around the world, Geely Holding brands performed resiliently amid the volatility of the past year. In the second half of the year, our brands saw a strong return to growth compared to the same period in the previous year.
The brands within Geely Auto Group, comprising Geely Auto, LYNK & CO, Geometry, PROTON and Lotus returned to growth, partly through strategic initiatives including utilization of the group’s latest modular architecture based models and global expansion efforts.
Geely Auto’s Hong Kong-listed holding company including Lynk & Co and Geometry reported 2020 sales of 1.32 million units. Over the past 12 months, the Geely Auto brand increased its market share and retained its position as the best-selling Chinese brand for the fourth consecutive year. The brand passed a historic milestone with its 10 millionth vehicle sold, a first for a Chinese auto brand. In 2020, Geely Auto launched three new models including its first sedan based on Compact Modular Architecture (CMA) with demand exceeding immediate supply. Geely Auto also announced its “Innovative Geely 4.0 era” to develop and launch new models based on the group’s BMA, CMA and new Sustainable Experience Architecture (SEA) modular architectures.
Lynk & Co, Geely Auto Group’s premium brand, set new monthly sales records in the second half of the year and officially entered the European market with its first Lynk & Co Club in Amsterdam. The brand unveiled its first fully electric concept model based on SEA, the Lynk & Co ZERO, ahead of the Beijing Auto Show. Since starting sales in late 2017, Lynk & Co has gained more than 400,000 customers by the end of 2020.
Geometry, Geely Auto Group’s standalone high-end pure electric brand launched the pure electric Geometry C Crossover SUV, an entry-level pure electric model that offers up to 550 km range.
PROTON Cars, of which Geely Auto Group controls 49.9% in partnership with DRB-HICOM, performed exceptionally in spite of the continuing Covid-19 outbreak and restrictions in Malaysia, growing 8.8% year-on-year and raising its market share. The Malaysian national brand’s success in 2020 was supported by their updated lineup, improving quality and premium brand experience. In the last quarter of 2020, PROTON launched its second model developed with Geely Auto, the X50 to great acclaim. Strong demand for PROTON’s new and improved models is expected to drive further growth for the brand in their mission to return to being the top brand in Malaysia and top three in the ASEAN market.
Lotus Cars continued to make significant investments in facilities at the company’s UK headquarters, internationally in operations and in developing its global dealer network. Sales at the iconic British brand rose 4% in 2020 across global retail sales.
Volvo Car Group recovered from a challenging first half of the year with its strongest second-half sales performance in the company’s history. For the full-year, Volvo saw a unit sales decline of 6%, but outperformed many of its competitors with unit sales of more than 660,000 vehicles, and gained market share in its main sales regions. Volvo made significant progress in its drive towards 50% of global sales from electrified vehicles with deliveries of ‘Recharge’ electrified models more than doubling. In Europe, ‘Recharge’ models comprised more than 29% of brand sales, making Volvo a regional leader for chargeable cars. In the US, the brand was the market leader for premium plug-in hybrids.
Polestar began global delivery of the Polestar 2, the brand’s pure electric coupe crossover in the second half of 2020 with thousands of deliveries across Europe and China. The brand’s first US deliveries started in January 2021. The first Polestar Spaces also began opening in major urban centres including London, Gothenburg, Shanghai, Beijing, New York and Los Angeles. To date more than 40 Polestar Spaces have been opened.
Geely New Energy Commercial Vehicle Group, established in 2016 as a strategic addition to Geely Holding’s portfolio, has quickly expanded its product line-up through its Farizon Auto and London Electric Vehicle Company (LEVC) brands. The commercial vehicle unit continued to expand globally by forming strategic partnerships and opening new markets for its green commercial products.
In 2020, Farizon continued to diversify its product lineup with a new pick-up model. The brand completed several deals to provide its new hydrogen fuel cell buses for several cities in China. Globally, the brand has formed new R&D and distribution partnership with leading companies in the Middle East.
LEVC began delivery of its new range extended zero emission capable light vans in late 2020. In spite of the challenges resulting from the global Covid-19 pandemic and Brexit negotiations, the brand was able to continue smooth operations of its Coventry plant.
Over the course of 2021, all brands under Geely Holding management will remain committed to introducing new electrified models, exploring innovative business models and increasing cross-industry collaborations. Geely Holding will continue expanding globally, entering new markets and forming new global partnerships.