Top stories of Geely in 2018

Shanghai (Gasgoo)- Geely Automobile Holdings Limited (Geely Auto) sold 1,500,838 vehicles throughout 2018 with a year-on-year growth of 20.3%, making it the champion among Chinese PV makers by 2018 sales and its full-time sales exceed 1.5 million units for the first time in history, according to the sales report released by the automaker on January 7, 2019.

Although Geely Auto failed to accomplish its original 1.58 million-unit sales goal for 2018, it is still a pretty well performance amid the overall sales downturn in China this year.

Gasgoo hereby summarized Geely's significant events that happened in 2018, helping you review how the automaker developed itself during the past year.

Geely Auto sales company names new executive vice general-manager

It is reported on January 8 that Song Jun, former vice general-manager of Geely Auto Sales Company, was promoted as its executive vice general-manager to take charge of sales and marketing promotion of Geely Auto brand. 

As an outstanding marketing management talent cultivated by Geely Auto, Songjun has worked for it for over 10 years. Previously, he was employed as general-manager assistant of Geely Auto Sales Company. In July, 2017, he was rewarded with promotion to vice general-manager of the same company. After taking the post of company’s executive vice general-manager, he bears much more responsibilities for achieving Geely Auto's 20200 Strategy.

Geely to manufacture intelligent new energy commercial vehicles in Shangrao

On Jan. 13, Li Shufu, Chairman of Zhejiang Geely Holding Group, led a team to visit Shangrao, Jiangxi Province.

During the visit, Geely Holding Group signed a strategic cooperation framework agreement and a cooperation plan of targeted poverty alleviation with Shangrao Municipal Government. It also signed two agreements with Shangrao Economic & Technological Development Zone, one is about investing in the project of Geely's new-gen intelligent new energy urban commercial vehicles, the other is a cooperation agreement of comprehensive vehicle testing grounds.

Geely invests RMB 32.6 billion to build new energy vehicle production base

On February 11, Zhejiang Geely Holding Group signed an agreement with Changxing County of Zhejiang Province. Geely plans to invest a total of RMB 32.6 billion to build vehicle production base, transmission production base, auto parts industry park and so on. 

The vehicle production capacity of this program would be up to 300,000 units and the first phase was expected to start construction by the end of October, 2018.

Geely buys $9 billion stake in Daimler

On February 23, Daimler AG confirmed in a regulatory filing that Li Shufu, the founder of Zhejiang Geely Holding Group, had become the largest shareholder investor in Daimler with a stake of 9.69%.

On February 24, Geely Group Co., Ltd, owned by Li Shufu and administrated by Zhejiang Geely Holding Group, announced that it had become the largest shareholder of the German group after the closing of the deal, rather than the founder himself. The Chinese company promised to hold Daimler's shares for long term. Currently, none of the subsidiaries of Geely Group or Zhengjiang Geely Holding Group had further plans to increase the stake in Daimler. 

As to the sources of the funding, Geely said that it is via the overseas capital body that the company gained the shares. The deal won’t use the company's domestic capital. At the current market price for Daimler shares, 9.69% stake is worth nearly RMB 57 billion, five times as many as the acquisition price for Volvo Cars. 

Geely to set up new DMA plant in Ningbo for new flagship sedan

Geely was about to set up a new DMA plant in Meishan, Ningbo, Zhejiang Province, a Chinese media outlet, who got the news from China Construction Eighth Engineering Division Corp. Ltd, reported at the end of February. Besides, the automaker's DMA plant in Hangzhou Bay New Zone, Ningbo, was expected to be put into operation this year. 

It is predicted that the company's Meishan DMA plant would manufacture Geely and Lynk & Co's B-class and C-class sedans as well as SUVs. According to an engineer from Geely's R&D center in Hangzhou Bay, the automaker would build a flagship sedan model larger than Borui based on DMA platform. The new model was expected to be in the same size class as the BMW 5 Series, the medium-large sedan series.  

All-new Geely Emgrand hits market with starting price of RMB 69,800

Geely Auto announced on March 6th that its all-new Emgrand officially went on sale at prices ranging from RMB 69,800 to RMB 98,800.

According to Geely Auto, the all-new Emgrand still chooses the ripple-shaped intake grille which is typical for Geely family and installs LED headlights at the front end.

Geely Hangzhou Bay program starts construction with investment of RMB 31.5 billion

Geely Auto's Ningbo Hangzhou Bay program officially started construction on March 12, according to local media. This program, involving a total investment up to RMB31.5 billion, includes the second and third phases of Geely Auto's R&D center in Hangzhou Bay, the PMA pure electric vehicle project and Geely Corporate University project.

With an investment sum of RMB 7 billion, the second and third phases of Geely Auto's Hangzhou Bay R&D center will build the world-leading crash test laboratory, environmental wind tunnel laboratory as well as new energy power center, etc. Besides, it plans to recruit around 500 R&D talents.

Geely's all models to carry Autonavi mobile-vehicle map app

AutoNavi, a navigation and location-based services provider owned by Chinese e-commerce giant Alibaba, reached cooperation with Geely Auto, saying that both parties would forge deep exploration in such areas as onboard navigation, location service, traffic big data and Ali ecology. What's more, the latest Autonavi mobile-vehicle map app would be deployed in the full lineup of Geely's models. 

It is said that Autonavi mobile-vehicle map app offers navigation services for driving scenarios, featuring a wide variety of cutting-edge functions, such as real-time road conditions, congestion avoiding, 3D navigation guide, traffic accident checking and mobile connection, etc. 

Geely, JD.com form strategic partnership in IoV area

On March 15, Chinese e-commerce giant JD.com and Geely formed a strategic partnership recently that would cooperate in such areas like intelligent connection, auto e-commerce and auto aftermarket service to provide consumers with IoV (Internet of vehicle) services.

On the same day, Geely launched its new SUV model, the 2018 Boyue, which is China's first intelligent-connected model using the JD.com's intelligent IoV solution. A driver can control its home facilities in vehicle by connecting great numbers of data from home facilities with the vehicle's computing system. 

Geely releases Lynk & Co's European strategy

Lynk & Co released its European strategy in Amsterdam, Netherlands on Mar. 26, according to Zhejiang Geely Holding Group Co., Ltd. The first European bricks-and-mortar store will open in Amsterdam in 2019, and later will expand its presence in other major European cities gradually. Lynk & Co 01 PHEV, the first model to hit the European market, will be put into production at Volvo's plant in Ghert, Belgium in 2019 and go on sale in the European market in 2020.

Targeting the urban youngsters worldwide, Lynk & Co will focus on the hybrid vehicle models first. With Volvo's global manufacturing strategy and superior quality control system, Lynk & Co chooses Volvo's Ghert plant as its manufacturing base in Europe. In accordance with Lynk & Co's European strategy, the production of the Lynk & Co cars will start in Volvo's Ghert plant from 2019. The Lynk & Co 01, first model to go on sale in Europe, will share the same production line with the 2018 Volvo XC40. 

Geely Auto, Aisin AW to establish transmission JV

Zhejiang Geely Luoyou Engine Co., Ltd. (Geely Luoyou), a 99%-owned indirect subsidiary of Geely Auto, would establish a joint venture (JV) with Aisin AW to manufacture and sell front-wheel drive 6-speed automatic transmission and relevant parts, Geely Auto announced on April 25.

Besides, the JV, with a designed annual transmission capacity of 400 thousand units, will start mass production from 2020.

In accordance with the announcement, Geely Luoyou and Aisin AW possess 40% and 60% equity interest respectively in the JV. In addition, the registered capital of the JV totals $117 million.

Li Shufu increases HKD 433 million worth of shares in Geely Auto

Li Shufu, chairman of Zhejiang Geely Holding Group (Geely Holding), purchased HKD 433 million worth of shares in Geely Auto, Geely Holding's subsidiary, on May 2, according to the Stock Exchange of Hong Kong Limited (SEHK).

Reportedly, this transaction increased Li's shareholding in Geely Auto to 46.39% of the issued capital from 46.16%.

According to the SEHK, the chairman bought 20,154,000 shares of Geely Auto on May 2 at HKD $21.479 per share, which was 2.28% higher than the closing price of HKD 21 per share on April 30. In addition, the stock of Geely Auto closed at HKD 21.65 on May 2.

Geely alternative fuel vehicle, pan-Eurasian parts base located in Chengdu

On May 23, Zhejiang Geely Holding Group signed a cooperation agreement with Chengdu municipal government, marking Chengdu Economic and Technology Development Zone officially become the site for Geely alternative fuel vehicle and pan-Eurasian parts base.

According to the agreement, Geely Holding Group would invest and deploy in R&D of alternative fuel vehicles, parts manufacturing and mobility services. The conclusion of the agreement would help Geely to build a manufacturing platform with capacity of one million vehicles and set up an industry park of pan-Eurasian parts base. Moreover, it also helps the group to gain a total value of more than RMB 100 billion in auto industrial chain in Chengdu.

Geely launches new energy strategy

Geely launched the Borui GE on May 28 in Ningbo Hangzhou Bay New Area. During the launching ceremony, Geely also launched its latest new energy strategy. It is revealed that the Borui GE has a PHEV version and a MHEV version involving 8 variants with price range between RMB 136,800 and RMB 199,800.

In terms of technology, Geely released new energy powertrain system dubbed Zhiqing that covers four technology routes, namely pure electric vehicle technology, hybrid vehicle technology, alternative fuel vehicle technology and hydrogen fuel battery technology.

As to products, Geely aims to realize full electrification for all its products in the future. Over the next three years, Geely will introduce more than 30 new energy and energy-saving vehicles.

Geely, Hainan State Farms to co-develop intelligent mobility service, methanol-fueled vehicles

Geely Group (New Business) Co., Ltd and Hainan State Farms Investment Holdings Group Co., Ltd officially signed a strategic framework agreement on June 3 to cooperate in new energy and mobility service areas. According to the agreement, both parties would join forces to develop four major businesses, including the Share'n Go (an EV sharing platform), the Caocao Zhuanche (Geely’s EV mobility service platform), methanol fuel and methanol-fueled vehicles as well as flying cars.

At the signing ceremony, Hainan State Farms Commercial Logistics Industry Group Co., Ltd (HSF) and Share'n Go signed a shareholder investment agreement to fully initiate the operation of Share'n Go in Hainan Province. Both parties would jointly make efforts to provide users with economic and convenient mobility services in the form of long-term and short-term rental, timesharing rental and tailored taxi service, etc. Both companies hope to effectively lower users' travelling cost and reduce the waste of social resources through the cooperation.

Geely, Tencent jointly win bidding for equity of China Railway Wi-Fi provider

Zhejiang Geely Holding Group (Geely Holding) and Chinese Internet giant Tencent won the joint bidding to obtain 49% equity in Bullet Train Network Technology Co.,Ltd (Bullet Train Network), which offers Wi-Fi service to high-speed rail passengers across China, Geely announced on June 7.

In addition to providing railway travellers with Wi-Fi access, Geely and Tencent would join forces with China Railway Corporation (China Railway) and its affiliated companies to build a one-stop platform offering various value-added services throughout China's high-speed rail network, such as ticket, shopping, tourism and catering, etc., according to Geely's announcement. 

Geely, CASIC likely to join forces to develop hyperloop train

Zhejiang Geely Holding Group (Geely) and China Aerospace Science & Industry Corp. (CASIC) had a discussion on June 8 about industrial cooperation and the commercialization of aerospace research achievements.

At the meeting, both parties decided to start cooperation as soon as possible in such areas as industrial connectivity and hyperloop train, a new, futuristic type of transport which would operate via supersonic "near ground flight". Besides, they discussed the potential to extend collaboration in developing self-driving system, vehicle-mounted chip, automotive blockchain application, IoV (Internet of Vehicles) etc.

Corun to buyout Geely's capital in ChinaHybrid System Co.,Ltd

Chinese hybrid power system supplier Hunan Corun New Energy Co.,Ltd (Corun) announced on July 2 that the company plans to acquire 9.9% stake in ChinaHybrid System Co., Ltd (CHS Company) held by Zhejiang Geely Holding Group (Geely Holding) and 27.07% stake in CHS Company owned by Shanghai Maple Automobile Co., Ltd.(Shanghai Maple). 

According to published information, Corun and Geely Holding signed an agreement on October 23, 2014 to establish a joint venture, namely, CHS Company. Under the agreement, the joint venture would focus on the R&D, manufacturing and marketing of hybrid power system, transmission as well as battery pack (including power battery and battery power systems) and involve a total investment of around RMB 10 billion. Currently, Corun possesses 51.02% stake in the joint venture. 

Geely, Tencent, CRIC co-build high-speed train Wi-Fi service joint venture

China Railway Gecent Technology Co.,Ltd (CRGT), a joint venture co-built by China Railway Investment Corp (CRIC), Zhejiang Geely Holding Group (Geely Holding) and Tencent was officially established on July 5. The shares of Geely Holding and Tecent in the joint venture account for 49% in total. 

CRGT would focus on constructing and operating China's high-speed train Wi-Fi platform. Besides, it would provide passengers with one-stop services integrating on-line and off-line operational modes, covering Wi-Fi, recreation, news, on-line food order, e-commerce services and smart retail, etc. 

Geely announces all-new BMA platform, first SUV BMA-based model to be launched in H2 2018

Geely Automotive Research Institute in Hangzhou officially launched its self-developed BMA platform (B-segment Modular Architecture) on July 25, following the CMA platform (Compact Modular Architecture) jointly developed with Volvo. Reportedly, the automaker planned to roll out 2-3 BMA-based models per year from then on.

According to the on-the-spot introduction, the BMA platform boasts highly scalability, which can be applied in SUVs, sedans, MPVs, crossovers and wagons.

Besides, the BMA platform could maximum the passenger room by optimizing the size of powertrain, the location of suspension system, the height of seats and the layout of automobile parts, etc., without changing the bodywork length over existing models.

Geely Auto opens 149 4S dealerships, involving RMB 1 billion investments

On August 5, Geely Auto announced the opening of 149 new 4S dealerships in Jiangxi Province.

Geely Auto had invested a total of RMB 1 billion in the development of 149 new dealerships. Reportedly, the newly-established 4S shops would introduce the brand new visual image for their sales channels and to fully upgrade the 4S shop's facilities in compliance with the sales channel and service standards of the Geely's 3.0 Era.

Geely New Energy, State Grid EV Service team up to promote NEV development

Geely New Energy and State Grid Electric Vehicle Service Co., Ltd (State Grid EV Service) signed a cooperation agreement in Beijing on August 4 to jointly promote the new energy vehicle (NEV) development in China, according to local media.

Geely New Energy would form an in-depth partnership with the wholly-owned subsidiary of State Grid Corporation of China by fully exercising and integrating each other's resources and actively exploring innovative business modes. According to the agreement, both parties was about to co-build an intelligent IoV (Internet of Vehicles) service platform, and carry out cooperation in clean energy ecological chain and bespoke NEVs, etc.

Besides, both companies agreed to establish a special group to coordinate, promote and deepen the collaboration, timely solve problems and execute concrete projects. 

Geely Automobile Holdings says first-half net profits leap 54%

China's Geely Automobile Holdings Limited reported on August 22 that its first-half net profits soared 54% year on year to around RMB6.67 billion and total revenues (excluding Lynk & Co joint venture) surged 36% from the previous year to over RMB53.7 billion.

The company said such blooming profit performance mainly benefited from its lucrative product portfolio and elevated scale economy. 

Geely Binrui hits markets, priced at RMB 79,800 to RMB 110,800

Geely Auto announces the official guide price of its all-new compact sedan called the Binrui on August 30. The new model's price is ranging from RMB 79,800 to RMB 110,800.

The Geely Binrui features two engine variants. The first is a 1.0L turbocharged direct-injection engine that can generates a maximum power of 136hp and 205N·m of peak torque, paired with a 6-speed dual-clutch transmission. The second is a 1.4L turbocharged engine that can output 133hp and 215 N·m, mated with a Punch-sourced 8-speed CVT-type automatic transmission. 

Geely, Toyota team up to research, develop hybrid electric vehicle

Dong Changzheng, vice general manager of Toyota Motor (China) Investment Co., Ltd., revealed on August 27 that Toyota was cooperating with China's largest privately-owned automaker Geely to popularize hybrid power technology, through Corun, Toyota's largest Chinese core parts supplier of hybrid power.

At the eve of the 2018 Chengdu Motor Show on Aug. 30, An Conghui, president of Geely Holding Group, and president and CEO of Geely Auto Group also confirmed that Geely and Toyota were working on the cooperation. However, the detailed information would be announced later.

Geely plows RMB8 bln in new power battery base in Hubei

Geely's new power battery base had settled in Jingzhou, Hubei province, local media reported in early September. Involving a total investment of RMB8 billion, the new base might be put into operation in 2020, equipped with such facilities as production line and R&D center of batteries and battery modules, office building as well as logistics distribution center.

It is rumored that Geely Auto was going to build a NEV plant with an annual capacity of 200,000 NEVs in Wuhan, the capital of Hubei Province. With the Jingzhou power battery base starting construction, the automaker took another step forward for its NEV ambition.

Geely Holding approved to buy 51.5% stake in Denmark Saxo Bank

Denmark's Saxo Bank announced on September 14 that China's Zhejiang Geely Holding Group and Finland's Sampo PLC had gotten all necessary regulatory approval to take control of Saxo Bank.

The completion of the transaction would make Geely Holding and Sampo PLC master 51.5% and 19.9% stake in Saxo Bank respectively. Meanwhile, co-founder Kim Fournais' stake of 25.7% remains unchanged.

On September 13, Li Donghui, executive vice president and CFO of Geely Holding, was named as chairman of Saxo Bank by the bank's board of directors.

Geely, AutoNavi step up cooperation on HD map

Chinese location-based service provider AutoNavi and automaker Geely have cemented their partnership in high-definition map (HD map) area, Liu Zhenfei, president of AutoNavi, revealed on September 17.

Liu Zhenfei said at the 2018 Alibaba Investor Day that AutoNavi has been focusing on developing HD map business in a bid to provide infrastructures for vehicle intelligentization. It was willing to work with Geely to boost the intelligent car development.

Daimler Mobility Services, Geely Group Company announce premium ride-hailing JV in China

Daimler Mobility Services GmbH and Geely Group Company, Zhejiang Geely Holding Group's new business subsidiary, announced on October 24 that they would build a joint venture (the JV) in China to provide premium ride-hailing services, according to Geely's official WeChat account. 

The 50-50 JV would be headquartered in Hangzhou, Zhejiang Province. The JV would work on providing ride-hailing services in some Chinese cities using premium cars, including but not limited to Mercedes-Benz branded vehicles. At the initial stage, the fleet would include the Mercedes-Benz S-Class, E-Class and V-Class and Maybach vehicles and could deploy premium electric vehicles from the Geely Group later.

Geely Binyue hits market on Oct.31, priced from RMB78,800 to RMB118,800

The Geely Binyue, the first A-segment SUV model based on Geely Auto's brand new BMA platform (B-segment Modular Architecture), officially hit the market on October 31. Offering 5 variants in total, the new vehicle is priced from RMB78,800 to RMB118,800.

Featuring gray & brown contrast color design inside, the new SUV model is equipped with a flat-bottomed three-spoke steering wheel, a full liquid crystal instrument panel and a large-sized floating console liquid crystal display. In addition, the Binyue is also outfitted with such technical amenities as the electronic gear lever, electrical park brake, hill descent control as well as valet parking assistant.

Geely Holding, China Telecom team up to build multifaceted smart mobility ecosystem

Zhejiang Geely Holding Group (Geely Holding) and China Telecom, a Chinese state-owned telecommunication company, inked a strategic cooperation framework agreement on November 26 to jointly build a next-generation vehicle-to-home Internet business mode and a multifaceted smart mobility ecosystem, according to Geely Holding's official WeChat account. 

Under the agreement, both companies would pursue cooperation on corporation informationization, vehicle-to-home Internet, cloud computing, big data, 5G technology, V2X (vehicle-to-everything), edge computing, International businesses, etc. They are going to co-build a special working group or a joint venture to implement concrete programs and expand the scope of cooperation. 

Geely unveils first MPV model Jiaji, offering three powertrain variants

Geely unveiled its first MPV model dubbed Geely Jiaji on December 6. The new MPV model is expected to hit the market in first quarter next year, rivaling such models as the BYD Song MAX and the Buick GL6 after officially hitting the markets.

The Jiaji MPV measures 4,706mm in length, 1,909mm in width and 1,690mm in height, with a wheelbase length of 2,805mm. It will be available in choices of five-, six- or seven-seater options. 

Geely, CATL form battery joint venture

Zhejiang Jirun Automobile, a subsidiary of Geely Auto, and Contemporary Amperex Technology Co Ltd.(CATL) would set up a joint venture for the research and development, manufacturing and sales of batteries, battery modules and battery packs to enhance their core competence and the ability of sustainable development, both companies said on December 20.  

According to the statement, the joint venture would be named CATL Geely Power Battery Co. Ltd, and the registered capital of the new joint venture would be RMB1 billion.  CATL holds a 51% stake of the joint venture while the automaker owns the rest stake. Geely expected the new company would help with the stable supply of key components in electric vehicles. Both parties would enjoy complementary advantages and integrate sources to make preparation for the “post-subsidies era” in new energy vehicle segment.