Geely likely to lower EV sales targets because of Trump

In the wake of Donald Trump's victory in the U.S. presidential election, Zhejiang Geely Holding Group Co. appears likely to back away from its aggressive sales targets for electric vehicles.

At an international conference last week in Wuzhen, Geely CEO Li Shufu said he may revise Geely's plan to generate 90 percent of sales from battery-electric cars, plug-in hybrids and conventional hybrids by 2020.

At the conference, Li said Geely would have to revise its target "particularly given the impact of the next U.S. president's energy strategies on the Paris climate agreement ... "

During the U.S. election campaign, Trump attacked efforts by the U.S. and other countries to limit carbon dioxide emissions. Trump also questioned the scientific basis for global warming, claiming it was a hoax perpetrated by China.

Last month, Geely announced plans to launch a premium brand dubbed Lynk & CO in China, the United States and Europe. Lynk had planned to market conventional hybrids, plug-in hybrids and battery-electric vehicles in the U.S. and Europe.

Geely, headquartered in Hangzhou in Zhejiang province, also owns Volvo Car Corp. 

In the first 10 months of 2016, the carmaker's sales jumped 37 percent from a year earlier to 555,199 vehicles. Geely did not disclose sales of its plug-in hybrid and EV models.