Geely Holding Group eyes annual vehicle sales topping 5 million units by 2027

Shanghai (Gasgoo)- On January 5, Zhejiang Geely Holding Group ("Geely Holding") held a session in Harbin to analyze its "Taizhou Declaration" ("Taizhou" is a city in China's Zhejiang province) and announced its strategic goals for the next three years. By 2027, Geely Holding aims to achieve over 5 million vehicles of annual sales, positioning itself as a leader in electrification, smart transformation, and high-quality development, while building a differentiated, green, and intelligent mobility ecosystem.

Photo credit: Geely Holding

In 2024, as the automotive industry continues to evolve with intensifying competition, Geely Holding expects to achieve total annual sales of approximately 3.32 million vehicles, marking a 21% year-on-year jump. Of these, new energy vehicle (NEV) sales are projected to exceed 1.48 million units, representing a 52% year-on-year surge, and accounting for around 45% of the group's total.

Facing new global economic dynamics and competitive industry landscapes, Geely Holding introduced the "Taizhou Declaration" in September 2024, which outlines five strategic pillars: strategic focus, integration, synergy, stability, and talent development. These efforts aim to reinforce the group's core automotive business, expand its technology ecosystem, and drive its mission of "Making the World Full of Geely."

As part of its commitment to the declaration, Geely Holding unveiled its 2030 vision to lead the green and intelligent mobility ecosystem. The group is dedicated to offering innovative green smart technologies, delivering products capable of running on multiple energy sources, and promoting intelligent, inclusive, and sustainable mobility solutions. The strategy also emphasizes a low-carbon, interconnected transportation ecosystem integrating passenger and commercial vehicles, as well as terrestrial and aerial systems.

Photo credit: Geely Holding

To support its 2030 vision, Geely Holding introduced its "1-3-3" strategic roadmap. This includes one overarching framework (the "Taizhou Declaration"), three transformative directions (organizational and cultural, competitiveness, and governance transformations), and three core business segments (complete vehicles, key components, and ecosystem services).

Daniel Li Donghui, CEO of Geely Holding, emphasized the group's dual focus on passenger and commercial vehicles, with an interconnected approach to both. He highlighted the shift from product manufacturing competitiveness to ecosystem service competitiveness, from cost advantages to green smart technology leadership, and from independent brand operations to global synergy.

In 2024, Geely Holding's passenger vehicle segment achieved a record-breaking 2.17 million units in annual sales, a 32% year-on-year jump, with NEV penetration exceeding 50% for five consecutive months and annual NEV sales reaching 880,000 units, up 92% year-on-year. The segment has built a diversified product ecosystem encompassing four key brands: Geely, Geely Galaxy, Lynk & Co, and ZEEKR.

To achieve its three-year growth target, Geely Holding's passenger vehicle segment will establish a structure with two main business entities: Geely Auto Group and ZEEKR Technology Group. Geely Auto Group will integrate Geely, Geely Galaxy, RADAR, and LEVC brands, focusing on the mainstream market and accelerating its NEV transition. ZEEKR Technology Group will integrate Lynk & Co and ZEEKR brands to form a globally leading premium NEV entity.

Looking ahead to 2025, Geely Holding sets an annual sales target of 2.71 million units for its passenger vehicle segment, representing a 25% leap from 2024. This includes 2 million units for Geely Auto Group, with Geely Galaxy aiming for 1 million vehicles. Geely Auto Group also seeks to expand its overseas market presence, aiming for a 15.6% year-over-year growth in annual overseas sales this year. ZEEKR Technology Group aims to reach 710,000-vehicle annual sales in 2025, with plans to become a global leader in premium NEVs, achieving annual production and sales exceeding 1 million units within two years. For 2025, the NEV sales target of Geely Holding's passenger vehicle arm stands at 1.5 million units.