Zhejiang Geely Holding Group Co., Ltd (ZGH), commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. The company is privately held by Chinese billionaire business magnate Li Shufu. It was established in 1986 and entered the automotive industry in 1997 with its Geely Auto brand. It sells passenger vehicles under the Geely Auto, Lotus, Lynk & Co, Proton, and Volvo brands as well as commercial only vehicles under the London EV Company and Yuan Cheng Auto (Farizon Auto) brands. The group sold over 2.4 million cars in 2020.
|Founded||6 November 1986|
|Headquarters||Binjiang District, Hangzhou, Zhejiang, China|
|Products||Automobiles, engines, transmissions, luxury vehicles|
|Revenue||CN¥92.1 billion (2020)|
|CN¥9.636 billion (2020)|
|CN¥6.44 billion (2020)|
|Total assets||CN¥206.74 billion (2020)|
|Total equity||CN¥64.21 billion (2020)|
Number of employees
|Footnotes / references|
in consolidated financial statement; shareholders' equity figure excluded perpetual bond
Zhejiang Geely Holding Group was already manufacturing its own cars long before it acquired the Swedish passenger car maker Volvo Cars from Ford Motor Company in 2010. It completed the acquisition of British taxi maker London EV Company in 2013, and acquired a majority stake in British sports carmaker Lotus in 2017.
Zhejiang Geely Holding Group's business is divided into five sub-groups: Geely Auto Group which includes the brands Geely Auto, Lynk & Co, Proton, and Lotus; Volvo Car Group which includes the brands Volvo Cars and Polestar; Geely New Energy Commercial Vehicle Group which include the brands London Electric Vehicle Company and Yuan Cheng (Farizon); Geely Group (New Business) which includes the brands Caocao, Terrafugia, Qianjiang Motorcycle, Joma, and other new businesses; and Mitime Group (铭泰集团) which includes ZGH educational institutions, motorsports business, and tourism business. Zhejiang Geely Holding Group has global operations spanning the automotive value chain, from research, development and design to production, sales and service.
Geely Automobile Holdings Ltd (吉利汽车; Jílì Qìchē) (SEHK: 175), a subsidiary of Zhejiang Geely Holding Group, is listed on the Hong Kong Stock Exchange. On 13 February 2017, it became a constituent of the Hang Seng Index.
Founding Geely in 1986 as a refrigerator maker with money borrowed from family, Li Shufu transformed the company into a success selling inexpensive products to Chinese consumers in the early years of the company.
After the purchase of a failing, state-run firm, Geely manufactured motorcycles in the mid-1990s. Small van production began in 1998, and a year later, it received state approval to manufacture automobiles. Car production began in 2002. A subsidiary of the group, Geely Auto, had its IPO on the Stock Exchange of Hong Kong in 2004.
Geely approached Ford in mid-2008 about a possible takeover of Volvo Cars. On October 28, 2009, it was named as the preferred buyer of Volvo by the American automaker. A deal was reached in late March and completed in early August, 2010.
In December 2011, it was announced that Geely would begin selling Chinese-designed and -manufactured cars in the United Kingdom at the end of 2012, with the first model to go on sale being the Emgrand EC7. The company has also stated its intention to begin sales in Italy.
In May 2017, Geely confirmed plans to purchase a 51% controlling-stake in Lotus Cars from its owner, DRB-HICOM (Proton). Additionally, Geely plans to purchase a 49.9% stake in PROTON Holdings, to facilitate future export growth in right-hand drive markets. The deals were seen as an important step for the Chinese carmaker in their quest to make inroads into the lucrative ASEAN region.
In July 2017 the company purchased Terrafugia, an American maker of flying cars. In November 2017, Geely announced completion of the Terrafugia acquisition, including approval from all relevant regulators.
In December 2017, Geely invested €3.25 billion into Swedish truck and construction company Volvo Group, a former parent company of Volvo Cars. The deal made Geely the biggest shareholder by number of shares with an 8.2% stake, and second by voting rights, with 15.6%.
In September 2019, Geely led a round of private funding for Volocopter that raised $55 million for the company. Volocopter's other private investors also include Daimler AG which owns a stake in the company.
In late July 2020, it was announced that the Xingma Group had agreed to transfer a 15.24% stake of its shares in the Ma'anshan-based heavy truck manufacturer Hualing Xingma to Geely New Energy Commercial Vehicle Group, a wholly owned subsidiary of Geely Holdings. After the transaction, Geely New Energy Commercial Vehicle Group would become the de facto controlling shareholder of Hualing Xingma.
In September 2020, Geely started talks with rival car manufacturers, including Daimler AG, to license a new architecture it developed for building electric cars. The new technology offers increased driving ranges of up to 700 km and lighter cars.
On the 23 March 2021, Geely announced its Zeekr brand of electric vehicles brand to tap into China's growing demand for these vehicles. The first Zeekr model will be based on the Zero Concept car unveiled September 2020 by Geely-owned Lynk & Co. Geely expects to begin deliveries of Zeekr models in the third quarter of 2021.
Marques and productsEdit
Based in China, Zhejiang Geely Holding Group operates all over the world through its many subsidiary brands. The Group's core business activities are within the automotive industry where it controls the following automotive groups and vehicle brands:
|Geely Auto Group||Geely Auto, Lynk & Co, Geometry, Proton|
|Volvo Car Group||Volvo, Polestar|
|Zeekr Intelligent Technology||Zeekr|
|Lotus Group||Lotus Cars(JV), Lotus Technology(JV)|
|LEVC||London Electric Vehicle Company|
|Geely New Energy Commercial Vehicle Group||Farizon, Hanma Technology(JV), Ou Ling Auto, Green Intelligent Link, Oneworld Technology|
Many of Geely's early products were based on the Xiali, a variant of the 1987 Daihatsu Charade. Models such as the Haoqing (豪情) (five-door), Merrie (美日) (five-door), Uliou (优利欧) (four-door), and Urban Nanny (van and pick-up truck) have Charade bases, but feature a more prominent chromed grille.
Geely is known for imbuing a sense of humor in the names of some of their vehicles. One sedan is called the "King Kong", and an early model was named You Li Ou, a play on words that means "better than the Tianjin Xiali or the Buick Sail", two of its competitors.
Geely Auto is ZGH's original and mainstream brand, primarily sold in China and select overseas markets.
This brand name was affiliated with Shanghai Maple Automobile, a Geely subsidiary established in 1999 and phased out in 2010.
The brand was revived as Geely's budget NEV (electric) brand as of 2020.
Products sold under the Maple NEV brand include:
Yuan Cheng Auto (远程汽车) or Farizon Auto was formed in 2016 to focus on the development of commercial vehicles in China and has launched several long range capable truck and bus solutions. Products include:
- Farizon FX – A pickup truck based on the Geely Boyue Pro SUV.
- Farizon E200 and E200S –Light to medium-duty trucks.
- Farizon E5 and E6 –Electric cargo and panel vans.
Lynk & CoEdit
Owned 50% by Geely Auto, 30% by Volvo Cars, and 20% by Zhejiang Geely Holding Group. Lynk & Co is a new globally focused high-end car brand based on technology developed jointly by Geely Auto and Volvo Cars.
Owned 51% by Zhejiang Geely Holding Group and 49% by Etika Automotive. Lotus Cars is a British producer of sports and racing cars. The first Lotus car was built in 1948 and in June 2017, Lotus Cars became majority owned by Zhejiang Geely Holding Group.
Volvo Cars is controlled by Zhejiang Geely Auto Group through subsidiaries since its purchase from Ford in 2010 for approximately US$1.4 billion.
Polestar was founded by Polestar Racing, now called Cyan Racing, as the performance vehicle division in Volvo Cars to explore how the technology behind their racing success could be applied to Volvo-badged road cars. In 2017, Polestar became an independent brand under Volvo Cars focused on high-performance electrified cars, and in 2018 was spun out into its own entity, controlled 50% by Zhejiang Geely Holding Group and 50% by Volvo Cars.
Owned 49.9% by Zhejiang Geely Holding Group and 50.1% by DRB-Hicom and is managed by Geely Auto Group. Proton is the National Car Brand of Malaysia established in the 1980s at the behest of the government and later reverted to private ownership under DRB Hicom.
Geometry is an electric-only range of Geely-based cars. 10 models are planned by 2025.
Key models include:
Products sold under the Zhidou Auto or ZD Auto brand include:
London EV CompanyEdit
The London Taxi Company, which was acquired by Zhejiang Geely Holding Group in 2013, changed their name to London Electric Vehicle Company (LEVC) in 2017 to reflect their new mission of developing and producing electric commercial vehicles. With a new factory in Ansty, Coventry, they have begun production of a new generation of zero emission capable new taxi vehicle in late 2017.
Current products sold under the LEVC brand include:
Benelli is a subsidiary that produces motorcycles and scooters. Design, development and marketing activities are carried out at the Benelli QJ headquarters in Pesaro, Italy, with production occurring in Wenling, China for sale globally.
Key models include:
- Benelli TNT 300
- Benelli TRK 502
- Benelli Leoncino 500
Discontinued brands/ modelsEdit
Geely has sold cars under at least three separate brands and may have continued to use the brand name of a purchased company for a short time. The Emgrand, Englon, and Gleagle names were phased out in 2014 alongside efforts to reduce sprawl, and the Shanghai Maple brand name was discontinued in 2010 and revived in 2020.
Previous Geely Auto productsEdit
- 1998–2006 HQ/Haoqing/Haoqing SRV (豪情/豪情SRV) 1.0 L, 1.3 L & 1.5 L hatchback
- 2001–2007 PU/Rural Nanny/Urban Nanny
- 2003–2005 MR/Uliou/MS (优利欧)
- 2003–2006 MR/Merrie (美日) hatchback
- 2003–2006 BL/Beauty Leopard/BO (美人豹) 1.5 L coupe
- 2005–2009 Geely 美日之星 1.1 L & 1.3 L hatchback
- 2005–2016 CK/Freedom Cruiser 1.3 L & 1.5 L & 1.6 L sedan
- 2008–2011 Geely China Dragon (中国龙) 1.8 L CVVT coupe
- 2006–2020 MK/LG/KingKong (金刚) – 1.5 L & 1.6 L sedan (also called Micro Sedan in Sri Lanka)
- 2014-2017 Geely GX9
Previous Emgrand modelsEdit
Emgrand (Chinese: 帝豪; pinyin: Dìháo) was launched in 2009 as a medium to high-end luxury brand. In 2014 Emgrand ceased to be a stand-alone brand, and Emgrand became a sub-brand of Geely, which itself adopted an updated version of the Emgrand logo.
Previous products sold under the Emgrand brand include:
- 2009–2014 Emgrand EC7 1.8 L CVVT sedan/hatchback
- 2010–2014 Emgrand EC8 2.0 L, 2.4 L sedan
- 2010–2014 Emgrand EC7-RV 1.5L, 1.8L hatchback
- 2011–2014 Emgrand EX7 SUV
Previous Maple modelsEdit
This brand name was affiliated with Shanghai Maple Automobile, a Geely subsidiary established in 1999. It was replaced by the Englon brand in 2010. The brand was revived as Geely's budget NEV brand as of 2020.
Previous products sold under the Shanghai Maple brand include:
- 2003–2010 Maple Hisoon (海迅) AA & AB 5-door hatchback
- 2003–2010 Maple Huapu (华普) M203 1.5 L 5-door hatchback
- 2004–2010 Maple Marindo (海域) M303 1.5 L & 1.8 L sedan
- 2005–2010 Maple Hysoul (海尚) M305 5-door hatchback
- 2006–2010 Maple Hysoul (海尚) M206/Haixuan (海炫) car aimed specially at female consumers
Launched in 2010 and replacing the Shanghai Maple brand, the company claimed Englon (Chinese: 英伦; pinyin: yīng lún) emulated classic, British style, and its model line included a TX4 sold on the Chinese market. Some of its cars were built by Geely subsidiary Shanghai LTI. As Geely fully acquired The London Taxi Company in 2013, the emblem of Englon also became the new logo of The London Taxi Company.
Some Gleagle cars, such as the Gleagle Panda, were available for sale on the Internet in China via the Taobao Mall, a popular e-commerce site. While Geely would deliver the car to the customer's address, buying one of the Panda models on offer did necessitate a trip to a traditional dealer.
Products sold under the Gleagle brand include:
- 2008–2016 Gleagle Panda (熊猫) 1.0 L & 1.3 L CVVT hatchback, also known as the Geely LC
- 2010 Gleagle GX2 (Panda Cross) 1.3 L & 1.5 L
- 2011 Gleagle CK 1.0 L & 1.5 L, a rebadging of the Geely CK
- 2012 Gleagle GC7 1.8 L four-door sedan
- 2012 Gleagle GX7 compact SUV
Headquartered in Hangzhou, Zhejiang, Geely has production bases in Lanzhou, Gansu (completed in 2006, Geely construction in the region continued as of August 2010 either for expanding the existing facility or for a new semi-complete knock-down factory); Xiangtan, Hunan; an unnamed location 40 minutes south of Shanghai; Jinan, Shandong; and at Linhai, Luqiao, and Ningbo in Zhejiang.
At least four overseas factories assemble Geely models probably from semi-complete or complete knock-down kits. Such facilities are or have been located in Indonesia (with some of its production being imported back to China), Sri Lanka (in collaboration with Micro Cars), Malaysia, Russia (assembly controlled by local firm Derways), Belarus (BelGee), Tunisia, and Ukraine. These locations are not necessarily affiliated with or owned by Geely.
Geely Group (new business)Edit
CAOCAO – CAOCAO ride hailing service was developed by Hangzhou YouXing Technology Company and majority owned by Zhejiang Geely Holding Group. It is the first Chinese new energy focused mobility service.
Terrafugia – Terrafugia was founded in 2006. The company was acquired in full by Zhejiang Geely Holding Group in 2017.
Zhejiang Qianjiang Motorcycle Group Co – Qianjiang Motorcycle (钱江摩托) was majority acquired by Zhejiang Geely Holding Group in 2016. The company is one of the largest producers of motorcycles in China and own several renowned brands including Italy's Benelli. They are also known for their lithium battery technology.
Education – ZGH has invested hundreds of millions of RMB in establishing 9 universities and colleges across China, including the Geely University of China (吉利学院), University of Sanya, Xiangtan Institute of Technology (湘潭理工学院), Sanya Institute of Technology (三亚职业理工学院), and Hunan Geely Automobile College (湖南吉利汽车技术职业学院). The wider group has over 40,000 students enrolled within its schools with the goal of developing Chinese automotive industry talents.
Motorsports – Mitime constructs and operates race tracks for automobiles, motorcycles, and karts around the world. Mitime also organizes motorsport events such as China F4 Championship.
Tourism – Mitime facilitates tourism and manages hospitality services around its tracks.
Drivetrain Systems InternationalEdit
In addition to China, Geely vehicles have been sold in Argentina, Australia, Bahrain, Brazil, Chile, Colombia, Costa Rica, Egypt, Indonesia, Iran, Kuwait, Nepal, New Zealand, Nigeria, Oman, Pakistan, Romania, Russia, Saudi Arabia, South Africa, Syria, Taiwan, Turkey, Ukraine, Uruguay, and Venezuela. In a number of markets, Geely vehicles are assembled in local factories from complete knock-down kits. Geely is also marketed in Lebanon, through the Rasamny Younes dealership network.
In 2010, Geely surpassed its 400,000-vehicle sales target goal for the first time selling 415,286 cars of its 680,000 units/year production capacity prompting the company to set its 2011 sales target at 480,000 cars, a 16% increase.
Geely Auto Group reported annual sales of 1,24 million cars in 2017, an increase of 63% from the previous year. Due to strong 2017 sales, Geely Auto Group has subsequently set its 2018 sales volume target to 1.58 million.
Geely Auto Group reported annual sales of 1,500,838 units in 2018. This year marks the first time that Geely Auto has reached sales of 1.5 million units.
|Calendar year||Sales||Growth||Market share|
Design and R&DEdit
Geely Auto Group has four independent design centres in Shanghai, Gothenburg, Barcelona and California. The company has four R&D centres in Hangzhou, Ningbo, Coventry, and Gothenburg which are capable of independently researching and producing full car parts, engines, transmissions and electrical systems. In Gothenburg, the group has established CEVT, a joint research and development centre between Volvo Cars and Geely Auto to create an industry leading compact modular architecture. The company has also invested in establishing colleges across China including the Beijing Geely University, Zhejiang Automotive Technical School, Hunan Geely Automotive Technical. The company has students enrolled within its schools with the goal of developing Chinese automotive industry talents. In 2013, 16 trainees from this program started their careers in Geely Group.
In 2010, the Geely LC scored 45.3 points of a possible 51 in the China-NCAP crash tests, making it China's first locally researched and developed mini car to be awarded a 5-star rating, and the safest Chinese hatchback as of 2011.
An unsuccessful lawsuit was brought against the company in the early 2000s by Toyota, which claimed Geely had "implied in ads that some of the parts [used in Geely vehicles] were made by Toyota". Geely may also have previously used a logo that resembled that of Toyota.
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