Geely Group recently released its global sales report for the first eleven months of 2024, and the results are impressive.
The automotive giant surpassed a significant milestone, with its cumulative sales volume officially exceeding 3 million vehicles. This marks a 20.7% growth compared to the same period last year. Notably, Geely’s international sales performance shone, with a remarkable 1,115,299 vehicles sold, reflecting a 22% increase year-on-year.
November alone witnessed Geely’s resilience, as they delivered 355,021 vehicles to consumers, representing a 20.7% surge compared to November 2023.
The stellar results were largely attributed to Geely Auto, encompassing the Geely, Lynk & Co, and Zeekr brands. Geely Auto’s sales volume for the eleven-month period stood at an impressive 1,966,512 vehicles. Furthermore, they achieved a remarkable 56% growth in export sales year-on-year. The brands under the Geely Auto umbrella have been consistently expanding their reach, entering new markets such as the Middle East, Asia Pacific, Africa, Latin America, and Eastern Europe.
This year, the Geely Group intensified its focus on research and development, with a 17.9% increase in spending, totaling $1.07 billion in the first half of 2024. Additionally, the group has been diligently working on four core platform architectures (BMA, CMA, SPA-L, and SEA) to diversify its product portfolio and cater to the diverse needs of international markets.
Vietnam is identified as a strategic market for Geely, and the company is committed to strengthening its investment and automotive distribution in the country. The Chinese automaker has entered into a joint venture with Tasco Auto for automobile assembly and distribution in Vietnam.
The joint venture between Geely and Tasco Auto is currently undertaking a project to construct an automobile manufacturing and assembly plant in Thai Binh province. With a designed capacity of 75,000 vehicles per year in its initial phase and a land area of 30 hectares, the plant will serve both the domestic market and export to countries with free trade agreements with Vietnam.
The project entails a total expected investment of approximately $168 million, with Tasco contributing 64% and Geely investing 36%. As per the plan, the joint venture will initially assemble vehicles under the Lynk & Co and Geely Auto brands, with potential expansion to include other brands in the future.
Construction of the plant is slated to commence in the first half of 2025, with the first vehicles expected to be delivered to customers in early 2026.
TH (Tuoitrethudo)
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