Shanghai (Gasgoo)- As a leading Chinese automaker, Geely has received a lot attention. Apart from its sales growth momentum, we also summarized some important stories of Geely in 2017.
Geely Auto delivers over 1.24M vehicles in 2017
In 2017, Geely Auto handed over 1,247,116 vehicles in 2017, soaring 63 percent compared with the previous year and setting another sales record. According to Geely, the main sales driver was its SUV portfolio, including the Boyue, the Emgrand GS, the Vision SUV and the Vision X3. The Hangzhou-based automaker eyes 1.58 million vehicle sales in 2018, jumping 27 percent compared with 2017.
Geely acquires shares in Proton and Lotus
In June, Geely agreed to purchase stakes of 49.9 percent in Proton Holdings of Malaysia and 51% in Lotus of the U.K. from Malaysian automotive group DRB-Hicom. The deal made Malaysia Geely’s production base and gave the automaker a better access to Southeast Asia’s auto market. Geely popular SUV model, Boyue, is expected to be the base of Proton’s first SUV model.
Geely becomes controlling shareholder of AB Volvo
In the last month of 2017, Geely announced that it will acquire Cevian’s 8.2 percent stake in AB Volvo. After the deal, Geely will be the controlling shareholder of AB Volvo and has 15.6 percent voting rights, the second biggest after the investment firm Industrivarden.
Lynk & CO’s first model goes on sale in the last quarter
Lynk & Co 01, the first SUV model under the brand, made debut in April and went on sale in the last quarter of last year. The model offers two powertrain versions and shares platform and production line with Volvo Car’s vehicles. In December, the sales of 01 reached 6,012 units.
Volvo and Geely invest RMB 5 billion to build Polestar electric vehicles
In October, Volvo Car and Geely released the first model under Polestar brand, Polestar 1. The brand was separate from Volvo in June and became the premium electric vehicle brand under Volvo. Both companies plan to invest RMB 5 billion for the first phase of the sub-brand to make preparation for the fierce competition in China auto market.
Geely acquires the American flying-car startup Terrafugia
On November 13, Geely announced that it has completed the acquisition of American flying-car startup Terrafugia. According to the statement, Geely will acquire Terrafugia’s all businesses and assets and the deal has been approved by relevant regulatory authorities, including the Committee on Foreign Investment in the U.S.
Geely and Volvo set up joint ventures
On August 4, Geely and Volvo signed formal agreement to establish two joint ventures. The first joint venture is a technology company and both parties hold 50 percent stakes. The second joint venture was set up by Geely Auto, Geely Holding Group and Volvo Cars and they hold 50 percent, 20 percent and 30 percent stakes respectively of the joint venture.
Geely’s market valuation exceeds GAC, ranking second in automakers
On July 3, Geely shares set another new high and exceeded that of Guangzhou Automobile Group. With a total value of RMB 136.494 billion, Geely second among all Chinese automakers. Just several days ago, Geely surpassed BYD in market valuation and ranked third among all automakers.
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