EV Exports Drive 27% Growth During Holiday-Affected Quarter at Home
Zhejiang Geely Holding Group sold 730,000 vehicles in the January-March period, becoming the first Chinese carmaker to break into the global top 10 in auto sales for the quarter.
The Geely group, which had placed 12th in the first quarter of 2023, surpassed Germany’s Mercedes-Benz Group and BMW to secure the 10th spot with a sales volume increase of 27% year-on-year.
Fellow Chinese automakers BYD, Changan Automobile, Chery Automobile, and SAIC Motor also ranked in the top 20. The global sales rankings were compiled from company disclosures and data from survey firm MarkLines.
Despite the extended Lunar New Year holiday affecting the quarter, which typically results in fewer sales days for Chinese carmakers, the five Chinese players in the top 20 saw combined sales volume surge more than 20%. Overall sales growth for the top 20 carmakers was 2%.
Performance Highlights
Hong Kong-listed Geely Auto’s core EV brand Zeekr performed exceptionally well, with sales of new energy vehicles more than doubling. Volvo Car, also under the Geely group umbrella, increased sales by 12%.
BYD sold 620,000 vehicles in the first quarter, up 13%, with EVs accounting for 300,000 vehicles, trailing Tesla’s 380,000.
Exports fueled sales growth for the Chinese contingent. Geely group’s overseas sales soared 43%. BYD stepped up exports to Europe and Southeast Asia, with overseas sales growing 150% to 98,000 vehicles.
Conclusion
Geely’s remarkable performance in the first quarter of 2024 highlights the growing influence of Chinese automakers in the global market, driven by strong EV sales and successful export strategies. As they continue to innovate and expand, the future looks promising for these industry leaders.