Geely aims to sell 1.58 million vehicles in 2018
Chinese carmaker Geely plans to sell 1.58 million vehicles this year, an increase of 27 percent from last year's sales.
The company's ambitious sales goal in 2018 exceeds an expected market growth of 3 percent because the automaker is confident of its current and future products, the company said today. Geely also aims to sell 2 million vehicles annually by the end of 2020.
The China Association of Automobile Manufacturers predicted earlier in December that China’s auto market is set to rise 3 percent this year.
An industry report released in November by Nomura Holdings Inc indicated car sales under Geely's brand Lynk & Co will also contribute to the sales increase in 2018.
“Geely remains our sector's top pick as the company launched its brand called Lynk & Co in 2017. We are even more bullish on Lynk & Co’s potential and competitiveness. We expect Lynk & Co first model’s sales volume will reach 12,000 units in 2018 from 7,500 units in 2017,” Nomura Holdings Inc said in the report.
Geely said that its sales volume for 2017 totaled 1.24 million, up 63 percent from 2016. This figure exceeded the company’s earlier sales target of 1.1 million units. In 2016, Geely sold 765,851 vehicles, up 50 percent year on year.
The company attributed the sales growth in 2017 to strong demand for its sport-utility vehicles and sedans, and this momentum will continue this year. Geely’s Bo Yue SUV, a crossover SUV named Emgrand GS and sedan Emgrand GL performed strongly last year, according to the automaker.
"We have implemented a strategy of utilizing our strength in the sedan market whilst pivoting to sport-utility vehicles in order to create models that are leaders in all segments," Geely said in a statement. "The balanced development of sedans and sport-utility vehicles has led to stable growth across key segments and has enhanced competitiveness, performance and image."
Geely is also expanding its nationwide sales and service network from over 850 dealers to meet the needs of a new generation of consumers. Most of the dealerships will open in Beijing, Shanghai and Tianjin, according to the company.