Wednesday, September 4, 2019

Geely Continues Its Rise in Fortune Global 500 List


Geely, the largest privately-owned automotive technology in China climbs up the illustrious Fortune Global 500 list, landing in 220th place this year. The result is a jump of 47 places from its 267th spot in 2018.

Geely attributes its success to the integrated development and comprehensive “rejuvenation” of its brands. It has continuously enhanced and expanded in different areas such as its global R&D network, manufacturing, and supply chain.

The company’s revenues reached USD 49.665 billion last year while sales reached 2.5 million units across its various subsidiaries. Geely Auto and Lynk & Co, in particular, reached a milestone by selling more than 1.5 million vehicles—an increase of 20.3 percent from the previous year. On the other hand, Volvo breached the 600,000 mark—the first time the Swedish carmaker has done so since its founding in 1927.

This year, Geely sales remain strong, selling more than 650,000 vehicles for the first half of the year.

Moving on, Geely is continuing to intensify its efforts to develop technologies for the future of mobility. This includes Artificial Intelligence (AI) applications and enhancement of intelligent connected vehicles. The group will also launch its all-electric brand, Geometry, by 2025 with a dozen EV models.

Recently, Sojitz Corporation Japan, under a newly established subsidiary, Sojitz G Auto Philippines Corporation, has acquired the rights to distribute the Geely brand in the Philippines. Its first model is the Coolray sub-compact SUV which is expected to retail below P 1.2 million.

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