Breaking down Geely Group’s 5% sales growth by automaker, including Volvo Cars and Polestar

Chinese automotive conglomerate Geely Group has posted its annual sales results for 2022, which accounted for more than 2.3 million vehicles sold and nearly 5% growth overall. Although not all of those sales were all-electric models, EVs accounted for nearly a third of them. Here’s how each of the Group’s EV brands performed in 2022.

Zhejiang Geely Holding Group Co., Ltd., better known as Geely, is a multinational automotive company based in China with ties to several other OEMs around the globe – whether they are wholly or partially owned.

For example, Geely owns a large majority of Volvo Cars, just over 50% of Polestar, and co-owns the smart brand alongside Mercedes-Benz AG. Lotus has also been majority owned by Geely Holding Group since 2017.

In addition to the majority stakes above, the company operates its own brand of vehicles under its Geely Auto marque and has implemented EV-centric brands like ZEEKR in recent years as well. The list goes on, but it’s clear to see that Geely Group has a strong presence on the pulse of automotive sales in China, which has spread to other markets like the US and Europe.

But who pulled its weight for Geely the most in 2022? Was it Lynk & Co? Farizon Auto? Here’s how 2022 fared for each of the Geely Group brands below.

Breaking down Geely Group’s 2022 sales growth by brand

According to recent sales numbers released by Geely Group this week, the company saw year-over-year sales growth of 4.7% in 2022, selling at least 2 million vehicles for a fifth year straight.

The Group is reporting the sale of over 675,000 electrified personal and commercial vehicles within that growth, accounting for 29% of its aggregate sales. That electric sales benchmark is double compared to 2021.

Here’s sales/progress broken down by each Geely Group brand:

  • Geometry (Geely Auto)
    • Geely’s mass market pure electric brand launched two new models in 2022 while expanding outside of China into Eastern Europe and South America. Its sales were 149,389 units in 2022, representing YOY sales growth of 170%.
  • Livan (Geely Auto)
    • Geely’s battery-swap EV brand sold 56,140 units in China during its first year of sales.
  • Lynk & Co (Geely Auto)
    • Geely’s premium ICE/hybrid brand sold 180,127 vehicles globally while expanding its subscription business model by 145% to more than 180,000 members in Europe alone in 2022.
  • ZEEKR (Geely Auto)
    • Geely Group’s EV-specific brand completed its first full year of sales by exceeding its target of 70,000 units, led by the ZEEKR 001 (seen above). The company aims to nearly double its sales in 2023 while its expands into European markets. Perhaps the US after that? We think so.
  • Lotus Cars
    • Lotus began its full transition into becoming an all-electric brand in 2022 with the start of sales of its Eletre SUV. The automaker also used 2022 as its swan song to the Emira, its final internal combustion engine model. Geely says orders are strong in 2023 already, but hasn’t shared any specific sales numbers.
  • Volvo Cars
    • Similar to Lotus, Geely’s Swedish venture used 2022 as a major turning point for electrification. Volvo Cars saw unit sales reach 615,121 vehicles, but fully electric vehicles only accounted for 10.9%. Still, Geely Group says that YOY EV growth is nearly threefold. Those sales should increase when the new, ultra-safe EX90 SUV arrives.
  • Polestar
    • Geely’s premium Swedish electric brand completed its IPO on the NYSE last year, before delivering on its goal to sell 50,000 vehicles globally, up about 80% YOY. With the Polestar 3 SUV on the way in 2023 and a new Polestar EV to follow every year thereafter through 2026, there’s a lot to be excited about surrounding the Polestar brand.
  • smart
    • Geely’s joint venture with Mercedes began deliveries in China of its first all-electric SUV, the smart #1, in September. It has already delivered over 10,000 units while it looks to expand to new markets in Europe and Southeast Asia in 2023.
  • Farizon
    • This brand saw a sales increase of 55% in 2022 and exists under Geely’s New Energy Commercial Vehicle Group. It has been developing electrified commercial vehicles of its own as of late too. This includes the “Homtruck”electric semi coming in 2024, and its highly customizable SuperVAN.
  • LEVC
    • In 2022, this British electric taxi and commercial van brand saw sales of its electric range-extended TX taxi and VN5 vans grow by about 67%. It will work in 2023 to become a zero-carbon vehicle manufacturer and mobility technology provider, aiming to grow at least 20%.

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