Zhejiang Geely Holding Group has just become the first-ever Chinese automaker to crack the global top 10 in automobile sales in Q1 2024, Nikkei Asia reported.
Geely becomes the first Chinese player to reach global top 10
Industry analysts, legacy automakers, and even outspoken CEOs have warned about the surge of Chinese electric vehicles in the global market. This concern has just intensified, with Geely Group advancing to the global top 10 list of most popular automakers.
The Geely Group’s global vehicle sales reportedly reached a total of 730,000 units in the first quarter of the year. This remarkable sales figure enabled the company to become the first Chinese automaker to break into the global top 10 sales chart.
For context, Geely Group owns multiple automotive brands under its umbrella, including Volvo, Lotus, Polestar, and Zeekr, among others.
Geely beat Mercedes-Benz and BMW in Q1 2024
As per the report, Geely Group managed to overthrow German legacy automakers Mercedes-Benz Group and BMW to claim the top 10th position.
The Chinese automaker’s vehicle sales volume reportedly surged 27% year-on-year, enabling it to advance from being in the 12th spot in Q1 2023 to 10th in the same period this year.
As expected, Japan’s Toyota Motor dominated the global top 10 sales chart in the January to March 2024 period. According to the report, Toyota sold a total of 2.52 million vehicles in Q1 2024, down 5% YoY.
Germany’s Volkswagen Group ranked second with sales of 2.1 million cars, up 3% YoY. South Korea’s Hyundai Motor Group followed with 1.76 million vehicle sales, down 2%.
Other Chinese automakers, including BYD, Changan Automobile, Chery Automobile, and SAIC Motor, joined the global top 20 sales chart.
Impressively, these five Chinese companies in the global top 20 sales chart enjoyed a combined sales volume growth of over 20% YoY. Meanwhile, the total sales growth for the top 20 automakers was only 2%.
Recent EV endeavors
It would be interesting to see how Geely can rise in the global automaker ranking in the following years. The company’s continuous electric vehicle push can substantially aid in its effort to further advance to a higher position.
EV-a2z recently reported the new partnership Geely and NIO forged to advance battery swap technology in China, potentially making EV ownership more enjoyable and convenient.
The two Chinese companies plan to collaborate on designing new battery standards and battery-swapping technologies.
Geely and NIO will also work on new swappable models and accelerate network expansion as part of the agreement. In addition, they will work on relevant matters regarding battery asset management.
