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 become 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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EV sales kept up their momentum in December 2024, with incentives playing a big role, according to the latest Cox Automotive’s Kelley Blue Book report.
December’s strong EV sales saw an average transaction price (ATP) of $55,544, which helped push the industry-wide ATP higher, according to Kelley Blue Book. The December ATP for an EV was higher year-over-year by 0.8%, slightly below the industry average, and higher month-over-month by 1.1%. Tesla ATPs were higher year-over-year by 10.5%.
Incentives for EVs remained elevated in December, although they were slightly lower month-over-month at 14.3% of ATP, down from 14.7% in November.
EV incentives were higher by an impressive 41% year-over-year and have been above 12% of ATP for six consecutive months. Strong sales incentives, which averaged more than $6,700 per sale in 2024, were one reason EV sales surpassed 1.3 million units last year, according to Cox Automotive, a new record for volume and share.
(My colleague Jameson Dow reported yesterday, “In 2024, the world sold 3.5 million more EVs than it did in the previous year … This increase is larger than the 3.2 million increase in EV sales from the previous year – meaning that EV sales aren’t just up, but that the rate of growth is itself increasing.”)
Kelley Blue Book estimated that in December, approximately 84,000 vehicles – or 5.6% of total sales – transacted at prices higher than $80,000 – the highest volume ever. KBB lumps gas cars and EVs together into this luxury vehicle category, so this is where Tesla Cybertruck is slotted.
However, Tesla bundles sales figures of Cybertruck with Model S, Model X, and Tesla Semi(!) into a category it calls “other models,” so we don’t know for sure exactly how many Cybertrucks Tesla sold in Q4, much less in December. However, Electrek‘s Fred Lambert estimates between 9,000 and 12,000 Cybertrucks were sold in Q4, and that’s not a stellar sales figure.
What will January bring when it comes to EV ATPs? What about tax credits? Check back in a month and I’ll fill you in.
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Tesla is now claiming that Cybertruck was the ‘best-selling electric pickup in US’ last year despite not even reporting the number of deliveries.
There’s a lot of context needed here.
As we often highlighted, Tesla is sadly one of, if not the most, opaque automakers regarding sales reports.
Tesla doesn’t break down sales per model or even region.
For comparison, here’s Ford’s Q4 2024 sales report compared to Tesla’s:
You could argue that Tesla has fewer models than Ford, and that’s true, but Tesla’s report literally has two lines despite having six different models.
There’s no reason not to offer a complete breakdown like all other automakers other than trying to make it hard to verify the health of each vehicle program.
This has been the case with the Cybertruck. Tesla is bundling its Cybertruck deliveries with Model S, Model X, and Tesla Semi deliveries.
Despite this lack of disclosure, Tesla has been able to claim that the Cybertruck has become “the best-selling electric pickup truck” in the US in 2024:
It very well might be true. Ford disclosed 33,510 F-150 Lightning truck deliveries in the US in 2024 while most estimates are putting Cybertruck deliveries at around 40,000 units.
Those are global deliveries, but Tesla only delivered the Cybertruck in the US, Canada, and Mexico in 2024, and most of the deliveries are believed to be in the US.
However, there’s essential context needed here, as we highlighted in our recent ‘Tesla Cybertruck sales are disastrous‘ article.
First off, Tesla had a backlog of over 1 million reservations for the Cybertruck that it has been building since 2019. This led many to believe Tesla already had years of demand baked in for the truck and that production would be the constraint.
However, based on estimates, again, because Tesla refuses to disclose the data, Cybertruck deliveries were either flat or down in Q4 versus Q3 despite Tesla introducing cheaper versions of the vehicle and ramping up production.
Again, that’s after just about 40,000 deliveries.
Furthermore, with almost 11,000 deliveries in Q4 in the US, Ford more likely than not outsold Cybertruck with the F-150 Lightning in Q4.
Electrek’s Take
Tesla is in damage control here. There’s no doubt that it is having issues selling the Cybertruck.
Inventory is full of Cybertrucks and Tesla is now discounting them and offering free lifetime Supercharging.
Tesla is great at ramping up production, and it’s clear the Cybertruck is not production-constrained anymore. It is demand-constrained despite having over 1 million reservations.
Again, those reservations were made before Tesla unveiled the production version, which happened to have less range and cost significantly more.
The upcoming cheaper single motor version should help with demand, but I have serious doubts Tesla can ramp this program up to more than 100,000 units in the US.
As a reminder, Tesla installed a production capacity of 250,000 units annually and Musk said he could see Tesla selling 500,000 Cybertrucks per year.
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