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

Published

2 years ago

January 17, 2023

admin

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%.

FTC: We use income earning auto affiliate links. More.

Environment

Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

Published

4 hours ago

November 5, 2024

admin

Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

Saudi Aramco’s Ras Tanura oil refinery and oil terminal

Ahmed Jadallah | Reuters

Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend.

The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

The average selling price of oil for the second quarter of 2024 stood at $85 per barrel, but dropped to $78.7 per barrel during the third quarter, according to Saudi-based bank Al Rajhi capital, as non-OPEC supply volumes grew.

The oil firm said its year-on-year decline was partly offset by a “reduction in selling, administrative and general expenses primarily driven by a gain from derivative instruments, and a decrease in production royalties largely reflecting lower crude oil prices and a lower average effective royalty rate compared to the same quarter last year.”

Aramco’s dividend includes a base payout of $20.3 billion and an atypical performance-linked one of $10.8 billion. The Saudi government and the kingdom’s sovereign wealth vehicle, the Public Investment Fund, are the main beneficiaries of the dividend, holding stakes of roughly 81.5% and 16% in the company.

The remaining shareholding trades freely on Saudi Arabia’s Tadāwul stock exchange, with the company having finalized its second public share offering back in June.

Aramco’s earnings before Interest and Taxes (EBIT) came in at $51.45 billion in the third quarter, down 17% year-on-year. Aramco’s capital expenditure guidance was brought up 20% to $13.23 billion.

The company was trading at 27.45 riyals following the announcement, down 0.18% on the previous day.

The earnings align with a broader trend across oil majors, whose third-quarter profits have also suffered from declines in crude prices and refining margins. Aramco said it achieved average realized crude price of $79.3 per barrel in the third quarter, compared with $89.3 per barrel in the same period of last year.

Saudi Arabia, the world’s largest crude exporter who produces roughly 9 million barrels per day of crude at present, serves as the de facto leader of the OPEC+ oil producers’ alliance, a subset of whom agreed over the weekend to delay a planned December output hike by one month.

OPEC chief says delayed December output hike is 'nothing unusual'

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” CEO Amin Nasser said in a statement. “We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.”

The revenues will be a boon to the Saudi economy, which is currently undergoing a diversification process under Crown Prince Mohammed bin Salman’s legacy Vision 2030 scheme spanning a slew of high-cost infrastructure “gigaprojects.”

Earlier this year, Saudi Arabia’s Ministry of Finance cut the kingdom’s growth forecast to 0.8% in 2024, in a steep decline from a previous projection of 4.4%, and raised the outlook for the national budgetary shortfall to roughly 2.9% of GDP, from a prior indication of 1.9%.

Environment

Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

Published

10 hours ago

November 5, 2024

admin

Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

Source Links

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonusLucid proves than an EV company can keep its promises while Xiaomi teams up with Chevrolet and Honda to prove – at least conceptually – that records are made to be broken. audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

FTC: We use income earning auto affiliate links. More.

Environment

This ‘supercharger on wheels’ brings fast charging to you [update]

Published

11 hours ago

November 4, 2024

admin

This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

FTC: We use income earning auto affiliate links. More.