In the first month of 2024, Geely Automobile Group's sales hit a record high.
Geely Automobile announced on the Hong Kong Stock Exchange on February 1 that the group's total sales in January were 213,500 units, a positive growth on the same month and month. Specific to brands, Geely brand is still the main sales force. Galaxy, Geometry, China Star and other series contributed sales of 172,800 units, and the Geometry series increased by more than 256%.
At the same time, Geely's sales of new energy vehicles exceeded 30%, reaching 65,800 units, a year-on-year increase of nearly six times and a month-on-month increase of 14.3%. Among them, pure electric vehicles have tripled year-on-year, while plug-in hybrid models have surged from 588 in the same period last year to 29,500.
This is mainly due to Geely's launch of the new energy series Galaxy, which sold nearly 20,000 vehicles in January this year. In addition, sales of Geely's high-end pure electric brand Gekrypton also increased significantly, reaching 12,500 units.
It is worth noting that Geely also overtook BYD with sales of 213,500 vehicles, which sold 201,500 new energy vehicles in January.
BYD's sales are still dominated by Dynasty and Haiyang. com, with sales of both reaching 185,100 units. Sales of high-end models Tengshi and Formula Leopard brands declined month-on-month. BYD's luxury brand looks forward to sales in January still remaining above 1,000 vehicles, which is on par with the benchmark Land Rover Range Rover and surpassing the Mercedes-Benz G-Class. However, it remains to be seen how the subsequent volume will be increased.
In terms of exports, BYD maintained strong momentum to export 36,000 vehicles, a year-on-year increase of 247.5%. Geely's export sales in January were 26,000 vehicles, a year-on-year increase of 79%.
As a leading company of its own brand, Geely Automobile once occupied the first position in 2018, 2019 and 2021. In 2023, Geely ranks fourth among its own brands with 1.6865 million units, which is a big gap compared with BYD's sales of 3.0244 million units.
Geely and BYD were among the few car companies that achieved their full-year sales targets last year. Geely's sales target for this year is 1.9 million units, of which 800,000 new energy vehicles are expected to reach. BYD's sales targets have not been officially disclosed.
As various brands continue to make efforts in new energy, the gap between leading automobile brands in the past and other brands will continue to narrow, and competition in the automobile market will remain fierce in 2024.
