Geely on the move on Fortune Global 500
After revenues last year reached $US41 billion, China’s largest privately-owned automotive technology company rose 76 places in the 2018 Fortune Global 500 list.
Geely Holding attributes the big sales numbers to the core subsidiaries of the group: Geely Auto of China and Volvo Cars. In total, Geely Auto sold more than 1.24 million vehicles over 2017, a 63 per cent increase year-on-year. Unit sales at Volvo rose seven per cent to 571,577.
Speaking of which, Volvo grew unit sales in China by 18.4 per cent, up to 61,480 vehicles. The Swedish carmaker took home several accolades, including European Car of Year for their new XC40, and World Car of the Year for their XC60. Håkan Samuelsson, President and CEO of Volvo Cars, was named World Car Person of the Year in 2018 by the World Car of the Year jury.
During the first half of 2018, Geely Holding has continued to grow strongly. In the six months to June 30, Geely Auto sales reached 766,630 vehicles, a 45 per cent increase on the same period last year. Volvo Cars saw significant growth on the back of its popular XC40, XC60 and XC90 models, with sales reaching 317,639 vehicles, a 14.4 per cent increase for the year.
Geely Holding’s growth in smart mobility has gained traction in the past year with the expansion of Caocao, its alternative energy ride-hailing platform. In just over a year, Caocao has expanded to 25 cities with more than 26,000 alternative energy vehicles in operation.