In a significant milestone for the Chinese automotive industry, Zhejiang Geely Holding Group GELLY has secured a spot in the global top 10 for auto sales in the first quarter of 2024, a first for any carmaker from the Asian country.
What Happened: According to a report by Nikkei Asia on Sunday, Geely sold 730,000 vehicles in the January-March period, marking a 27% year-on-year growth.
This surge in sales propelled the company from its 12th position in the first quarter of 2023 to the 10th spot in the global rankings, surpassing Mercedes-Benz Group and BMW.
Chinese peers BYD Co BYDDY BYDDF, Changan Automobile, Chery Automobile, and SAIC Motor managed to make it to the top 20.
Geely’s strong performance was largely driven by its electric vehicle exports, which played a significant role in the company’s growth despite the quarter being affected by holidays in China.
The company owns Swedish luxury carmaker Volvo Car AB VLVLY, another formidable contender in the EV arena.
See Also: 5 Best Chinese Stocks Right Now
Why It Matters: This achievement comes on the heels of Geely’s ambitious plans for its EV arm, Zeekr Intelligent Technology Holding Limited ZK, to double car deliveries in 2024.
Geely’s success also reflects the overall growth of the Chinese automotive market, which has been steadily gaining ground in the global industry.
Photo via Shutterstock
This story was generated using Benzinga Neuro and edited by Ramakrishnan M
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
