Geely Unveils New EV Brand, Seven Cars to Be Delivered by 2025
Chinese carmaker Geely unveiled a new line of high-end electric cars on February 23 as part of a push to make up lost ground. The new Galaxy lineup will include seven models over the next two years, including four long-range hybrids and three pure electric cars.
The hybrid electric Galaxy L7 SUV and the hybrid electric Galaxy L6 sedan will be delivered in the second and third quarters of this year, respectively. The pure electric Galaxy E8 will be delivered in the fourth quarter of this year.
The Galaxy L7 is designated the official vehicle for the upcoming Hangzhou Asian Games. It is capable of accelerating from 0 to 100 km/h (0 to 60 mph) in only 6.9 seconds. It delivers an impressive fuel economy of 5.23 l/100 km (45 mpg), which translates to 1,370 km (850 miles) on a single tank of gas.
Geely’s sales have recently come under pressure due to the rapid rise of local competitors. According to the China Passenger Car Association (CPCA), Geely ranked fifth in the list of highest retail vehicle sales in 2022, behind BYD and Changan Auto. The year-on-year growth rate of Geely’s vehicle sales was 1.8%, compared to 149.4% for BYD and 13.8% for Changan Auto.
Geely has made great strides in its transformation from a fuel vehicle maker to an electric vehicle maker. In the Chinese electric vehicle market, Geely ranked fourth in sales last year, behind BYD, SAIC-GM-Wuling, and Tesla. According to the CPCA, the retail sales volume of Geely’s electric vehicles in 2022 was 304,900 units, compared with 80,000 units sold in 2021.
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Under Geely’s umbrella, its sub-brands Geometry and Zeekr significantly support its total vehicle sales. Zeekr sold about 72,000 vehicles last year. The Geometry brand, established in 2019, was initially well received by the market but failed to gain momentum due to its unclear positioning. In 2022, Geometry focused on low budget consumers, driving its sales volume up to 150,000 units, an increase of 170% year-on-year.
Geometry models are priced below 200,000 yuan ($28,924). The average price tag of Zeekr models exceeds 300,000 yuan ($43,389). Both brands compete fiercely for market share against BYD, Changan Auto, and Tesla.