Geely again enters Fortune 500 list
MUSCAT: Zhejiang Geely Holding Group (Geely Group) experienced what was to be a momentous year in 2017. With the automotive giant reaching new heights in design, innovation and production as well as new partnerships forged, Geely has gained much ground over the past year.
For the sixth year in a row, Zhejiang Geely Holding Group has made it to the Fortune 500 list. Geely Holding rose 67 places from the previous year to be ranked 343rd in 2017. The group first entered the Fortune Global 500 in 2012.
Here’s a look back at the extraordinary and memorable year in which Geely took significant steps towards exceptional progress:
Over 1.24 million vehicles produced in 2017
In 2017, Geely beat their revised annual sales target of 1.1 million units, delivering over 1.24 million vehicles, with the production rate soaring to a huge 63% compared to the previous year. This strong growth was based on the strength of Geely 3rd Generation models. Now, the Chinese automotive giant looks to go above and beyond with a sales target of 1.58 million vehicles in 2018.
This shows the growing popularity and how customers are exploring a new world of value, styling and comfort with Geely.
Acquisition of American Terrafugia Flying Car Company
On November 13, Geely announced that it had completed the acquisition of American flying-car startup Terrafugia. Terrafugia has since successfully developed several prototype vehicles which run well and plans to deliver its first flying car to the market in 2019, with the world’s first VTOL (vertical take-off and landing) flying car being made available by 2023.
Geely is getting future ready. Apart from the fact that the company has already announced that it would be ready with non-fossil fuel variants, Geely is looking further into the future. This speaks volumes about the forward-looking and longterm approach of the Geely brand.
Geely becomes controlling shareholder of AB Volvo
In the last month of 2017, Geely acquired Cevian’s 8.2% stake in AB Volvo. After the project handover, Geely became the controlling shareholder of AB Volvo and now has 15.6% voting rights. Volvo Group, whose headquarters is located in Sweden, is a world-leading manufacturer of trucks, buses, construction equipment, ship and industrial engine. It owns Volvo Truck, UD Truck, Renault Truck, Volvo Bus, Nova Bus, Prevost Bus, Volvo Penta Engine and other brands. While Geely acquired Volvo cars way back in 2010, this completes the full circle.
Geely acquires shares in Proton and Lotus
Zhejiang Geely Holding Group acquired a 49.9% stake in Proton, with the deal also seeing Geely acquiring a controlling stake of 51% in Lotus. Reflecting on Geely’s experience in the acquisition and resurgence of Volvo, the Chinese automaker aims to restore Proton to its former glory as Malaysia’s first national car brand and revitalise Lotus by unleashing its true potential as a sports car brand worldwide.
While Proton production will be limited to Malaysia as of now, Lotus and the brand experience in high-quality engines will surely help Geely to improve their own cars through technology transfers and to look at a new segment.
Geely Holding Group awarded ‘Asia Top Community Care Company’
Geely Holding Group was awarded the ‘Asia Top Community Care Company’ title in the “Asian enterprise excellent and sustainable development award” (ACES) in 2017. The award is a testimony to Geely Holding Group’s long-term practice of social responsibility and is also an international recognition of Geely’s “Timely Rain” accurate poverty alleviation pattern. This project employs poverty alleviation measures in various industries like education, employment and agriculture in China to help the poor in each region.
Sounding positive about Geely’s prospects in 2018, Chairman Li Shufu said, “For everyone at Geely, 2017 has been an extraordinary and memorable year, in which we have taken significant steps forward on several fronts. The brands under Geely Holding Group have made exceptional progress and together we have written new chapters in the history of the automotive industry. The development of Geely’s new energy commercial vehicles has picked up speed as Geely Auto has always been and will always be committed to independent innovation. The revolution in artificial intelligence, new energy, and new connectivity are all within sight. With a new era comes a new mission and Geely Holding Group will ride the coming wave, I am confident that we will become the leader of this new era.”
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