Geely, China’s carmaker brand, is creating waves on the global front as its Q1 2024 sales break records.
Zhejiang Geely Holding Group achieved a significant milestone by selling 730,000 vehicles in the January-March period, making it the first Chinese carmaker to break into the global top 10 in auto sales for a quarter, according to Nikkei Asia.
Previously ranked 12th in the first quarter of 2023, Geely surpassed Germany’s Mercedes-Benz Group and BMW to secure the 10th position, with a year-on-year sales increase of 27%.
Other Chinese automakers, including BYD, Changan Automobile, Chery Automobile, and SAIC Motor, also performed well, ranking within the top 20 globally. The global sales rankings were compiled from company disclosures and data from the survey firm MarkLines.
The extended Lunar New Year holiday typically means Chinese carmakers have fewer days to make sales, often resulting in underperformance compared to global counterparts.
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However, in the first quarter of 2024, the five Chinese companies in the top 20 achieved a combined sales volume increase of over 20%. In contrast, the overall sales growth for the top 20 carmakers globally was 2%.
This impressive performance by Geely and other Chinese automakers highlights their growing influence in the global automotive market. Geely’s rise in the rankings is a testament to its strategic advancements and competitive edge in the industry.
The company’s success also underscores the rapid development and increasing competitiveness of Chinese car manufacturers on the world stage.
As Geely and its peers continue to expand their market presence and innovate, they are likely to further disrupt the traditional dominance of established global carmakers, setting new benchmarks for growth and performance in the automotive sector.