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Geely to launch "small Rolls-Royce" by 2011.

November 25, 2008 - Last week at the Guangzhou auto show, Geely Auto launched its small car Panda and other two new models code-named FC-2, FC-3, which will go on sale in June 2009. In addition to these economical cars, Geely is making its foray into the luxury sedan segment, and will launch its first premium sedan model nicknamed "small Rolls-Royce" by 2011, said xinhuanet.com today.

In October 2006, Geely Auto formed a joint venture (Shanghai LTI Automobile Components Co) with Shanghai Maple and UK's Manganese Bronze Holdings to produce the renowned London taxi TX4. This Geely-made taxi was put into trial operation during the Beijing 2008 Olympic Games in August. Now Geely has decided to use the TX4 platform to develop its own-brand luxury sedan while mass-producing the TX4 taxi.

The Geely sedan to be made on the TX4 platform will be driven by a world-class engine, possibly the V6 3.0L engine and even the V8 series, and equipped with Chinese-made automatic transmissions and the blowout monitoring and braking system (BMBS), Geely's self-developed driving safety technology.

Geely Auto aims to make this sedan model one of the top Chinese sedan brands. According to Geely's design plan, the sedan model will look like the China-made high-end model of a BMW or Mercedes-Benz series, but the overall design of the car body will be based on the TX4 which Geely is making.

The Geely sedan now has a working name "Yinglun Dihua" ("British imperial splendor") but is widely called the "small Rolls-Royce" by the auto industry and media. Positioned for the premium BMW / Mercedes-Benz-dominating market, the luxury Geely sedan is expected to sell for 300,000 yuan ($43,900) or so when it comes to market by 2011.
source: Gasgoo.com
 

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Re: Geely Automotive business news

Geely gets 1 bln yuan credit line from CEB

January 04, 2009
Shanghai, January 4 (Gasgoo.com) China Everbright Bank signed a deal on December 31 with Geely Automobile Holdings Group to provide the automaker a credit line of 1 billion yuan ($147 million), said xinhuanet.com yesterday. Of this amount, 250 million yuan will be used for Geely Auto's cash flow and the other 750 million yuan as financing support for Geely's dealers.

China Everbright Bank Hangzhoun Branch will use its banking, securities and insurance businesses to provide services of capital, investment and financing to Geely Auto. As one of the first Chinese banks that have been engaged in auto financing services, China Everbright Bank has cooperated with Chery Auto and Beiqi Foton and has built up its expertise in auto financing operation.

An auto industry analyst noted that the 1-billion credit line will help promote Geely Auto's newly initiated strategic transition. It will speed up the cash flow of Geely Auto in production, marketing, sales, and R&D. It can also give financial support to the coordinated development of Geely's Auto industry chain.

Geely president Li Shufu said that the money provided by the bank will be correctly used where it is most needed and can generate the best results. The deal with China Everbright Bank is expected to guarantee the smooth development and growth of Geely Auto amid the global financial crisis spillover in 2009.

Geely Auto plans to sell 281,000 vehicles in 2009, up 25% over 2008, as it introduces new models and taps government incentives to revive the slumping domestic auto market. The private Chinese automaker will launch a new model and a re-vamped model each quarter this year.


http://www.gasgoo.com/auto-news/1008937/Geely-gets-1-bln-yuan-credit-line-from-CEB.html
 

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Re: Geely Automotive business news

Chinese automaker Geely Auto Holdings Group said it would meet its annual sales target this year and would not cut production or target, though many carmakers in China had lowered their initial sales target.

Xinkuai Bao quoted Geely spokesman Chen Fangmin as saying that Geely would have its capacity and sales increase by 25% above and jobs grow by 5% in 2009 compared to this year.

It's doubtful whether the independent Chinese automaker is "making a show" amid the current economic turmoil. However, Chen said Geely now was taking large-scale recruitment in accordance with its 2009 target.

Geely Auto is carrying out a sweeping reform by streamlining its administration and slimming down the workforce to improve efficiency and productivity to confront with the financial crisis. The carmaker has cut its 22 administrative divisions to 15, reduced 25 tier-1 companies to 19, and has disbanded five tier-2 companies.


From: gasgoo.com
 

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Geely Auto hits '08 sales target of 225,000 units

January 05, 2009

Shanghai, January 5 (Gasgoo.com) Chinese automaker Geely Auto Holdings Group announced it had fulfilled its 2008 annual sales target of 225,000 units and would increase sales by 25% in 2009, China News Service reported.

In 2008, Geely Auto saw domestic sales increased by 11.6% and exports up by 79.8%, achieving its targets for the year. The private carmaker made it clear that it would not cut jobs, production or sales target. Geely plans to sell 281,000 units this year, against nearly 225,000 units in 2008, a company official, Zhang Xiaodong, told Shanghai Daily on Sunday.

The carmaker aims to launch four all-new models and four revamped models in 2009 such as FE-1/2, SL, TX4, GC and Free Cruiser, Kingkong, Vision and AT Panda. It will also target SUV, MPV and mid- and high-class car sectors.

This year, Geely will firmly carry out its research and development strategy of five technical platforms, 15 product platforms and key auto parts. The automaker is planning to make a breakthrough in active and passive safety technologies, and meanwhile to develop new models.

http://www.gasgoo.com/auto-news/1008948/Geely-Auto-hits-08-sales-target-of-225-000-units.html
 

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Geely to stop making cheap cars below $5,860

March 11, 2009

Shanghai, March 11 (Gasgoo.com) Geely Automobile will stop manufacturing cheap vehicles priced below 40,000 yuan ($5,860), said Li Shufu, Geely Chairman, to Beijing Times on March 10.

Geely Automobile, China's major privately-owned carmaker based in Zhejiang, started its car business by making small vehicles valued between 20,000 yuan and 30,000 yuan.

The carmaker launched Geely Panda, priced above 40,000 yuan to supersede the original low-end products. Geely will shift its goal from making the cheapest car to the most safety, environmentally-friendly and energy-efficient car, Li declared.

Geely will roll out eight new models this year, Li said. The carmaker will invest more than one billion yuan in R&D in 2009, according to Li.

http://www.gasgoo.com/auto-news/1009604/Geely-to-stop-making-cheap-cars-below-5-860.html
 

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Geely posts 191% rise in '08 net profit

April 17, 2009
Shanghai, April 17 (Gasgoo.com) Chinese car manufacturer Geely Automobile Holdings Ltd said on Thursday that its profit more than doubled last year on increased stakes in its affiliated units in China.

Net income rose to 879 million yuan (US$129 million), or 0.15 yuan a share, in 2008 from 302.5 million yuan, or 0.06 yuan a share, of the previous year, representing a growth of 191 percent.

Sales revenue rose to 4.29 billion yuan last year from 131.7 million yuan in 2007, the automaker said in a Hong Kong Stock Exchange statement.

Geely obtained approval from the Ministry of Commerce in June 2008 to raise its interests in each of five affiliated manufacturing units to 91 percent for $206 million.

The company boosted sales in China last year by 12 percent to 204,205 units by adding larger cars to compete with overseas brands. Its vehicle export in 2008 was equivalent to 37,940 units, up 80 percent from a year earlier.

The private auto firm aims to raise vehicle sales by 22 percent to 250,000 units this year. To meet the target Geely plans to add more than 4 new and 4 upgraded models in China this year.

http://autonews.gasgoo.com/auto-news/1010060/Geely-posts-191-rise-in-08-net-profit.html
 

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China Auto maker GEELY to BUY Chinese special vehicle maker Zhongyu Auto

Nice news for GEELY!

Feb. 26, 2010 (China Knowledge) - Zhejiang Geely Holdings Group, parent of the Geely Automobile Holdings Ltd<0175>, said yesterday that it planned to acquire Zhejiang Zhongyu Automobile Co, a Chinese special vehicle maker, as it aims to expand its product portfolio, Reuters reported. Zhejiang Geely said it would sign an agreement with the special vehicle maker this week
 

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Re: Geely Automotive business news

Of note here is the fact that both Geely and Zhongyu had recently struck deals with Yulon of Taiwan. Little Zhongyu was to be the major partner in the making of Yulon's Luxgen on the mainland until Dongfeng replaced them in the deal. Meanwhile Geely has given (some?) production of its Panda EVs to Yulon.
 

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Geely set to sell Emgrand cars at Alibaba online store

Zhejiang Geely Holding Group, a private Chinese automaker who is buying Ford Motor's Volvo car unit, is starting to sell its Emgrand-branded cars at Alibaba.com's online store, media reported today.

Geely signed a strategic cooperation agreement with China's largest online retailer Alibaba Group on June 18 in Zhejiang province's capital city of Hangzhou, where the two companies headquartered, to promote and sell vehicles of Geely's sub-brand Emgrand on the Alibaba's legendary retail platform.

Sources said that Geely Group has planned its online retail mode for some time, with the "Gleagle-Panda" as the company's basic sales model, as it is more suited to young buyers' demands, but now the Emgrand brand is also listed as another option for online purchase of Geely vehicles.

Compared with the conventional store sales, special versions of certain models with unique equipment will be offered at the online-shops, said a sales executive of Geely. However, it remains to be seen which car model of Geely's Emgrand brand will make its debut when its Alibaba e-store opens early next year.

Geely sees online business as an effective platform to offer consumers more auto information and sales service. The cooperation with Alibaba is a new addition to the carmaker's traditional sales mode, also an innovation for the all-around development of China's auto industry.

http://autonews.gasgoo.com/auto-new...ell-Emgrand-cars-at-Alibaba-online-store.html
 
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