On August 18th, Geely Automobile (HK.00175) released its interim report. In the first half of this year, the operating income was 58.2 billion yuan, a year-on-year increase of 29%; The average gross profit of bicycles was 16,000 yuan, a year-on-year increase of 9.9%; The sales volume of new energy increased by 398%, the fastest among domestic brands; In addition, free cash flow increased by 1076% to RMB 5.4 billion, and net cash level increased by 5.8% to RMB 22.01 billion.
At the same time, Geely Automobile has achieved many breakthroughs in business this year, with many bright spots. First, in the first half of the year, Geely Automobile sold 613,800 passenger cars, ranking the top three in the sales of its own brands, including 109,000 new energy vehicles, up 398% year-on-year; Second, Geely Automobile’s product structure continues to be optimized, and the new energy label of Lectra will be shaped. The main product will launch the E-Motive hybrid version, and Geometric Automobile will cooperate with Huawei HarmonyOS for the first time to build a "digital cockpit"; Third, we have continued to make breakthroughs in high-end. In the first half of the year, the average amount of large orders delivered exceeded 335,000 yuan, and the first luxury pure electric MPV Extreme 009 will be released soon. Fourth, Geely Automobile’s overseas exports reached a new high, achieving an export sales volume of 88,000 vehicles, up 64% year-on-year.
In 2022, the Fortune Global 500 list was officially released, and Geely Holding Group ranked 229th with revenue of US$ 55.86 billion, up 10 places from last year. This is the 11th consecutive year that Geely Holding Group ranked among the Fortune Global 500.
"all-round innovation"
Enter the first echelon of new energy enterprises
In 2022, Geely Automobile accelerated its transformation to new energy in an all-round way. In the first half of the year, the sales volume of new energy was 109,000 units, up 398% year-on-year, which was the fastest among domestic brands, and its penetration rate of driving new energy increased by 14.4 percentage points (to 17.9%), ranking first in the industry.
Lingke 09
Geely Automobile actively shapes the brand and label of new energy vehicles. As of July this year, the cumulative sales volume of Lectra exceeded 740,000 vehicles, covering the mid-to-high-end market. 72% of the users of Lectra brand are from joint ventures and luxury brands, and the product premium ability has been continuously improved, creating a new height of high-end automobile brand value in China. At the same time, LINKE officially released Lynk E-Motive technology brands, creating a "new energy" label for LINKE. By the end of 2023, the proportion of LINKE electrification will strive to reach more than 60%. After 2024, the Lectra brand will launch at least two new energy vehicles every year. It is estimated that by 2025, Lectra will be fully electrified.
ZEEKR 001
As a high-end new energy brand owned by Geely Automobile, it achieved the fastest delivery speed of high-end intelligent pure electric brands in the first half of this year, with an average large order amount exceeding 335,000 yuan. With the acceleration of delivery and the evolution of product experience, the user ecosystem of Krypton is also booming. As of July 31, 396 self-built charging stations have been built, completing 66% of the annual target of 600.
Geometry e
At the same time, the cumulative sales volume of Geely Automobile’s geometric cars reached 54,500 vehicles in the first half of the year, up 293% year-on-year. The brand positioning was reorganized and defined as a popular "fashion intelligent pure electric series". By creating more fashionable and lighter pure electric products, the geometric brand achieved a rapid growth of 293% in the first half of the year and became the backbone of the group’s new energy rise.
In the future, Geely Automobile said that the company will enter an accelerated development period of "all-round innovation" and further clarify the next development goals. During the year, the monthly proportion of new energy will reach more than 30%; By 2023, by improving the product layout, the proportion of new energy in a single month will reach more than 50%, and it will enter the first echelon of new energy enterprises.
Xingyue l lei Shen zhi Qing Hi·X
The company said that in the future, it will continue to strengthen the brand effect of "Raytheon Hybrid" to ensure that the value of China Star is upward and continues to be new; At the same time, LEEK focuses on building LEEK intelligent hybrid Lynk E-Motive technology brands, and rapidly promotes the full coverage of electrification of main products; In addition, geometry will strengthen the marketing of To C and bring products that are more in line with the needs of popular intelligent pure electricity. It is worth mentioning that the first luxury pure electric MPV Extreme 009 is about to be officially released, and it is expected that the monthly delivery of the brand will exceed 10,000 units in the fourth quarter of this year; Ruilan automobile speeds up the layout of the market segment of power exchange.
Around the big trip
Layout of scientific and technological ecological fields
In recent years, Geely has actively focused on big trips, laying out new energy technologies, car networking, autonomous driving, low-orbit satellites, in-vehicle chips, operating systems and other businesses, strengthening the science and technology ecosystem, creating a moat of science and technology, making new breakthroughs in intelligence and empowering its automobile business.
Intelligent Geely science and technology ecological network
On June 2nd this year, the nine planets, the first track of the "Geely Future Travel Constellation", was successfully launched in xichang satellite launch center with an arrow of nine planets. One of them was named "China Star of the Asian Games", which was the first commercial satellite named for the Asian Games, and will comprehensively enhance users’ intelligent travel experience with space technology. "Geely Future Travel Constellation" has a hard-core technology ecology, which empowers smart travel, unmanned systems, smart cities and other fields, and will comprehensively enhance the smart travel experience of users of Geely Holding’s automobile brands.
At the same time, Geely accelerated the deployment of domestic and self-developed chip routes. In June, the "Longying No.1 Demonstration Car" jointly built by Yikatong Technology and Xinqing Technology was officially unveiled in Wuhan. The "Longying No.1" will be mass-produced in the second half of this year, and the first model is Geely’s main model. The "Longying-1" intelligent cockpit chip is the first car-gauge SOC chip with 7nm process in China, which fully benchmarks the international leading products in terms of process and performance.
Also, Geely accelerates intelligent change and promotes new technology. In terms of three electric power, the pre-research and development of the second-speed pure electric gearbox has been completed in the first half of the year. Compared with the traditional first-speed gearbox, the pure electric acceleration of the whole vehicle can be increased by 10%, and the high-speed power consumption is optimized by about 7%, which not only ensures the power response, but also improves the power consumption, and also relieves the mileage anxiety of users for high-speed travel. It is planned to mass-produce and load cars in the second half of next year.
Around the "Smart Geely Science and Technology Ecological Network", Geely has carried out global layout in automobiles, chips, satellites, aircraft, smart phones, data centers, etc., and the systematic competitive advantage in the field of "intelligence" will continue to emerge.
In the first half of this year, four models of Geely Automobile were upgraded from GEEA1.0, an electronic architecture with distributed control, to GEEA2.0, an electronic architecture with centralized functional domains. At the same time, matching the latest Qualcomm 8155 car chip, the OTA upgrade of the intelligent cockpit was realized, and it is planned to complete about 10 OTA upgrades this year. At the same time, at the end of the year, Geely Automobile will mass-produce a new generation of cockpit operating system One OS independently developed, supporting a version of software to cover the needs of multiple models, so that the user’s car-machine interaction experience is different from that of mobile phone 0.
In the field of intelligent driving, Geely Automobile will focus on L2+ and L3 intelligent driving technologies. In October this year, 6V5R intelligent driving system will be applied on the latest products of Geely, Lectra and Geometry to realize NOA navigation assistance function and OTA. In the second half of 2023, a 10V5R1L system with four side cameras and one laser radar will be added to improve the ride comfort and safety of the vehicle’s parking function and realize the cross-layer parking service function.
Create a high-end brand
Continuous optimization of product structure
The data shows that in the first half of this year, Geely Automobile sold 613,800 passenger cars, ranking the top three in the sales of its own brands. The company actively optimizes the product structure and shapes the "new energy" label of Lectra. The main products will launch the E-Motive hybrid version and accelerate the delivery of Raytheon hybrid models. In addition, a new generation of geometric models G6 and M6 will be launched in Geometry this year, and the "Digital Intelligence Cockpit" will be built with Huawei HarmonyOS for the first time.
High-value products, represented by "China Star", will drive Geely to achieve the goal of brand promotion and value promotion. In the first half of the year, Geely Automobile Group’s bicycle sales revenue increased by 21.1% year-on-year. Among them, "China Star" achieved an overall sales volume of 106,000 vehicles, accounting for 23.9% of the total sales volume of Geely brand, up by 10.3% year-on-year. By the end of June, the cumulative sales volume exceeded 390,000 vehicles, and the average price of bicycles has successfully entered the joint venture competition circle.
As the first large SUV on its SPA platform, Linke 09 entered the price band of 300,000 yuan for the first time. As of July, 2022, the cumulative sales volume of Lectra exceeded 740,000 vehicles, and its products mainly competed with first-line foreign brands, covering the mid-to high-end market. 72% of the users of the Link brand come from joint ventures and luxury brands. Brand influence has become the first driving force for users to buy. The product premium capacity has been continuously improved, creating a new height of high-end automobile brand value in China. From January to June, 2022, the average weighted price of Lectra products reached 152,000.
In addition, the company delivered 19,013 vehicles in the first half of this year, with an average large order amount of over 335,000 yuan. The first luxury pure electric MPV company, Extreme Krypton 009, will be officially released soon, and it is expected that the monthly delivery of the brand will exceed 10,000 vehicles in the fourth quarter of this year. Krypton has evolved in three major areas: intelligent drive, intelligent cockpit and intelligent driving through simultaneous upgrade of software and hardware. Among them, the intelligent drive system systematically applied intelligent technology to all fields of pure electric drive control for the first time, and brought new functions such as the first black technology "lightning switching" and intelligent acceleration slip regulation in the world mass production; New and old car owners can have a new generation of krypton intelligent cockpit based on the 8155 computing platform and an intelligent assisted driving system with the function of "antelope avoiding danger".
In terms of intelligent cockpit, a new generation of cockpit operating system One OS will be mass-produced at the end of December this year, which can realize a version of software covering a variety of models, allowing users to "get started and use" from mobile phones to cars, providing the best interactive experience in the cockpit. At the same time, we are developing a "cloud car machine" system to realize the application software service computing on the cloud; Reduce the cost of hardware computing power, improve the efficiency of OTA iteration, redefine the development mode of automotive software, and bring new ecological services and experiences to users.
Overseas exports hit a new high
Strengthen end-to-end overseas localization ability
In the new era, in which the domestic big cycle is the main body and the domestic and international double cycles promote each other, Geely Automobile will change its overseas business model dominated by trade, strengthen its end-to-end overseas localization ability through the international layout of brands, products, supply chains and factories, and continue to participate in the global market competition.
It is understood that Geely Automobile’s overseas exports reached a new high in the first half of this year, achieving an export sales volume of 88,000 vehicles, up 64% year-on-year, ranking fourth in the industry (one place higher than last year).
Among them, in the first half of the year, Geometry C, a pure electric vehicle, ranked first in Israel’s pure electric market with a market share of 21.7%; Coolray has long occupied the top three in market segments in the Philippines, Saudi Arabia, Qatar, Kuwait and other places, with a cumulative global sales volume of over 500,000 units. In May, 2022, 3,253 new Geely cars were sent to the Middle East market by charter, creating the largest single shipment record of Geely Automobile in the past 10 years.
Baoteng automobile
Proton Automobile, which is owned by Geely, achieved sales of 60,100 vehicles from January to June this year, up by 3.9% year-on-year. Among them, Geely imported X50 and X70 to achieve sales of 25,100 vehicles, up by 15% year-on-year, and won the sales champion of B-class and C-class SUV market segments in Malaysia respectively. At the same time, Proton Automobile began to exert its strength in overseas markets, achieving an export of 2,722 vehicles, an increase of 81% year-on-year, ranking first in Malaysia’s exports. Export will become the most potential sales growth point of Proton Automobile.
In terms of overseas layout, Geely Holding Group and Renault Group also announced cooperation in January this year. The two sides will launch efficient and energy-saving fuel and smart hybrid vehicles in the Korean market, and plan to put the above products into overseas markets. On May 10th, Geely Automobile announced its shareholding in Renault Korea Automobile, with a shareholding ratio of 34.02%. This capital increase and shareholding reflects Geely Holding Group and Renault Group’s strong confidence in the huge potential of the Korean market. At the same time, in the Korean market, the two companies will work together to help Renault Korea enrich its product portfolio, realize the double growth of brand penetration and sales in the Korean market and export market, and accelerate the landing of Renault Group’s Renaulution Plan.
Regarding the future, Geely said that in the second half of the year, the Geely brand will focus on major markets such as the Middle East, Asia-Pacific and Latin America; Proton brand radiates the Southeast Asian market and accelerates the study of emerging markets such as Thailand and Vietnam; Accelerate the "European strategy" and "Asia-Pacific strategy" of the brand; Build a global digital system, ensure product safety and compliance, empower internationalization with digitalization, and comprehensively promote Geely’s globalization process. In the future, Geely will strengthen its end-to-end overseas localization ability through the international layout of brands, products, supply chains and factories. （CIS）
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