China's Geely set to speed EV shift
STORY: Geely Automobile already owns electric car makers like Zeekr.
Now the Chinese group is set to speed a shift towards EVs for all its brands.
Geely said Thursday (August 18) it planned to increase the proportion of EVs in its total sales to 50% in 2023.
They’re already running at over 30%.
Meanwhile, sales of traditionally powered vehicles are slumping.
Geely says they were down by a fifth over the first half.
The Hangzhou-based company is China’s highest profile automaker worldwide.
That’s thanks to stakes in names like Volvo and Mercedes.
2022 has proved tough so far.
On Thursday Geely said profits dropped 35% over the first half.
It was hit by health-crisis curbs, and the global shortage of computer chips.
Geely says rising prices for parts and other factors will weigh on the rest of the year too.
Exports soared, however, up 64% as the firm works to expand in Southeast Asia and Europe.
Geely has said previously that it expects its total vehicle sales to hit 3.65 million units by 2025.
