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Business Times
15-05-2025
- Automotive
- Business Times
Geely appoints Zeekr head as new group CEO in shakeup
[HONG KONG] Billionaire Li Shufu is shaking up his sprawling Geely auto empire, lining up a new chief executive weeks after a shock move to take its US-listed premium electric car brand Zeekr private. Andy An, Zeekr's CEO, will also head parent Zhejiang Geely Holding Group after the subsidiary's privatisation by Geely Automobile Holdings is complete, said current CEO Daniel Li on an earnings call on Thursday (May 15). Zeekr's privatisation at a valuation of US$6.4 billion was announced earlier this month just a year after it started trading in New York and was seen as an escalation of Li's drive to streamline his business empire. The group, which also includes stakes in Volvo Car, iconic UK sportscar brand Lotus, and the maker of London's ubiquitous black taxis, is coming under pressure from intense competition in China's car market. 'Why this fast? Time waits for no one. Given the conditions of China's auto market, for Geely Auto, there is no room for error in the market,' Gui Shengyue, a senior executive with Geely Auto, said during the call on Thursday. 'So we must quickly resolve problems and through a merger, quickly lift the competitiveness of our company.' Daniel Li will become executive vice chairman of Geely Holding Group after the merger and will play an important role in the group's capital operations and collaborations, Li said. The leadership reshuffle was announced shortly after Geely Auto reported net income that more than tripled to 5.67 billion yuan (S$786 million) in the three months ended Mar 31, from 1.56 billion yuan a year earlier. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up That was broadly in line with guidance the company provided last month following a change in its accounting policy. Revenue rose 25 per cent to 72.5 billion yuan. Separately, Zeekr on Thursday reported a first-quarter net loss of 718 million yuan, narrowing 64 per cent from last year. Total revenue was largely flat, increasing just 1.1 per cent to 22 billion yuan. Zeekr merged with the Lynk & Co connected car brand earlier this year, and the period was the first quarter with the full integration of the two marques, Zeekr CEO Andy An said. 'The two brands' initial technological consolidation has already boosted profitability through optimised R&D and shared platforms,' An said. Geely recorded net current liabilities of 11.3 billion yuan, but said that after a comprehensive assessment, this has no significant impact on its ability to continue, because the business continues to generate stable cash flows, has good relationships with financial institutions and is carrying out plans to improve liquidity, it said. Geely continues to enjoy strong growth in China, with deliveries rising 48 per cent in the first three months of this year. Popular models such as the electric Xingyuan hatchback and Xingyue L sport utility vehicle are among the best-selling vehicles in the world's largest auto market. But like other Chinese automakers, Geely is facing stiff trade headwinds. The European Union's tariffs on Chinese electric vehicles and the increase in taxes on car imports and weak consumer sentiment in Russia – where Geely is a top seller, are impacting exports. Overseas deliveries grew just small 2 per cent in the first quarter, compared with a 66 per cent surge in a year earlier, according to a separate company filing in April. BLOOMBERG
Business Times
15-05-2025
- Automotive
- Business Times
Geely profits surge on record sales as reshuffle underway
[HONG KONG] Geely Automobile Holdings, the Hong Kong-listed unit of billionaire Li Shufu's sprawling auto empire, said that first-quarter profit surged as sales climbed and it continued on a cost-cutting drive to stay on top of China's ultra-competitive car market. Net income more than tripled to 5.67 billion yuan (S$1 billion) in the three months ended Mar 31, from 1.56 billion yuan a year earlier, the company said on Thursday (May 15). That was broadly in line with guidance the company provided last month following a change in its accounting policy. Revenue rose 25 per cent to 72.5 billion yuan. 'The group achieved record-high sales and experienced strong growth in its new energy business,' it said. 'This led to significant scale effects and a substantial increase in overall profitability.' Geely Auto earlier this month announced a bid to take the premium electric car brand Zeekr private. The move, which came almost exactly a year after Zeekr started trading in New York, values Zeekr at about US$6.4 billion and is part of Li's drive to streamline his business empire – which also includes a stake in Volvo Car, iconic UK sportscar brand Lotus, and the maker of London's ubiquitous black taxis. Separately, Zeekr on Thursday reported a first-quarter net loss of 718 million yuan, narrowing 63 per cent from last year. Total revenue was largely flat, increasing just 1.1 per cent to 22 billion yuan. Zeekr merged with the Lynk & Co connected car brand earlier this year, and the period was the first quarter with the full integration of the two marques, Zeekr Group chief executive officer Andy An said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The two brands' initial technological consolidation has already boosted profitability through optimised R&D and shared platforms,' An said. Geely recorded net current liabilities of 11.3 billion yuan, but said that after a comprehensive assessment, this has no significant impact on its ability to continue, because the business continues to generate stable cash flows, has good relationships with financial institutions and is carrying out plans to improve liquidity, it said. Geely continues to enjoy strong growth in China, with deliveries rising 48 per cent in the first three months of this year. Popular models such as the electric Xingyuan hatchback and Xingyue L sport utility vehicle are among the best-selling vehicles in the world's largest auto market. But like other Chinese automakers, Geely is facing stiff trade headwinds. The European Union's tariffs on Chinese electric vehicles and the increase in taxes on car imports and weak consumer sentiment in Russia – where Geely is a top seller, are impacting exports. Overseas deliveries grew just small 2 per cent in the first quarter, compared with a 66 per cent surge in a year earlier, according to a separate company filing in April. BLOOMBERG
The Sun
10-05-2025
- Automotive
- The Sun
2025 Geely Monjaro L in China
Geely has given us a close-up of the 2025 Monjaro L, known in its home market as the Xingyue L, during a special preview at its test drive facility in China. The updated SUV could signal the arrival of the next-generation Proton X70 in Malaysia, given the close alignment of Geely and Proton's product strategies. Physically, the Monjaro L has grown slightly in size compared to its predecessor. The new model measures 4,770mm in length, 1,895mm in width, and stands 1,689mm tall, with a wheelbase stretching 2,845mm. These dimensions place it marginally above the current Proton X70, suggesting more interior space and a bolder road presence. The exterior design receives a modest refresh. The most prominent change comes in the form of a vertical bar front grille that now protrudes outward slightly, flanked by Geely's revised silver emblem. The signature LED headlamps and the shape of the front bumper's air intake remain largely unchanged, but a new set of 20-inch multi-spoke alloy wheels adds a more premium stance. Geely has yet to confirm whether the 2025 Monjaro will be sold as a new variant or completely replace the existing version, although indications point toward the latter. Under the bonnet, the 2025 Monjaro will be offered in two variants, both powered by a 2.0TD four-cylinder turbocharged engine. The high-output version delivers 234hp and 350Nm of torque and is paired with an 8-speed automatic transmission. The lower-tuned EVO version, already available in the current model, produces 214hp and 325Nm, coupled with a 7-speed dual-clutch transmission. The top-tier model includes an adaptive all-wheel-drive system for improved traction and stability, while the entry-level model sends power to the front wheels. Geely will offer two specific trims: the two-wheel-drive 'Lanxing' edition and the all-wheel-drive 'Wangyue' variant. Additionally, a new body colour option called 'Stone Green' has been introduced to expand the SUV's visual palette. Inside, the Monjaro L maintains its technological edge with a triple-display setup that includes a 12.3-inch digital instrument cluster, a central infotainment touchscreen, and a dedicated passenger entertainment screen. Premium variants will also be equipped with an augmented reality (AR) heads-up display. While more interior upgrades may follow, Geely has yet to disclose further revisions to cabin materials or infotainment features. The Monjaro continues to hold a strong position in China's highly competitive compact SUV segment. Over the past six months, it has achieved domestic sales of 90,646 units, placing it sixth in the category. With its blend of power, technology, and premium styling, the Monjaro targets mainstream petrol-powered rivals such as the Honda CR-V. As anticipation builds, the possibility of this updated SUV forming the basis for the next Proton X70 seems increasingly likely. If so, Malaysian buyers can look forward to a more spacious, powerful, and tech-forward SUV that builds on Proton's growing reputation for offering high-value, globally engineered models.
