China’s Geely launches new EV brand Galaxy to compete with Tesla, BYD

Chinese automaker Zhejiang Geely Holding Group Co. has launched a new range of high-end electric vehicles as part of an effort to make up for lost ground from Tesla Inc. and local giant BYD Corp. The new Galaxy range will include seven model years over the next two years, the Chinese automaker said at an event in Hangzhou on Thursday. Shipments of the plug-in hybrid L7 SUV, which has yet to be priced, will start in the second quarter, Geely said, while also showing off a battery-only prototype that will go into production soon.

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Updated on:
February 25, 2023 at 12:26 am

Galaxy EV brand to produce high-end EVs

Geely, one of China’s largest privately-owned automakers, already has a portfolio of EV brands, including the Zeekr, a battery-only high-end range due in 2021. The Zeekr is off to a good start, with sales exceeding 70,000 by 2022 and only being offered as a 001 model. Zeekr is planning a U.S. IPO later this year.

Also read: Geely plans to turn London black cab maker into EV powerhouse

Four of Galaxy’s products will be long-range hybrid electric vehicles, including the L7 SUV and L6 sedan, while three will be pure electric vehicles. Geely also said it was working on improved hybrid engines and self-driving technology.

Founded by billionaire Li Shufu, Geely also controls a string of international car brands including Lotus, Sweden’s Volvo and Polestar, and Malaysia’s Proton and Lynk & Co. In China’s EV market, the company ranks fourth with a 5.4 percent market share, behind dominant BYD, followed by SAIC and Tesla.

Geely’s overall car shipments have been below expectations. Annual sales last year were 1.43 million vehicles, including combustion engine vehicles, compared with the company’s target of 1.65 million vehicles.

First published date: Feb 25, 2023 at 12:26pm CST

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