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Chinese EV maker Geely’s declaration aims to cut costs
Li Shufu, founder of Zhejiang Geely Holding Group, is focusing on cost-cutting as his company encounters significant challenges.
This strategy, known as the Taizhou Declaration, aims to consolidate operations and increase efficiency across Geely’s businesses.
Released in late 2024, the Taizhou Declaration outlines measures to address financial difficulties amid a slowdown in the EV market and rising trade tariffs.
This follows years of expansion, including acquisitions of Volvo, Lotus, and a stake in Mercedes-Benz. A key initiative was the merger of Geely brands Zeekr and Lynk & Co, valuing Lynk & Co at US$2.5 billion.
Geely’s EV brands—Polestar, Zeekr, and Lotus—reported combined losses of US$2.2 billion in the first three quarters of 2024.
Despite these challenges, Geely aims to increase its annual vehicle sales from 3.3 million in 2024 to 5 million by 2027.
Recent Geely developments
| Timeline |
|---|
| 05-Mar-2025 🚗 Geely chairman Li Shufu urges innovation over price wars Geely’s chairman vows to avoid price wars, focusing on innovation and quality for sustainable growth in China’s car market. |
| 04-Mar-2025 🚗 Geely to launch smart driving system for all its car brands Geely Auto to integrate AI G-Pilot in all brands, enhancing driving with self-parking and navigation features. |
| 10-Feb-2025 🚗 Geely to integrate DeepSeek for AI-driven vehicle innovation Geely Auto Group to launch AI strategy in March 2025, enhancing vehicles with new models and advanced technologies. |
| 06-Jan-2025 🚗 Geely aims for over 5m vehicle sales by 2027 Geely aims for over 5 million vehicle sales by 2027, focusing on brand consolidation and key tech advancements. |
| 20-Dec-2024 🚗 Geely opts for partnerships over plants to expand smart EVs Geely aims to expand in the global EV market by partnering locally, differing from rivals building overseas plants. |
| 13-Nov-2024 🚁 Geely eyes $95m rescue of German flying taxi firm Geely plans a $95M investment in Volocopter to rescue the flying taxi firm from bankruptcy amid ongoing negotiations. |
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