Chinese Carmaker Finally Breaks Into Global Top 10 Auto Sales: No, It's Not BYD

In a significant milestone for the Chinese automotive industry, Zhejiang Geely Holding Group (OTC:GELLY) has secured a spot in the global top 10 for auto sales in the first quarter of 2024, a first for any carmaker from the Asian country.

What Happened: According to a report by Nikkei Asia on Sunday, Geely sold 730,000 vehicles in the January-March period, marking a 27% year-on-year growth. 

This surge in sales propelled the company from its 12th position in the first quarter of 2023 to the 10th spot in the global rankings, surpassing Mercedes-Benz Group and BMW.

Chinese peers BYD Co (OTC:BYDDY) (OTC:BYDDF), Changan Automobile, Chery Automobile, and SAIC Motor managed to make it to the top 20.

Geely’s strong performance was largely driven by its electric vehicle exports, which played a significant role in the company’s growth despite the quarter being affected by holidays in China.

The company owns Swedish luxury carmaker Volvo Car AB (OTC:VLVLY), another formidable contender in the EV arena.

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Why It Matters: This achievement comes on the heels of Geely’s ambitious plans for its EV arm, Zeekr Intelligent Technology Holding Limited (NYSE:ZK), to double car deliveries in 2024. 

Geely’s success also reflects the overall growth of the Chinese automotive market, which has been steadily gaining ground in the global industry.

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Photo via Shutterstock

This story was generated using Benzinga Neuro and edited by Ramakrishnan M