100,000 Cars Per Year
Chinese automotive group Geely has ambitious growth plans for the United Kingdom. The manufacturer aims to sell 100,000 electric cars annually there and is considering local production, Michael Yang, head of Geely’s UK branch, told the Financial Times. With this, the Chinese want to compete with Tesla and BYD in Europe’s second-largest electric vehicle market.
The United Kingdom has become an important battleground for the European expansion of Chinese automakers, thanks to strong electric vehicle sales and the absence of import duties. “Currently, the UK market is more open and friendlier to Chinese brands,” Yang told the British business newspaper.
According to him, Geely wants to introduce ten electric and plug-in hybrid models over the next three years and sell about 100,000 vehicles annually, accounting for approximately 5 percent market share. For comparison, BYD and Tesla each have a share of about 2 percent this year.
“In the future, if local production proves more advantageous, why not? We are certainly open to that,” said Yang. Geely Auto, listed in Hong Kong, is part of Geely Holding. This is one of the world’s largest automotive groups, with interests in Volvo Cars, Polestar, Lotus, London taxi manufacturer LEVC, and Aston Martin.
The UK government is trying to attract Chinese automakers to produce locally but has had little success so far. This is due to high energy and labor costs compared to countries like Turkey, Hungary, and Spain, which have secured Chinese investments.
The UK aims to produce 1.3 million vehicles annually by 2035, nearly double the current production.