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By Moses Akaigwe
Emboldened by the 2021 Geely Automobile Holdings’ half-year financial results with revenue reaching RMB 45 billion (close to N3 trillion), Geely Auto Group has announced that it is aiming to achieve 3.65 million units in annual sales by 2025.
The financial statement indicates an increase of 22 per cent compared to the same period last year.
The cheery news from China is coming at a time Geely is also on a remarkable and successful resurgence in the Nigerian market courtesy of the exclusive partner in the country, Mikano International (Mikano Motors), which organised a razzle-dazzle launch for the brand in Lagos, on January 21, 2021.
Mikano operates an active auto plant located within the ultra-modern industrial complex fondly named Karameh City on the outskirts of Lagos, where Emgrand 7 sedan, the X7 Sport SUV and the breathtaking, class-beating Coolray compact SUV, are assembled for the needs of the Nigerian market.
Presenting the 2021 half-year results to the media and investors’ conference in China recently, Geely Auto Group announced that it aims to achieve 3.65 million units in annual sales across the Geely Auto, Lynk & Co, Zeekr, and Geometry brands and expand its position as a market share leader amongst Chinese automakers, by 2025, .
Among the Group’s 2025 target, electrified vehicles will account for 30 percent or over one million vehicles per year. The premium electric vehicle Zeekr brand will aim to achieve 650,000 units in annual sales by 2025.
Announcing the semi-annual financial statements summary in China recently, Geely Automobile Holdings had said that profits excluding share-based payments reached RMB 3.02 billion (about N191 billion), an increase of 31 per cent compared to the same period last year.
Net profits for the first half reached RMB 2.41 billion (about 152 billion) and profit attributable to stockholders reaching RMB 2.38 billion (about N150billion).
From January to June 2021, the Group total sales volume reached 630,237 units – an increase of approximately 19 percent year-on-year.
Investment in technological R&D {research and development} has also become a new avenue for profits. In the first half of 2021, technology licensing fees contributed RMB 637 million in profits, accounting for 26 per cent of the company’s net profit.
As it is in the global market, so has it been in Nigeria for the Geely brand since its return to the local market with more modern and vastly revamped product line-up, after some years of absence.
Following the successful trail blazed by Emgrand 7 and X7, Mikano on May 27, 2021, launched the Coolray, a seductively athletic compact SUV. Since its launch at Geely showroom on Adeola Odeku street, Victoria Island, Lagos, where it made many jaws drop with its sporty exterior design as well as “ hi-tech and powerful crossover” qualities.
Like its predecessors, Coolray is assembled in Nigeria – at the Geely plant in Warewa, Ogun State, close to Lagos.
One of the factors attracting admirers to Geely cars in Nigeria is the offer of “best value proposition,” including financing options to ease ownership; a 5-year/ 150,000km warranty; and guaranteed re-sale value via a buy-back plan, as announced by the Mikano International chairman, Mofid Karameh, at the Coolray launch.
This means “that after a few years of driving your Geely vehicle, we can buy it back from you and you drive off with an upgrade!” Karameh had said, assuring of the lowest maintenance costs regarding affordable and readily available spare parts and after-sales service.
The Emgrand 7, X7, and Coolray’s impressive performance despite the lull in the market, has prompted the Geely exclusive partner in Nigeria to mull the idea of introducing more models, which, it was learnt, would start happening soon.
