China’s highest-profile carmaker, Geely, which holds investments in international auto giants such as Volvo and Daimler launched its new premium all-electric car brand “Geometry” on Thursday.
In line with a market that races towards an electric future, Geely’s Geometry aims at answering tightening emission norms around the world and a subsequent surge in demand for electric vehicles. Geely said that Geometry will take overseas orders but will mainly focus on the Chinese markets for now while it launches more than 10 all-electric vehicles in different segments by 2025.
The Geometry A will lock horns with the Tesla Model 3.
Geometry’s first model ‘A’ has already received 26,000 booking from all over the world. The longer-range version of the model, according to Geely, will be able to travel up to 804km on a single charge.
“The launch of Geometry and its first product advances Geely’s strategic goal of becoming one of the world’s top 10 automotive groups,” An Conghui, president of Zhejiang Geely Holding Group, said in the statement.
Just last month, Geely announced a joint venture with German auto giant Daimler to build the next generation of its small car brand, Smart electric cars in China. Additionally, the company is also said to be developing new energy commercial vehicles like pickup trucks at another unit, Yuan-Cheng Auto. While the Chinese automaker witnessed a sales growth of 20 per cent in 2018, it foresees largely steady sales this year as the country’s giant auto market struggles with slowing economic growth and more cautious consumers.
Geely said that Geometry will take overseas orders but will mainly focus on the Chinese markets for now.
The Chinese carmaker bought Volvo Cars in 2010 from Ford Motor Co in what was China’s biggest acquisition of a foreign car maker at the time.
China has been a keen supporter of new energy vehicles (NEV) including pure battery electric, hybrid, and plug-in hybrid technologies, and started implementing NEV sales quota requirements for automakers. According to a Reuters report, global automakers are planning a $300 billion surge in spending on electric vehicle technology over the next five to 10 years, with nearly half of the money targeted at China.