Geely said one out of five vehicles it sold in the first half were full electric or plug-in hybrid — sales of which increased nearly four fold — compared with a 20 percent slump in sales of ICE vehicles.
China’s Geely Automobile Holdings aims to increase the proportion of electric vehicles in its total sales to 50 percent in 2023, as it accelerates a transition to electric power amid weakening demand for ICE cars.
Sales of full electric and plug-in hybrids will already account for more than 30 percent of Geely’s monthly sales in the second half of this year, CEO Jerry Gan told reporters in an online event on Thursday.
One out of five vehicles Geely sold in the first half were full electric or plug-in hybrid, sales of which increased nearly four fold, compared with a 20 percent slump in sales of vehicles with combustion engines, according to the company.
Hangzhou-based Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Mercedes-Benz, posted a 35 percent fall in first-half net profit.
The company said its vehicle sales, which fell 9 percent in the first half in China, were below management expectations, citing COVID-19 curbs and shortages of semiconductors.
Those challenges along with intensifying competition and rising raw material and battery costs would put pressure on sales through the end of 2022, it said.
China’s auto sector has been hit hard by government efforts to combat COVID-19, with many areas including the commercial hub of Shanghai under lockdowns of varying lengths.
Hani Joudi 
