China's Geely unveils new electric car brand Galaxy to take on Tesla, BYD
- The new Galaxy lineup will include seven models over the next two years, Chinese carmaker Geely said on Thursday at an event in Hangzhou.
Chinese carmaker Zhejiang Geely Holding Group Co. unveiled a new high-end line of electric cars as part of a push to make up lost ground to Tesla Inc. and local powerhouse BYD Co. The new Galaxy lineup will include seven models over the next two years, the Chinese carmaker said on Thursday at an event in Hangzhou. Shipments of the yet-to-be-priced plug-in hybrid electric L7 SUV will start during the second quarter, Geely said, also showcasing a battery-only prototype that’s near production.
Geely, one of China’s largest private automakers, already has a suite of electric vehicle brands, including the pure battery premium line Zeekr, which it launched in 2021. Zeekr got off to a good start, selling more than 70,000 units in 2022 when it essentially only offered the 001 model. Zeekr is planning an initial public offering in the US later this year.
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Four of Galaxy’s offerings will be long-range hybrid electric vehicles including the L7 SUV and L6 sedan, while three will be battery EVs. Geely also said it’s working on improved hybrid engines and autonomous driving technology.
Founded by billionaire Li Shufu, Geely also controls a suite of international car brands, including Lotus, Sweden’s Volvo and Polestar, Malaysia’s Proton and Lynk & Co. In China’s electric-car market, the company places fourth by market share at 5.4% behind dominant BYD, followed by SAIC Motor Corp. and Tesla.
Geely’s overall car shipments have been below forecasts. Annual sales were 1.43 million last year, including internal combustion engine cars, compared with a company target of 1.65 million.