11 July 2013, Hangzhou. Zhejiang Geely Holding Group is proud to announce today that the Hangzhou based company has once again made it to the Fortune 500 list. With revenue reaching 24.6 billion US Dollars in 2013, Zhejiang Geely Holding Group is ranked 477th in the Top 500.This is the second year that Geely Holding is on the Fortune 500 list.
In 2012, Geely Auto sold 483,000 cars in Chinese and overseas markets, outpacing the average growth rate of Chinese auto industry with sales increase by 15%. Geely was ranked the 7th biggest passenger vehicle manufacturer in China. Volvo Car Corporation, the premium brand under Geely Holding, sold 421,951 vehicles globally in 2012 and is still on track to boost its global sales figures to 800,000 units by 2020. Volvo Cars will soon open a manufacturing plant in Chengdu China this year to better meet the demand of Chinese market.
The two car companies under Geely Holding group are carrying out cooperation in different fields in the last couple of years. In February 2013, Geely set up a new Research and Development Center in Gothenburg, Sweden. The new center will focus on the development of a new modular architecture and components for future C-Segment vehicles that meet the needs of both companies. The new modular architecture is designed to provide tailor-made platform solutions for both brands from the same architecture. The new R&D Center will be operational in Q4 2013 and will be staffed by 200 engineers from both Sweden and China.
As the first privately owned Chinese car maker, Geely has developed rapidly over the past decade. Geely’s strategic transformation in 2007 saw the company refocus its product range onto a new series of high quality and high value-added vehicles. In addition, Geely has been active in developing international markets and is currently selling to over thirty countries and regions. As a result, Geely exported over 100,000 vehicles last year, an increase of 164 percent comparing to 2011, making itself the fastest growing exporters among all Chinese car manufacturers.