Realizing benefits from growing synergies, smart electrification, and increasing sustainability
Dear colleagues and partners:
On behalf of the Board at Geely Holding Group, I would like to wish a very happy New Year to all those who have contributed to the continued innovation and competitiveness of our portfolio brands in 2024.
In particular, I wish to thank our employees around the world for their hard work and commitment during a year in which we have leveraged synergies across the Group’s science and technology ecosystem. And I thank also our suppliers, business partners and dealers.
2024 has been a year of considerable strategic development, I am proud of our growing presence in green low-carbon transportation technologies, particularly across battery-electric-vehicles (BEVs), but also methanol-hydrogen and range extenders. In 2024, BEVs will exceed 43% of total Group unit sales. We are determined to continue this transition towards smart new energy vehicle technologies and offer greener and smarter mobility experiences to more users.
Through our continued efforts in innovation, Geely has made significant technological progress by unveiling new products such as the “Golden Battery,” “Short Blade Battery,” and NordThor Super Hybrid Powertrain. We have expanded Geely’s Future Mobility Constellation to 30 satellites achieving 24 hour coverage over 90% of the world and enhancing our intelligent mobility capabilities. Our efforts in green methanol have begun to accelerate with the first phase of the 500,000 ton green methanol project powered by solar and wind starting construction in Inner Mongolia. For the upcoming 9th Asian Winter Games, Geely has been selected as the main mobility partner to help create a “green, intelligent, humanistic” Games. This progress is testament to our innovation and ambition in electrification and intelligence.
Although the speed of electrification varies across different markets, our industry is clearly moving in one direction – towards zero emissions. This is transforming the competitive landscape for carmakers, and Geely is positioning itself for long-term strategic development and the achievement of our mission to create ‘A Sustainable Future, A Better World’.
One important sign of this mission has been the launch and expanded utilisation of the Sustainable Experience Architecture, a versatile smart electric vehicle architecture that provide brands with a competitive advantage. This commitment has been matched by the Group’s own progress towards reaching full-chain carbon neutrality by 2045. Moving forward, we must adopt a nature-positive business model and focus on driving the development of the automotive industry, value and ecological chain towards a green and low-carbon future.
Safety and social responsibility remain core to our mission. We have aimed for and achieved global five-star safety ratings for our brands vehicles, reinforcing our pledge to prioritize the well-being of our customers.
We are based in China, but we have a global vision and have been developing the latest innovations in automotive technology in partnership with leading industrial pioneers for more than two decades. The past year has reinforced the shared benefits of our global footprint enabling us to provide the product quality, sustainable performance and technology solutions that customers want – and that society needs.
By pooling joint resources, our portfolio brands can make better products for our end-users. Our relationship to brands within the Group is rooted in a principle of delegating strategic autonomy, supported with investment and technology, whilst encouraging partnerships and synergies to create new competitive advantages and generate value.
This approach enables management to focus on the goals of each company, supported by the economies of scale and value-creation that flows from increased collaboration.As we look to 2025, we will continue to implement our own internal Taizhou Declaration. Under the five pillars of the Taizhou Declaration we will call for a greater strategic focus, integration, increased synergies, stability and comprehensive talent development plans.
The goals of the Taizhou Declaration are simple: we will increase synergies in science and technologies, hardware and software, eliminate internal competition and work towards a sustainable long term future.
Our long term goal is to increase and deepen collaboration across the Group’s brands, promoting efficiency, innovation, and sustainability. By leveraging group synergies and economies of scale, we aim to deliver better products, optimize costs, and create value for users and stakeholders.
Over the past decade, we have built a global innovation and development ecosystem with innovation centres around the world. This robust ecosystem supports the innovation that customers expect from Geely. Today, more than 30,000 Geely employees working in our R&D, innovation or design centres are helping to define our future business with unique products and services. This helps our brands access the expertise necessary to innovate and work closer to our global supply chain partners as they develop new products and services.
We must also adapt to changing customer demand by leveraging our global partnerships too. One example is the joint venture partnership Geely has formed with Renault Group of France this past year to co-create a powertrain technology company, Horse Powertrain, that will focus on leading hybrid technology solutions. The jointly developed powertrains will be utilized by brands around the world. Some of the fruits of that powertrain partnership were on display in Frankfurt this year, utilized by new long range plug-in hybrid models from Lynk & Co and Geely Auto.
Competition in the automotive industry is intensifying in many markets and all automotive and mobility technology companies now must focus on improving profitability whilst lowering their impact on the environment. This is changing the demands of supply chains, approaches to regulation, and the expectations of customers which every company must learn to adapt to.
Success or failure depends on people. The success of an enterprise depends on the vitality of the enterprise, the vitality of an enterprise depends on the confidence of its employees. The confidence of employees depends on the confidence of management, and the confidence of management lies in our corporate values and corporate strategy. So, the Geely of tomorrow lies in the collective efforts of today.
Everyone connected to Geely, whether they are partners, stakeholders, employees, dealers, users are members of a community of shared destiny. The pursuit of user satisfaction is our ultimate goal. Whether it’s through automotive products, services, or other technologies, the users must be kept in our hearts as we advance forward.We cannot simply fight price wars to achieve sustainable development as a business.
We must compete based on technology, quality, branding, and services. Following this ideal has been the key to Geely’s long-term success. We must avoid wasted reinvention, adhere to our values, fully commit to ESG, avoid taking shortcuts, aim for long-term success, and provide high-quality smart refined products for users so they can enjoy life with peace of mind.
Thank you for your contributions to our shared success. Together, we will achieve our mission to create “A Sustainable Future, A Better World.” I wish you and your families a warm and prosperous New Year.
I wish you all a warm and Happy New Year.
Eric Li (Li Shufu), Chairman of Geely Holding Group.
Geely Holding Group Chairman Eric Li (Li Shufu) 2025 New Year Message, published 31st December 2024.