(Yicai Global) July 6 -- Geely Holding Group will be among the top ten of global auto manufacturers by 2020 with its new brand Lynk & Co, the automaker's president said in an interview with Yicai Global.
Orders for Lynk & Co's 01 sport utility vehicle, released in Nov. 2017, have exceeded 70,000. This provides Geely its biggest challenge -- the largest factory in Hebei province can only make 3,000 vehicles each month. With the new models 02 and 03 coming out, the Zhejiang-based automaker will have busy times ahead.
"For the entire Geely Holding Group, to build up the brand Lynk & Co is a formidable task," An Conghui said. "However, if we cannot fulfill it, we will be hindered by a ceiling."
The sales of the 01 were lagging behind at 37,000 for its first five months while the carmaker already started promoting its second brainchild, 02, in March. In 2020, the firm will also start making cars in its unit Volvo's factory in Belgium, aimed for the European market.
China's self-owned car brands have been cursed by a quick rise-and-fall cycle, An says, adding that Geely will have to face the systematic challenges. Many Chinese automakers, Hongqi and Chery, have tried to get big abroad, but lacked the luster in sales.
To avoid this destiny, Geely is working its way up to create the brand, products, and channels. One of its ways to try to do this was by starting Lynk & Co's venture fund with initial capital of CNY100 million (USD15 million) to incubate projects of young people who love automobiles. "This fund invests not only in engineering technologies, but also in business models and auto designs. We support all these promising ideas that help develop the car industry."
Editor: Emmi Laine