(Yicai) Jan. 11 -- A number of Chinese carmakers, including Geely Automobile Holdings and Li Auto, have released their sales targets for this year.

Geely aims to sell 1.9 million cars in 2024, of which 510,000 will be battery electric vehicles and 300,000 plug-in hybrids, the Hangzhou-based firm said on Jan. 1. Some 1.4 million will be made under the Geely and Galaxy logos, 265,000 under Lynk & Co., and 230,000 under its Zeekr EV brand. 

Chery Auto plans to outpace the industry’s average sales growth this year by 10 to 20 percentage points, Chairman Yin Tongyue said on Jan. 9. The Wuhu-based company sold almost 1.9 million vehicles last year, an almost 53 percent increase on 2022.

GAC Group has set its annual sales growth target at 10 percent. The Guangzhou-based carmaker sold 2.5 million vehicles last year, a 2.7 percent year-on-year gain. Its new energy vehicle brand GAC Aion is expected to report a 67 percent increase to 800,000 units this year.

NEV startup Li Auto said on Jan. 1 that it had set its sales goal at 800,000 vehicles, more than doubling last year’s figure of 376,000.

Seres Group, which makes cars with telecom gear giant Huawei Technologies, expects sales to reach 600,000 this year and one million in 2026, compared with 94,400 last year, Latepost Auto reported on Dec. 26, citing suppliers.

Neta Auto, the electric car startup also known as Hozon Motor, set its 2024 overseas sales target at 100,000 units on Jan. 4. It exported more than 20,000 last year.

Nio and Xpeng Motors are expected to sell 230,000 and 280,000 units, respectively, this year, 36Kr reported last November. The two NEV manufacturers sold 141,000 and 160,000 vehicles last year. Shanghai-based Nio will not add any new products to its current lineup of eight models in 2024.

This year, the concentration of leading brands will increase, the market shares of Chinese brands will reach a new high, and the fuel-powered vehicle market will shrink amid intense pressure to cut prices, according to a research report from China International Capital.

Wholesale shipments are expected to grow 4.7 percent to more than 26.4 million this year, with the NEV penetration rate likely reaching 46 percent, as NEV sales will probably grow more than 36 percent, the CICC also said. Exports will jump 35 percent to 5.4 million.

Editor: Futura Costaglione