(Yicai Global) Dec. 13 -- Geely Automobile Holdings Ltd. [HK: 0175] has claimed the top spot from China’s major automaker Chongqing Changan Automobile Co. [SHA:000625] in China's self-owned brand passenger car sales, Yicai Gobal found based on sales figures.
In the first 11 months, Changan's self-owned brand passenger car sales were 1,055,300 units, a slight decline compared with the same period last year, while Geely's sales reached 1,093,500 units, up 66 percent. With such momentum, Geely is expected to replace Changan as the best-selling self-owned passenger car brand in 2017.
"Rollercoaster" is the right word to describe Changan's self-owned brand market performance this year. The company’s monthly passenger car sales climbed to nearly 100,000 units currently from 35,900 in April. June sales, however, increased significantly to 90,300 units, an increase of 28.3 percent from the previous month. It plunged to 64,600 units in July, down 28.6 percent compared with June.
The boost in Geely’s car sales was down to two reasons: its overseas acquisitions success in recent years and continuing making sedan cars when most other automakers gave up on them with the rise of the SUV market. The balanced development of the two segments, sedans and SUVs, appears to be the key to Geely’s recent success in overtaking Changan.
Geely’s sales hit 100,000 units in January. It managed to sell over 85,000 units even in the low season for the market. In September, the sales exceeded 100,000 units before reaching 141,300 units in November, representing a steady rise.
Of its sales in November, Geely's new Emgrand sold more than 27,000 units, making it the only Chinese self-owned carmaker brand in the top 10 sedan car sales in China. Three models, Emgrand GS, Vision and Emgrand GL's single month sales reached 58,011 units, accounting for more than 40 percent of the total sales.
All these figures indicate Geely was still able to maintain a relatively stable market performance at a time when Changan experienced sales fluctuations in its self-owned brand as it vied for the SUV market. As the market undergoes adjustments and enters a new stage, Geely overtaking Changan in self-owned brand car sales is set to form a new market pattern, which will keep observers busy for the months to come.
Geely, based in Hangzhou, capital of East China’s Zhejiang province, is the Hong Kong-listed subsidiary of Zhejiang Geely Holding Group Co. It also owns Volvo.Keywords: MSCI, Geely