Hangzhou, CHINA: Zhejiang Geely Holding Group (Geely Holding), China’s largest privately-owned automotive technology company, has risen 76 places in the 2018 Fortune Global 500 to 267th spot after revenue last year reached US$41.1 billion.
The ranking marks the seventh consecutive year the Group has featured in the Fortune Global 500.
Geely Holding marked its latest Fortune 500 ranking from several progress such as selling more than 1.24 million vehicles in 2017, a 63 per cent increase year-on-year, while unit sales at Volvo rose 7 per cent to 571,577 vehicles in Geely Auto of China and Volvo Cars.
During the first half of 2018, Geely Holding has continued to grow strongly.
In the six months to June 30, Geely Auto sales reached 766,630 vehicles, a 45 per cent year-on-year increase.
Volvo Cars saw significant growth on the back of its award-winning XC40, XC60 and XC90 models with sales reaching 317,639 vehicles, a 14.4 per cent year-on-year increase.
Volvo’s largest single market grew by 18.4 per cent to 61,480 vehicles.
And this year has seen Volvo awarded several prestigious accolades including European Car of Year for their new XC40, World Car of the Year for their New XC60.
Håkan Samuelsson, President and CEO of Volvo Cars, was also named World Car Person of the Year in 2018 by the World Car of the Year Jury.
In the past year, Geely Holding has also completed several acquisitions which has expanded the Group’s global presence as part of its transformation from traditional automaker to a technology-driven mobility services group.
In the last year, the Zhejiang Geely Holding Group completed the acquisition of Terrafugia, a US flying car company, as well as a 51 per cent controlling stake in Lotus, the iconic British sports car brand, and 49.9 per cent stake of PROTON, the Malaysian car maker.
The Group also made strategic investments in Saxo Bank of Denmark, in AB Volvo, the Swedish commercial vehicles group, and became the largest shareholder in Daimler AG, the German automotive group.
Geely Holding’s growth in smart mobility has gained traction in the past year with the rapid expansion of CAOCAO, its new energy ride-hailing platform.
The automotive group in China to enter the ride-hailing market after CAOCAO received its service license in early 2017.
In just over a year, CAOCAO has expanded to 25 cities with more than 26,000 new energy vehicles in operation.