Zhejiang Geely Holding Group (Geely Holding), China’s largest privately-owned automotive technology company and the makers of Geely and Volvo cars, rose 76 places in the 2018 Fortune Global 500 to 267th after revenues last year reached US$ 41.1 billion.
The ranking marks the seventh consecutive year that the Group has featured in the Fortune Global 500. Geely Holding achieved extremely strong results in 2017 due to record sales at the Group’s core subsidiaries, namely, Geely Auto of China and Volvo Cars, the iconic Swedish automotive group. Geely Auto sold more than 1.24 million vehicles globally in 2017, a whopping 63% increase year-on-year.
During the first half of 2018, Geely Holding has continued to grow strongly. In the six months to June 30, Geely Auto global sales reached 766,630 vehicles, a 45% year-on-year increase.
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 group completed the acquisition of Terrafugia, the US flying car company, as well as a 51% controlling stake in Lotus, the iconic British sports car brand, and 49.9% 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.
During the past year, the Group increased its presence in new energy systems and technologies. Geely Auto unveiled its new flagship hybrid sedan, the Bo Rui GE. It also released several new energy models with ranges up to 450km on a single charge, and made a pledge that by 2020, it will offer at least 30 new energy models.
A spokesperson of Towell Auto Centre (TAC), the sole distributor of Geely vehicles in Oman, said, “We are proud that Geely has made it to the Fortune Global 500 for the seventh year in a row which speaks volumes about this fast-growing automotive brand worldwide. We invite customers in Oman to ‘Explore the New World with Geely’ with its new styling, thanks to ex-Volvo design chief Peter Horbury coming onboard, C-NCAP five-star safety standard, AAA 24 hours roadside assistance, prompt after-sales service, 97% parts availability and more. Geely packs in more features at amazing prices. Since Geely has taken over Volvo, Terrafugia flying cars, Lotus racing cars, London Taxi Company and Proton, customers can rest assured they have the best technology and innovations offered to them.”
With a network of 9 showrooms, 12 service outlets, 11 parts outlets and 97% parts availability spread across the Sultanate of Oman, Towell Auto Centre (TAC) is one of the leading automobile distributors in Oman.