Saturday, September 30, 2023

Geely Auto’s brands compete for the premium electric vehicle market in Australia

According to recent reports, four of its Zhejiang Geely Holding Group (Geely Auto) brands, a Chinese automaker, may be competing for the same premium electric vehicle (EV) market in Australia. Currently, two of these brands, Volvo and Polestar, are already established in Australia, while Lynk & Co. and Zeekr are expected to be added in the coming years.

These brands, all under the Geely Auto umbrella, share similar architectures and powertrains but differ in design, branding, and pricing. The expansion of these Chinese brands into the Australian EV market would further consolidate China’s dominance, alongside successful Tesla models and brands like BYD, MG, and GWM Ora that offer affordable EV models.

Volvo, a globally recognized brand owned by Geely Auto since 2010, plans to introduce an all-electric product line by 2030. Meanwhile, Polestar, originally a Swedish motorsport team and a subsidiary of Volvo, became its largest shareholder in 2015. Polestar operates in 297 markets worldwide.

Lynk & Co., a joint venture between Geely Auto and Volvo, has expanded its presence into Europe and plans to launch its first dedicated electric vehicle model in 2024. For its part, Zeekr, a pure electric vehicle brand founded in 2021, has recently started expanding outside of China. Zeekr has already offered German customers the opportunity to deposit funds towards its upcoming models, such as the Zeekr 001 Liftback and the Zeekr

Despite the potential competition between these Geely Auto brands, Samantha Johnson, CEO of Polestar Automotive Australia, was unconcerned and stressed the benefits of more electric vehicles entering the Australian market. He explained that each brand would have its own unique design ethos and target audience.

With Polestar sales expected to reach 3,000 units by 2023, they are confident they can succeed in the Australian market. Johnson welcomed the competition, noting that it gives consumers more choice and contributes to environmental sustainability.

It’s important to note that while Polestar is positioning itself as a luxury brand on par with BMW and Mercedes-Benz, Geely Auto’s plans for Lynk & Co. and Zeekr in Australia are independent and uninfluenced by Polestar’s strategy.

World Nation News Desk
World Nation News Desk
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