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Geely plans exciting developments before the end of 2014

Geely plans exciting developments before the end of 2014

Date: 2014-04-05
The Zhejiang Geely Holding Group is expanding at a rapid rate, with yet another acquisition, exciting future models and a new styling centre in its own back yard. The company also announced a massive loan to fund overseas expansion, including exports.

The group has agreed to take out loans of 20 billion yuan (US$3.3 billion; R35 billion) from the Export-Import Bank of China. The loans from the state institution will be used mainly to construct plants overseas and to ease cash flow in exports. The money will also go on exports and imports of key components and international logistics bases.

Geely also announced plans to open a vehicle styling centre in Shanghai in the third quarter of 2014 to upgrade its product design capability.

The company currently has vehicle styling studios in Gothenburg, Barcelona and Los Angeles. In 2011, the company hired Volvo Car Corp.'s former styling chief, Peter Horbury, to be its senior vice president of design.

Geely, with its headquarters in Hangzhou in the eastern part of China, recently acquired British electrical vehicle manufacturer Emerald. The private Chinese automaker also owns Volvo, Australian gearbox manufacturer DSI, and London Taxi manufacturer Manganese Bronze Holding.

Earlier this month Geely announced a range of new small turbo engines for use in some of its most popular models towards the end of the year. These will include the exciting EC7 which was launched in South Africa last year.

The company is also finalising the design of its new luxury sports sedan, the EC9, which is expected to break cover by the end of the year.

Last year Geely sales reached 549518 units, and this year it expects sales to increase 6 percent to 580000 units.