Zhejiang Geely Holding Group (ZGH) climbed up 76 places in the 2018 Fortune 500 rankings to 267th place, following the group’s increase in revenues to US$41.1 billion (RM167 billion), and marks the seventh consecutive year that the group has placed in the in the Fortune Global 500 rankings.
Record sales at the group’s core subsidiaries, Geely Auto and Volvo Cars propelled the group to strong results for the year, with Geely Auto charting a 67% year-on-year increase for sales of more than 1.24 million vehicles, while Volvo grew 7% to 571,577 vehicles sold in that time.
The first six months of 2018 saw Geely achieve sales of 766,630 vehicles representing a 45% year-on-year increase, while Volvo Cars saw sales of 317,639 vehicles, representing a 14.4% year-on-year increase. The recently established brand Lynk & Co charted sales of 46,252 units for the first half of the year. Geely Group has also already achieved 49% of its annual sales target of 1.58 million vehicles in 2018, the company reported last month.
The past year also saw Geely complete several acquisitions, including that of American flying car company Terrafugia, a 51% controlling stake in British sports car firm Lotus and a 49.9% stake in Malaysian car company Proton.
Venturing into ride-sharing, Geely’s growth also saw the expansion of CAOCAO, the group’s new energy ride-sharing platform to 25 cities with more than 26,000 new energy vehicles in operation; CAOCAO received its service license in early 2017. Further technology ventures included a new joint venture with Tencent and China Railway for high-speed rail WiFi, as Geely diversifies from pure manufacturing into intelligent mobility.
Fortune Global 500
The world’s 500 largest companies generated $30 trillion in revenues and $1.9 trillion in profits in 2017. Together, this year’s Fortune Global 500 companies employ 67.7 million people worldwide and are represented by 33 countries.
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