Geely explained why it will not give up sales of gasoline cars

The company’s CEO, Gui Shengyue, told reporters that stopping production of fuel-burning vehicles means losing a source of income. “Electric vehicles do not fully reflect the needs of the automotive sector,” the Geely boss emphasized. However, gasoline cars of the future will no longer be “fuel guzzlers”: they will become economical and intelligent.

Gui Shengyue emphasized that in 2024, Geely expects to deliver 820 thousand cars with gasoline engines to customers, that is, compared to 2023, sales growth will be one percent. The progress is being made in a falling market: the national trend in China is that deliveries of ICE vehicles will fall by 20 percent.

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Profits from Geely gasoline cars help offset investments in the development of the electric vehicle line. Gui Shengyue believes that the easy days are over for Chinese electric car manufacturers. Previously, companies could survive despite losses thanks to investors, but now the concept of producing electric cars is not so attractive. Geely managed to break even in the production of electric cars, and this is a rare story for the global auto industry.

According to experts, only BYD, Li Auto and AITO sell their cars at a profit. Geely managed to stay in the black thanks to gasoline and hybrid models, so it is not surprising that the Chinese holding is interested in the further development of internal combustion engines. Together with Renault, the development and production of new generation fuel engines is underway.

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