吉利与比亚迪之战的关键：“去年轻化”（英）-2024-09-企业研究

TheKeytoGeely’sBattlewithBYD:Ditch“GoYoung”

InsightsonGeelyAuto(2024)

YicheResearchInstitute

Authors

LijunZhou

Director/ChiefAnalyst

zhoulijun1@

YingGao

IndustryAnalyst

gaoying1@

BenyaShi

IndustryAnalyst

shibenya@

QiangZhang

VisualDesigner

zhangqiang9@

YuboMao

Intern

AsoftheendofJuly2024,GeelyAuto’sproductportfolio

remainedcenteredandoverreliantoncompactICEVs(includingenergysavingvehicles),asegmentthathasbeenshrinking

From2014to2018,GeelylaunchedaslewofcompactICEVssuchastheNewEmgrand,EmgrandGS,EmgrandL,BoyueandVisionSUV.ThesemodelsbasedonGeely’sproduct3.0eratookChina’s

carmarketbystormthankstotheirsuperbstyling,qualityandbangforthebuck,effectivelyattractingyoungcarbuyersespeciallythepost-85sgenerationwhichhadahugepopulation,flockedtothecarmarketandweresensitivetopricing,helpingtoboostGeely’sannualvehiclevehiclesalesfromjustover400,000unitstomorethan1.5millionunits.Basedonthesemodelsspecificallycateredtoyoungbuyers,GeelyquicklybecameanewforceinChina’scarmarketandanewleadingChinesecar

brand.Butstartingfrom2018,asthepost-90swithamuchsmallerpopulationbecamethenew

dominantbuyingforceintheyouthcarmarket,theshareofcompactcarsfellfromnearly60%thento47.54%in2023.Carmakersthatprimarilysoldcompactmodelsexperiencedasharpfallinsalesduringthisperiod.ThoughGeelywasabletoimproveitscarmakingprowessthroughtheabsorptionofVolvotechnologyandmaintainedannualsalesofaround1millionvehiclesinChina,its“goyoung”model

portfolioloststeam;

Boggeddownwiththisscenariowhiletryingtomaintainannualsalesof1millionvehiclesandprofitability,Geelyhadtoadoptamoreconservativeapproachbydelayingtherolloutofsomemoreadventurous

andhigh-costtactics,suchashavingtogiveupits2020NEVstrategicgoal.Attheendof2015,Geelyannounceda“BlueGeelyActionPlan”aimingtoachievethegoalofhavingcustomersbeableto

purchasePHEVsatthecostoftraditionalICEVs,andNEVsaccountingformorethan90%ofsales

(65%PHEVs+HEVsand35%BEVs).From2021tothefirsthalfof2024,severalmajorinitiativestakenbyBYDonNEVsincludingendingproductionofICEVs,pricingNEVsataboutthesameasICEVsand

launchingNEVscheaperthancomparableICEVswereexactlywhatGeelyhadintendedtodowiththe“BlueGeelyActionPlan;”

ThehugecustomerbasethatGeelyhasaccumulatedfrom2014to2018willlikelyflocktothemarket

againinandaround2021totrade-intheirvehiclesfornewonesorpurchaseadditionalvehicles.ButasoftheendofJuly2024,Geely’sproductportfolioremainedcenteredoncompactICEVs(including

energy-savingvehicles)cateredtoyoungbuyers,andlackedidealmodelscateredtocustomersmakingtrade-insandadditionalpurchases.

ShareofChinaPVEnd-UserSalesbyVehicleSize2014-2023

Large

MidtoLargeMidsize

CompactSmall

Micro

100%

80%

60%

40%

20%

0%

2014201520162017201820192020202120222023

GeelyAutoProductPortfolio(asofendofJuly2024)

C&Above

B

A&Below

ICEV/Energy-SavingVehicleModularPlatform

C&Above

EV

B

ModularPlatform

A&Below

CarSUVMPV

&CO09

LYNK&CO08

HaoyueL

LYNK&CO07

LYNK&CO03

EmgrandLH

BinruiEmgrand

XingruiL

LYNK&BoyueLHaoy

GalaxyL6

CO05

LYNK&

ueProBinyueGalaxyL7

Jiaji

Xingrui

CO01

LYNK&

CO06

Boyue

Haoy

Emgrand

uePro

S

VisionX6icon

ZEEKR009L380

GalaxyE8ZEEKR001FR

ZEEaKR001

ZEEKR007

TX

GeomeA

EmgrandEV

GalaxyE5FireflyZEEKRX

Panda

Limitedcoverageinthisrapidly

growingsegment

Highlyconcentratedinthissegment

wheresalesarecontracting

Activeinsegmentbutwithmediocreperformance.

Overallmarketis

growingdominatedbyonlyafew

players

Geely’soverrelianceoncompactICEVs(including

energy-savingvehicles),asegmentthatisshrinking,isgivingBYDanupperhandasitlaunchesNEVscateredtotrade-inandadditionalpurchaseneeds

ThereasonthatGeelyhasfailedinitsbattlewithBYDfrom2021tothefirsthalfof2024ismainlyduetoproducts,orlackthereof:from2021to2023,inthecompactICEV(includingenergy-savingvehicle)

segmentwhereGeelyishighlyconcentratedin,BYD’sQinPLUS,SongPLUSandSongProtookthesegmentbystormthankstotheirenergy-savingandICEV-paritypricingUSPs,quicklyestablishinga

comparativecompetitiveadvantageoverGeely’scoremodelslikeEmgrand,XingruiandBoyue.In

2024,BYDalsoplanstolaunchadditionalenergy-savingcompactproductsliketheQinL,Seal06,Seal05(Destroyer05)andSeaLion05(SongProsistermodel)withsuperiorbangforthebuck,whichfor

surewilldentmarketprospectsofGeely’scompactproducts;from2021to2023,largeenergy-savingvehiclesintheB-segmentandaboveliketheHanDM-i,DenzaD9andTanglaunchedbyBYDquicklybecamepopular,whileall-newlargeenergy-savingvehicleslikeDenzaN9,TangL,TangMAXand

FangChengBao8tobelaunchedin2024haveequalpotentialtobehotsellers.IfGeelyisnotabletomakeupforitslackoflargeenergy-savingvehiclesintime,it’sonlygoingtogetworse;from2022to2023,thankstotheDolphin,YuanPLUSandSeagullmobilityenablingBEVs,BYDwasabletosurpass

TeslatobecomethesalesleaderinChina’sNEVmarket.Inadditiontonewsmallmobilityenabling

BEVsliketheYuanUP,BYDalsoplanstolaunchmanysportyhigh-endBEVsliketheSeaLion07EV,Seal06GT,SongLEVandDenzaZ9GTtosolidifyitsleadershipposition.ThoughGeelyhasalso

launchedmanynewEVsduringthistime,thenumberofhotsellerscomparedtoBYDremainedscarceasoftheendofJuly2024,exposingseriousflawswithGeely’sproductdefinition;

AsoftheendofJuly2024,Geelywasstilloverreliantonits“goyoung”productlineupcenteredoncompactICEVs(includingenergy-savingvehicles),andBYDhasbeenabletocapitalizeonthat

overreliancewithitsentryenergy-savingproductswhilewinningthelargeenergy-savingvehicleandsmallBEVbattlethataremoresuitablefortrade-inandadditionalpurchaseneeds.ThereisnotimetowasteforGeelytooptimizeitsproductportfolio.

GeelyAutoProductPortfolio(asofendofJuly2024)

C&Above

B

ICEV/Energy-SavingVehicleModularPlatform

A&Below

C&Above

EV

B

ModularPlatform

A&Below

CarSUVMPV

LYNK&CO

09

LYNK&

CO07LYNK&CO08

HaoyueL

EmgrandL

LYNK&CO03

LYNK&

BoyueL

H

Xing

CO05

XingruiLGalaxyL6

Binyue

yueLGalaxyL7

Ji

aji

BinruiEmgrand

Xingrui

LYNK&

CO01LYNK&CO06

Haoyu

Boyue

EmgrandSVisionX6eProicon

GalaxyE8

ZEEKR001

ZEEKR009

L380

ZEEKR001FR

TX

ZEEKR

007

EmgrandEV

GeomeA

Panda

GalaxyE5

Fir

eflyZEEKRX

PK

BYDProductPortfolio(asofendofJuly2024)

CarSUVMPV

C&Above

B

ICEV/Energy-SavingVehicleModularPlatform

A&Below

C&Above

EV

B

ModularPlatform

A&Below

HanDM

-i

YangW

angU8

DenzaD9

DM-i

Seal

DM-i

DenzaN8

Bao5

Seal06

QinL

Tang

SongLDM-i

Frigate07

SongPro

SongM

AX

Destroyer05

Han

QinPLUS

So

ngPLUS

DenzaD9

EV

EV

SealEV

DenzaN7

SongLEV

SeaL

ion07EV

1

QinEVe

2e3

Song

PLUSEV

D

SeagullD

olphin

YuanUP

YuanPLUS

SinceGeelyisabitoverrelianton“goyoung,”thisreporttriestoexplorepossiblenewproductroadmapsforGeelythrough

analysisofyouth,middle-agedandelderlycarmarkets

“Goyoung”isassociatedwithuserage,andthemainlogicbehinda“goyoung”strategyisthe

judgementthattheyouthmarketislargerorbetterthannon-youthmarkets.However,manycarmak-ersincludingGeelyareactuallyexperiencingchallengesassociatedwiththe“goyoung”strategy,

whichforcesustorethinkthemainanalyticallogicofChina’scarmarket.ThisreporttriestoexplorepossiblenewproductroadmapsforGeely,reanalyzetrendsofChina’scarmarketandrethinkcorestrategiesofcarmakerscenteredonthethreecoremarketsofyouth,middle-agedandelderlybuyerssegmentedbyagegroups;

TheresearchdatapresentedinthisreportisprimarilybasedonYRIonlineresearchwithasample

sizeofmorethan60,000in2023,aswellasonYicheBigDataandYRIofflineresearchwithasamplesizeofmorethan10,000in2023;

YRI’sinsightsseriesonspecificsegmentsofcarbuyersareonlybasedondatafromnewcarsales.Pleasetreatourfindingswithagrainofsalt:thedropinyoungbuyersinthenewcarmarket,for

example,doesnotnecessarilymeanoverallyoungbuyersareshrinkingsincemoreandmoreofthemareflockingtotheusedcarmarket.

VehicleSegmentsbyAgeGroup

YouthMarket

ElderlyMarket

Middle-AgedMarket

03555Age

From2024to2030,theyouthcarmarketwillshrinkfurther,Geelyneedstoditchits“goyoung”strategynow,butit’snotgoingtobeeasy

From3.0productssuchastheNewEmgrand,EmgrandL,EmgrandGSandBoyue,toBinruiand

Binyue,tothe”ChinaStar“productsledbyXingrui,tothe“upgradedChinastar”productssuchastheXingruiLandXingyueL,totheGalaxyL7andL6andfinallytomidtohigh-endproductslikethe

LYNK&CO01,03and05,GeelyhasbasicallyownedthecompactICEV(includingenergy-saving

vehicles)marketoverthelast10yearsorsothankstotheBMAandCMAplatforms.Itwasdeterminedtowintheyouthcarmarket.However,asthepopulationofthepost-90sgenerationshrankandmanyof

themflockedtotheusedcarmarketfrom2018to2023,China’syouthcarmarkettookahitasend-us-ersalesfellbelow8millionunitsandcorrespondingmarketsharedroppedto36.55%.Thisledtothe

demiseofjointventuresthatprimarilysoldcompactcarstargetedtowardyoungfamiliesbutlackedlocalR&Dcapabilities.AlthoughGeelywasabletomaintainannualsalesatalevelofaround1millionunits,

themarketperformanceofits“goyoung”productlineupwasbelowexpectations.From2024to2030,China’syouthcarmarketwillcontinuetoshrinkwithmarketshareexpectedtofallbelow25%.PressureisonlygoingtogetgreaterforGeely;

From2020to2023,morefemaleandsinglesbuyersflockedtoChina’syouthcarmarket,andmoreofthemlivedinbigcities,theshareoffemaleandsinglesbuyerseachtopped40%,whilethatofbuyers

frombigcitiesreachednearly70%.OnlyahandfulofGeelymodelssuchastheLYNK&CO03

capitalizedonthistrendbuttheriskformanyothermodelsincludingtheEmgrand,BoyueandVisionX6grewbigger.From2024to2030,therewillbemorefemaleandsingleyoungcarbuyers,andmoreof

themwillcomefrombigcities,Geely’sproductsdedicatedtothesebuyersmusttransformfrom

traditionalcharacteristicsofeconomyandblandtothosethataremoredistinctive,sportyandquality;

Geelywoulddieaslowdeathifitcontinuestobeton“goyoung.”

ShareofYoungBuyersin

China’sPassengerVehicleMarket2014-2030

80%

70%

60%

50%

40%

30%

20%

10%

2014

2016

2018

2020

2022

2024E

2026E

2028E

2030E

0%

EvolutionoftheYouthMarket

Female

YouthMarket

SingleBigCity

GeelyAutoProductPortfolio(asofendofJuly2024)

C&Above

B

ICEV/Energy-SavingVehicleModularPlatform

A&Below

C&Above

EV

B

ModularPlatform

A&Below

CarSUVMPV

LYNK&

CO09

LYNK&

CO07LYNK&CO08

Haoyue

LYNK&

CO03EmgrandL

XingruiL

HGalaxyL6

LYNK&

Xin

BoyueL

LYNK&

CO05

gyueL

BinyueGalaxyL7

Jiaji

BinruEmgrand

GalaxyE8

Xingrui

CO01

LYNK&

CO06Boyue

EmgrandSVisionX6

ZEEKR009

L380

Haoy

ueproicon

ZEEKR001

ZEEKR

Mainly

007

Centeredon

“GoYoung”

TX

EmgrandEVGeomeA

Panda

GalaxyE5FireflyZEEKRX

Source:YRI

From2024to2030,middle-agificationwilldominateChina’scarmarket,andthemiddle-agedcarmarketisanewblue

oceanforGeelyasitditches“goyoung”

Rightnow,onlythemiddle-agedcarmarketcansupportGeely’sannualproductionandsalesscaleofamillionunits:in2021end-usersalesofthissegmenttopped10millionunits,representingnearly50%ofChina’scarmarketandsurpassingtheyouthcarmarketasthebiggestmarketsegment.In2022,thatsharetopped50%,makingthemiddle-agedcarmarketthenewmainstreamcarmarketinChina;in2023,end-usersalesreached11.44millionunits,representingamarketshareof52.95%,solidifyingthemiddle-agedcarmarketasthedominantsegment;

Themaletofemalebuyerratioofthemiddle-agedmarketis3:2,andahandfulofmodelsfromGeelysuchastheZEEKR001wasabletocapitalizeonthemiddle-agedfemalebuyeropportunity,whileahandfulofmodelsliketheXingyueLwasabletobenefitfromthemiddle-agedmalebuyeropportunity.Butingeneral,Geely’sproductmixstilllacksmodelscateredtomiddle-agedcarbuyers.Asofthe

endofJuly2024,thefactthattherelativelyhigherpositionedXingyueLwasstillabletomaintainmonthlysalesofover10,000unitsisatestamenttothemiddle-agificationofthecarmarket.Thismodelservedasanideal“turningpointvehicle”forGeely,butitlackedsupportfromadditionalsimilarly-positionedmodelsandGeelyhasbeenslowtointroducerelevantproducts;

From2020to2023,asthemiddle-agificationofChina’scarmarketaccelerated,Geelywasn’ttheprimarybeneficiaryofthischange.RatheritwasBYDwhoattractedbluecollarmiddle-agedmale

andfemalebuyerswiththeentryenergy-savingtrioofQinPLUS,SongPLUSandSongProaswellasthemobilityenablingBEVtrioofYuanPLUS,DolphinandSeagull.Meanwhile,newhigh-end

brandslikeLiAuto,AITOandDenzagrewrapidlyasGeely’sLYNK&COlostthatfirst-mover

advantageinthebattleforhigh-endvehiclesales.From2024to2030,middle-agificationwilllikely

remainasthemainthemeofChina’scarmarket.Geelyseemstohavealsosmelledthisopportuni-ty:attheBeijingAutoShowinApril2024,itunveileditsnewflagship,theStarship.In2025-2026,itwilllaunchmorelargeenergy-savingvehicles.Inthesecondhalfof2024,itwilllaunchmanysmall

mobilityenablingBEVssuchastheGalaxyE5andXingyuan.BYD,Geely’scorecompetitor,hasamuchbiggerproductlineuponthehorizon:inthesecondhalfof2024,BYDwillpushaheadits

“boomerstrategy”withthelaunchofmanylargeenergy-savingvehiclesliketheTangL,Tang

MAX,SeaLion08,DenzaN9andFangChengBao8,aswellashigh-endBEVsliketheDenzaZ9GT,alltargetingqualitymiddle-agedmaleandfemalebuyers;

Geelywoulddieaslowdeathifitcontinuestobeton“goyoung.”Butditchingthe“goyoung”strategywouldmeanacompleteoverhaulofthecurrentproductlineupofitsthreecorebrandsofGeely,LYNK&COandZEEKR.Eitherway,Geelyfacesalife-or-deathdecision.

ShareofMiddle-AgedBuyersinChina’sPVMarket2014-2030

Middle-Aged

Middle-AgedWomenMiddle-AgedMen

2014

2016

2018

2020

2022

2024E

2026E

2028E

2030E

60%50%40%30%20%10%0%

ConsumptionCharacteristicsof

Male&FemaleBuyersinChina’sMiddle-AgedCarMarket

Space

Energy-Saving

Middle-AgedMen

Quality

Middle-

AgedWomen

High-End

Electric

Stylish

GeelyAutoProductPortfolio(asofendofJuly2024)

C&Above

B

ICEV/Energy-SavingVehicleModularPlatform

A&Below

C&Above

EV

B

ModularPlatform

A&Below

CarSUVMPV

LYNK&

CO09

LYNK&

CO07

LYNK&CO08

FamilyProductsfMiddle-AgedMen

HaoyueL

or

LYNK&

CO03EmgrandL

XingBoyueL

LYNK&CO05

XingruiL

HGalaxyL6

LYNK&

yueL

BinyueGalaxyL7

Ji

aji

BinruiEmgran

dXingrui

Haoyue

CO01

LYNK&

CO06

Boyue

EmgrnadSiconVisionX6pro

ZEEK

R001

ZEEKR009

L380

BusinessPr

oductsfor

GalaxyE8

ZEEKR001FR

Middle-Aged

Men

ZEEKR

007

TX

MobilityMiddle-

EmgrandEV

EnablingProductsforAgedWomen

ireflyZEEKRX

GalaxyE5F

GeomeA

Panda

Source:YRI

From2024to2030,theelderlycarmarketwillthrive,agoldenopportunityforGeely’stoplanoutthenext10years

Geely’sproductplanningnotonlyhastoaddressopportunitiesinthemiddle-agedcarmarket,butalsothoseintheelderlycarmarket:overthepast10years(2014-2023),China’selderlycarmarkethasbeengainingmomentum,growingfromjust550,000unitsin2014tonearly1millionunitsin2017.Inthepast2-3years,growacceleratedassalestopped1.5millionunitsin2022and2millionunitsin2023(2.27millionunits).From2024to2030,asmorepost-60s,whorepresentabigswathof

populationandwillenterretirement,flocktothecarmarket,theelderlycarmarketwillcontinueto

thrivewithmarketsharepossiblytopping20%makingitanewblueoceanmarket.In10years,asthepost-80s,apopulationwithgreaterownershipofvehiclesgointoretirement,China’selderlycar

marketwillgetbiggerandpossiblybecomeanewdominantmarket;

Rightnow,elderlycarbuyersstillloveICEVs,andbesidesmobilityenabling,theyalsowanttobuy

carsforroadtripsespeciallylongroadtrips.Theperiod2024-2030willbeakeyphaseofGeely’seffortstoresearchanddevelopproductscateredtotheelderlycarmarket,accumulatingexperienceandproductsforanoffensivein10years.AsoftheendofJuly2024,Geelydidnothavethestrategicwherewithalandconcretemeasurestoaddresstheelderlycarmarket.

ShareofElderlyCar

BuyersinChina’s

PVMarket2014-2030

25%

20%

15%

10%

5%

0%

2014

2016

2018

2020

2022

2024E

2026E

2028E

2030E

China’sPopulationBirthandEmploymentinPublic

Administration&SocialOrganizations1949-2023(10,000people)

Births

EmploymentinPublicAdministration&SocialOrganizations

4000

Post-60sbirths

3000

2000

1000

EmploymentinPublicAdministration&Social

1949

1962

1975

1988

2001

2014

0

OrganizationsDuring1980s(post-60sflocktogov’tinstitutions)

GeelyAutoProductPortfolio(asofendofJuly2024)

CarSUVMPV

C&Above

B

MobilityProducts

ICEV/Energy-SavingVehicleModularPlatform

A&Below

C&Above

EV

B

ModularPlatform

A&Below

ducts

iaji

Ef

nabling

orElderly

LYNK&CO09

LYNK&CO08

Starship

HaoyueL

RoadTripProforElderly

LYNK&

CO07

LYNK&

XingruiL

HGalaxyL6

Xingrui

XinBoyueL

LYNK&CO05

LYNK&CO01

Boyue

Haoy

LYNK&CO06

gyueLGalaxyL7

Binyue

EmgrandSVisionX6

ueproicon

J

CO03

EmgrandL

Binrui

Emgrand

LYNK&

COZ10Galaxy

E8ZEEKR001FR

ZEEKR009

L380

ZEEKR001

R7X

ZEEKRMIX

TX

ZEEKR

007

ZEEK

EmgrandEV

GeomeA

GalaxyE5F

ireflyZEEKRX

Xingyuan

Panda

Source:YRI

AnexaminationofGeely’sproductportfoliofromayouth,middle-agedandelderlybuyerperspectiveshowstheurgencywithwhichGeely

needstoditch“goyoung”andcapitalizeonthegreatermiddle-agedandelderlybuyeropportunity

Basedonatraditionalproductportfolioanalysistouchingonproducttype,classandplatform,asof

theendofJuly2024,GeelywasstillhighlyconcentratedoncompactICEVs(includingenergy-savingvehicles).ThissegmentisshrinkingrapidlyandwillonlyjeopardizeGeely’sgrowthprospects.Fromauserperspective,throughthelensofyoung,middle-agedandelderlycarbuyers,thesituationis

evenmoresevere:GeelyseemstobebettingevenmoreoncompactICEVs(includingenergy-sav-ingvehicles)targetedatyoungbuyers;

ThoughGeely’sover-relianceoncompactICEVs(includingenergy-savingvehicles)seemstobe

magnifiedthroughauserperspective,itextractsadirectionforoptimization:ditchthe“goyoung”

strategyandturnfocustowardthemiddle-agedcarmarketandaddresstheelderlybuyeropportunity.ForacompanylikeGeely,executionisn’taproblem,andit’snotsomuchtheissuesthatit’s

confronting,butthesenseofdirectionatresolvingtheseissues.

GeelyAutoProductPortfolio(asofendofJuly2024)

CarSUVMPV

ICEV/Energy-SavingVehicleModularPlatform

A&Below

EV

A&Below

ModularPlatform

C&Above

Must

productsand

B

C&Above

B

toaddress

optimizeen

testwatersin

tryICEV/energy-saving

needsfromnewyouths

mobilityenablingmarket

LYNK&CO09

Mustlaunchmorelargeenergy-

vehiclestoaddressboomermarkettestwatersingrandparoadtrip

savingand

market

LYNK&

LYNK&

CO03EmgrandL

XingyueL

LYNK&CO08

CO07

Boyue

XingruiL

LYNK&CO05LYNK&

HGalaxyL6

HaoyueL

LGalaxyL7Binyue

Jiaji

BinruiEmgrand

GalaxyE

Boyue

CO01

Haop

Xingrui

LYNK&CO06

roEmgrandSVisionX6

yueicon

ZEEKR009

L380

8ZEEKR001ZEEKR001FR

ZEEK

TweakBEV

newcommemiddle-aged

R007

portfoliotoaddress

rceopportunitiesfrom

malebuyers

T

X

TweakBEV

EmgrandEV

portfoliotoaddressfemaleb

GalaxyE5Fi

GeomeA

uyerneeds

reflyZEEKRX

Panda

Middle-

YouthMarketAuntyMarketAgedBoomerMarketElderlyMarket

Market

ma

&CO

03

06L6L

Galax

ZEEK

Pan

-re

menbrket

07LYN

yE8

R007

da

liantarketehindevolu

K&CO08

LaYNLYNK

Galax

BoyueBoyueBinyuiconEmgrHaoy

ZEE

Fire

on

but

tion

K&C&CO

yL7

L

e

andSuepro

KRX

fly

LYNK&

Extremelylackinginproducts

toboomerneeds

HaoyueL

EmgrandLH

XingyueL

Emgrand

09

ProductsMissing

Limdedmid fembutben05prowithand

ZEEKR

ited

icate

dle-

theXing

001

modedtoageduyers

moeffo

MIXyuan

E5

ls

rerts

CarSUVMPVCarSUVMPVCarSUVMPVCarSUVMPV

ICEV/Energy-SavingVehicleModularPlatform

A&Below

EV

A&Below

ModularPlatform

Jiaji

Overyouthfall

alebZEEKRefited,active

Galaxy

001

C&Above

LYNK

B

O

LYNK&COLYNK&CO

GalaxyXingrui

XingruiBinrui

ZEEKR009

L380

Lack

competitivenessinbusiness/

commercialproducts

EmgrandEV

GeomeA

C&Above

B

ca

CO

tered

01

Basedontheevolutionoftheyoung,middle-agedandelderlycar

markets,LYNK&COshouldleadthewayinoptimizing“goyoung”products,Geelyinbuildingboomerandautonomousdriving-focusedproductsandZEEKRinbuildingstylishproducts

WesuggestGeelyspearheadits“goyoung”productoptimizationviatheLYNK&CObrand:retainahandfulofcompactproductsliketheLYNK&CO03,06,BinruiandBinyuetoactivelyaddressthe

youngdistinctivemarketdominatedbysinglesbuyers;strengthenupgradingoftheXingruiLandBoyueLforthemainstreamqualitysegment,launchtheGalaxyE8PHEVwhenthetimeisrighttoaddress

theyoungfamilycarmarketandyoungbuyerslookingtoupgradetogetherwiththeLYNK&CO07and08;launchrefined&stylishproductsliketheLYNK&CO06EVandZEEKRsportscarswhenthetimeisrighttoaddresstheyoungfemalecarmarkettogetherwithsmall&cuteproductslikethePanda;

WesuggestGeelyputemphasisonaddressingtheboomerandroadtripopportunityprimarilythroughitsnamesakebrandtogetherwiththeLYNK&COandZEEKRbrands:introduceGeelybranded

multiplenewlargeenergy-savingvehiclessuchaslargeSUVs,midtolargeSUVsandmidtolarge

MPVsbasedontheStarship,introduceZEEKR009PHEV,optimizeLYNK&CO09andlaunchLYNK&COmachoproductstoaddresstheneedsofqualityboomers;newGalaxyL6andL7mustshow

theirmainstreamvibeandstrengthenXingyueLandJiajiLtoaddresstheneedsofmainstream

boomers;strivetoperfectitscoverageintheride-hailmarketandactivelyexplorethebusiness/com-mercialboomermarket;launchmidtolargeSUVsandMPVswithbangforthebuckattherighttimetoaddressroadtripandmobilityenablingneedsofelderlycarbuyerstogetherwithimprovedexisting

productsliketheEmgrandandHaoyueL;

WesuggestGeelyactivelyexerteffortstolaunchstylishproductsthroughZEEKR:launchPHEVorEREVversionsoftheZEEKR001andMIXtofurtherexpandmarketcoverageandpoachhigh-endfemalebuyersfromABB’s34Cand56E;launchsmallroadsterswhenthetimeisrighttoattract

femalebuyerslookingforproductswithdistinctivestylingandbangforthebuck;integratesmallBEVsliketheE5,XingyuanandPandaandGeely’sfemalebuyerresourcestoactivelymoveintothe

mainstreamfemalecarmarket.

GeelyAutoProductPortfolio(asofendofJuly2024)

Middle-

YouthMarketAuntyMarketAgedBoomerMarketElderlyMarket

Market

Starship

LYNK&CO

Extremelylacking

inproducts

HaoyueL

LHXingyueL

Jiaji

GalaxyL7

ProductsMissing

CarSUVMPVCarSUVMPVCarSUVMPVCarSUVMPV

C&Above

ICEV/Energy-SavingVehicleModularPlatform

A&Galaxy

BelowXingrui

C&Above

B

A&Below

EV

ModularPlatform

toboomerneeds

femalebut

dicatedddle-

models

d,moreeeff

market

ZEEKR

LYNK&CO

B

LYNK&CO

LYNK&CO

XingruiBinrui

ZEEKR009

L380

Lack

business/

EmgrandEV

GeomeA

Ov

yo

fal

07

03