Geely Automobile Groupone of China’s largest private automakers, has launched a purely electric sedan under its Galaxy consumer brand to rival BYD’s best-selling models amid intensifying competition.
The base edition of the E8, with a range of 550 kilometers, sells for 175,800 yuan ($24,752), 34,000 yuan less than the Han. electric vehicle (EV) built by BYDwhich has a range of 506 km.
Hangzhou-based Geely will begin delivering the B-class sedan in February, hoping to target budget-conscious mainland motorists, according to the company’s CEO Gan Jiayue.
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“In terms of safety, design, performance and intelligence, the E8 proves superior to all successful models,” he told a press briefing after a launch ceremony on Friday . “We expect this to be an ideal model to replace existing gasoline and electric cars.”
The E8 has a 45-inch screen supplied by display panel maker BOE Technology. Photo: Geely alt=The E8 features a 45-inch screen provided by display panel maker BOE Technology. Photo: Geely>
Geely lowered the model’s price by 12,200 yuan from its price of 188,000 yuan on December 16, when pre-sales began.
Based on the company’s Sustainable Experience Architecture (SEA), the E8 is also its first fully electric car, following two plug-in hybrid vehicles – the L7 sport utility vehicle and L6 sedan – launching in 2023.
The company plans to manufacture and sell a total of seven models under the Galaxy brand by 2025. The cars will be more affordable for mainland consumers than the company’s own. Zeekr brand electric vehiclesthat rival high-end models built by companies like You’re hereGan said.
Its parent company, Zhejiang Geely Holding Group, also owns brands such as Volvo, Lotus and Lynk. Geely Holding holds nearly 6% of the electric vehicle market in mainland China.
The E8 uses a Qualcomm Snapdragon 8295 chip to support its smart features like voice-activated controls. A 45-inch screen, the largest in a Chinese-made smart vehicle, is provided by display panel maker BOE Technology.
Currently, the B-class sedan category in China is dominated by gasoline models from foreign automakers such as Volkswagen and Toyota.
BYD, the world’s largest electric vehicle manufacturerbacked by Warren Buffett’s Berkshire Hathaway, delivered a total of 228,383 Then he to Chinese customers in 2023, up 59 percent year-on-year.
Sales of battery-powered vehicles in mainland China are expected to grow 20% year-on-year in 2024, according to a Fitch Ratings report released in November, a slowdown from last year’s 37% rise, according to the China Passenger Car Association.
China is the world’s largest market for automobiles and electric vehicles, with electric car sales accounting for around 60% of the global total. But only a few manufacturers, including BYD and Li Auto, are profitable.
A new round of price cuts is in effect, with major players like BYD and Xpeng offering discounts to attract buyers.
In November, Geely’s parent company formed a partnership with Nio, based in Shanghaia premium electric vehicle maker, to promote battery swapping technology as both companies try to overcome the problem of inadequate charging infrastructure.
Battery swap technology allows electric car owners to quickly swap a used battery for a fully charged one.
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