Hangzhou-based Geely Automobile plans to start delivering Class B sedans in February, hoping to target budget-conscious mainland motorists, said company CEO Gang Jiayue.
“In terms of safety, design, performance and intelligence, the E8 has proven to be superior to any blockbuster model,” he said at a media briefing after the launch ceremony on Friday. “We expect it to be an ideal model to replace both existing gasoline and electric vehicles.”
Geely Automobile has reduced the price of the model by 12,200 yuan from the price of 188,000 yuan on December 16, when pre-orders began.
Based on the company’s Sustainable Experience Architecture (SEA), the E8 is also the company’s first fully electric vehicle, following two plug-in hybrid vehicles launched in 2023: the L7 sport utility vehicle and the L6 sedan.
Competition intensifies as short sellers target world’s top EV maker BYD
Competition intensifies as short sellers target world’s top EV maker BYD
Its parent company, Zhejiang Geely Holding Group, also owns major manufacturers such as Volvo, Lotus and Link. Geely Holding has a nearly 6% share of mainland China’s EV market.
The E8 uses the Qualcomm Snapdragon 8295 chip to support intelligent features such as voice-activated controls. The 45-inch screen, the largest in a smart car made in China, will be supplied by display panel manufacturer BOE Technology.
Currently, China’s Class B sedan category is dominated by gasoline-engine models from foreign automakers such as Volkswagen and Toyota.
China’s BYD overtakes Tesla to become the largest manufacturer of pure electric vehicles
China’s BYD overtakes Tesla to become the largest manufacturer of pure electric vehicles
Sales of battery-powered vehicles in mainland China are expected to grow 20% year-on-year in 2024, slowing from a 37% increase last year, according to the China Passenger Vehicle Association, according to a November report from Fitch Ratings. It is said that they are doing so.
China is the world’s largest automobile and EV market, accounting for approximately 60% of global electric vehicle sales. However, only a few manufacturers such as BYD and Li Auto are profitable.
A new round of price cuts is underway, with top players such as BYD and Xpeng offering discounts to tempt buyers.
Battery swapping technology allows electric vehicle owners to quickly replace a used battery pack with a fully charged battery pack.
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