Growing and expanding at an unprecedented rate, the Chinese automobile industry witness a historic moment in the first quarter (Q1) of 2024 as Geely Group emerged as the first Chinese brand to secure a spot in the coveted Top-10 global sales chart. According to newly-released stats, the Geely Group sold approx. 730,000 vehicles worldwide in the first quarter of this year, which made the brand the very first Chinese automaker to enter the global top-10 sales chart.

Geely, which owns a number of well-established brands like Volvo, Lotus, Zeekr and Polestar, overtook Germany-based luxury automakers Mercedes-Benz and BMW to earn the 10th spot on the coveted list, thanks to its sales volume surge of 27 per cent year-over-year. In the January through March quarter of 2023, Geely was at the 12th spot worldwide.

The trailblazing achievement not only marks a momentous milestone for Geely but also highlights Chinese automobile industry’s growing influence in the global car market.

The top position on the chart global sales chart was grabbed by Japanese automobile giant Toyota Motor Corp., which sold 2.52 million vehicles. Toyota was followed by German automaker Volkswagen Group, which sold 2.1 million vehicles, up 3 per cent. The third spot was grabbed by Hyundai Motor Group, which sold 1.76 million vehicles, down 2 per cent year-over-year.

Some other Chinese automakers are also catching up, thanks to continuous increase in their sales. Even as the first quarter included the Lunar New Year holiday season, which usually lead to slowdown in sales due to closed stores, BYD, Changan, Chery and SAIC Motor all earned positions in the global top 20 sales chart. Together, the five Chinese automakers saw their combined sales surging more than 20 per cent year-over-year. On the other hand, the overall sales growth for the top twenty carmakers was merely 2 per cent.

Volvo, which is a subsidiary of the Geely Group, enjoyed an increase of 12 per cent in sales, while BYD’s sales jumped 13 per cent. The main force behind these impressive figures was exports. According available information, higher demand of Chinese vehicles, particularly EVs, in Europe added strength to these brands’ sales.

Geely’s groundbreaking achievement points to a paradigm shift in the automotive landscape. With growing influence of brands like Geely, China emerges as a formidable force poised to reshape the global automotive market.