Car manufacturer Geely, a prominent Chinese automaker, has turned its sights towards British consumers and even suggested the possibility of manufacturing vehicles in the UK. Despite being relatively unknown in the UK market, Geely has investments in Volvo, Lotus, and the black cab maker LEVC. Geely has announced plans to introduce 10 electric and plug-in hybrid models in the UK within the next three years, aiming to sell 100,000 cars annually.
The luxury all-electric sports utility vehicle, EX5, is Geely’s first offering in the UK market. Positioned as a competitor to Tesla’s Model Y from the US, the Geely EX5 starts at just under £32,000, significantly lower than Tesla’s flagship model which costs around £45,000. Geely also provides an EV Grant of up to £3,750 towards the purchase of the EX5.
Several Chinese automakers have entered the UK market due to the high demand for electric vehicles and the absence of import tariffs. Over 10 Chinese car brands are currently available in the UK, posing a significant challenge to traditional manufacturers from Europe and other regions. Data from the Society of Motor Manufacturers and Traders revealed that Chinese companies accounted for 12% of all new car sales in the UK last month. Notably, the well-known British car brand MG, now under Chinese ownership, outsold Renault and Tesla in September, selling 14,577 vehicles.
BYD, another Chinese car manufacturer, experienced an 880% increase in sales year-on-year in the UK. Selling 11,271 cars last month, BYD surpassed Honda, Citroen, and Fiat combined in sales volume. Autotrader reported that MG dominated the top five most searched-for new electric cars this month, with its S5 model leading the pack.
Geely’s UK chief, Michael Yang, indicated a possibility of utilizing existing Lotus and LEVC factories in the UK for Geely’s vehicle production. The UK government is reportedly interested in encouraging Chinese automakers to establish manufacturing plants in the UK to drive investment and job creation, drawing parallels to the influx of Japanese car manufacturers in the past.
However, concerns have been raised about the increasing influence of Beijing in the UK. Criticism arose after spying charges against two individuals were dropped, with accusations of prioritizing economic ties with China over the UK’s interests.