Geely on Thursday revealed the L7, its first model in the new Galaxy electric vehicle lineup. The compact SUV enters the market as a direct competitor to BYD’s popular Song Plus model, with a similar size, driving range, and price tag.
Delivery of the L7 is scheduled to begin in the second quarter. Geely will release anywhere from one to seven models of the electrified, software-defined Galaxy lineup by 2025, targeting medium- to high-end buyers with a range including four plug-in hybrid electric vehicles (PHEVs) and three all-electrics, Gan Jiayue, chief executive of Geely Automobile Group, said during a press event.
Why it matters: Geely aims to make the long-anticipated Galaxy L7 a high-volume, landmark model and wants to become China’s next answer to BYD and Tesla in the country’s crowded electric vehicle race.
Details: The L7 is a similar size to BYD’s Song Plus SUV, at 4.7 meters in length with a 2,785-millimeter-long wheelbase. The plug-in hybrid will have a driving range of about 1,370 kilometers (851 miles) on a full tank of fuel and a full charge, compared with BYD Song Plus’ 1,200 km range.
- The vehicle will be equipped with an operating system designed by Ecarx, an auto chip software firm backed by Geely founder Li Shufu, and uses Qualcomm’s 7nm cockpit chip 8155. The setup allows passengers to play high-demand triple-A games while the car is in motion.
- Pre-bookings for the SUV are now open, for a deposit of RMB 599. The car is estimated to fall in the price range of RMB 150,000 to RMB 300,000 ($21,647 to $43,294). By comparison, BYD’s Song Plus DM-I is priced in the range of RMB 154,800 to RMB 218,800.
- Geometry, another of Geely’s affordable premium EV brands, is to pivot to the budget segment of the market with a price range of under RMB 150,000. Vice president Lin Jie told Chinese reporters he expects the two lineups to strengthen the company’s presence in segments that could account for more than 65% of the future new energy vehicle market (including EVs and PHEVs).
Context: Geely expects more than a third of its car sales to be either all-electric or hybrid vehicles this year, vowing to sell at least 600,000 electrified cars as part of a 1.65 million volume goal in 2023. The Zhejiang-based automaker posted total sales of roughly 1.4 million units last year, of which around 328,700 were electrified.
- Geely operates several EV brands, including Lotus, Polestar, and Zeekr, while Geometry contributed nearly half the company’s 2022 NEV sales. Zeekr has announced a goal to double sales of its premium EVs with an average price above RMB 330,00 to 140,000 units this year.
- BYD’s Song model was China’s most popular SUV of any kind last year, recording sales of 478,811 units with an annual growth rate of 137.4%, according to figures compiled by the China Passenger Car Association. Tesla followed with delivery of 315,314 Model Y vehicles, while Great Wall Motor booked sales of 250,120 units of the Haval H6.