Geely Unveils New Hybrid Technology

BEIJING (Reuters) – China's Geely Automobile Holdings (OTC:GELYF) introduced its latest hybrid technology on Wednesday, showcasing improved fuel economy and driving range when compared to local rival BYD (SZ:002594).

Geely's Leishen EM-i technology can achieve a fuel consumption of just 2.62 litres per 100 kilometres (62.1 miles), and it boasts a combined range of 2,390.5 km using both gasoline and electricity, according to media test results.

In contrast, BYD's latest plug-in hybrid system, launched in May, claims a fuel consumption of 2.9 litres per 100 km on depleted batteries, with a driving range of 2,100 km when fully charged and with a full gasoline tank.

The first vehicle to utilize Geely's new hybrid system is the Galaxy Starship 7 crossover, which reportedly sinks fuel consumption to three litres per 100 km during real-world tests.

Geely's Leishen hybrid technology will also power vehicles from Renault (EPA:RENA), Volvo (OTC:VLVLY), and Lotus.

Amid intensifying competition in China's vast auto market, Geely aims to catch up with BYD as the country's sluggish economy affects electric vehicle sales growth.

Currently, BYD leads China's EV and plug-in hybrid sales with a 34.6% market share in the first nine months of this year, while Geely holds 7.4% and Tesla (NASDAQ:TSLA) follows with 6.5%.

BYD set a new quarterly sales record in July-September, largely propelled by a 76% surge in plug-in hybrid sales, reaching 685,830 vehicles, according to Reuters' calculations based on BYD's monthly data.