Geely Automobile Holding has announced a $400 million loan. The amount is provided by a consortium of seven international banks, said to be the first such loan in the history of the Chinese auto industry. The funds will be spent on the development of “green” technologies: Geely expects to become a fully climate-neutral automaker by 2045.
The holding has officially announced that it will spend the borrowed money on research and development in the field of new energy technologies and the creation of environmentally friendly cars. In addition, the loan will allow the Chinese automaker to upgrade its production facilities.
By 2025, the company plans to produce cars whose life cycle emissions will be reduced by a quarter. At the same time, Geely has not yet announced a full transition to electric cars. At the moment, the company’s production range includes models with almost all types of power plants, from traditional internal combustion engines to diverse hybrids and electric vehicles.
In Geely Automobile Holdings Ltd. noted that the course taken by the company for “greening” was positively perceived by the market. In July, 26% of the auto giant’s sales came from the so-called NEV – New Energy Vehicles, that is, vehicles with alternative energy sources. Geely officially called this a record figure.
The Chinese company plans to electrify even the pickup segment. In early August, it became known about the imminent sale of the Radar RD6 truck, which will be able to drive up to 600 kilometers without recharging and take on board up to 755 kilograms of cargo.