Geely banks on EVs for sustained growth

Zhejiang Geely Holding Group Co said it will target new-energy vehicles to make up 90 percent of sales by 2020, the most ambitious plan by a Chinese carmaker so far to improve fuel efficiency ahead of a government-mandated deadline.

About two-thirds of Geely's new-energy vehicle sales will come from plug-in hybrids and gasoline-electric hybrids by the end of the decade, with the remaining from battery-electric vehicles, the company said on Wednesday.

China has a deadline requiring automakers to lower average fuel consumption across their models from 6.9 liters per 100 kilometers this year to no more than 5 liters per 100 km by 2020.