Summary
The Geely EX5 is a globally recognized electric vehicle (EV) model by Geely Auto, featuring advanced technology and modern design aesthetics. The vehicle is powered by a cutting-edge “Short Blade Battery” and a compact, lightweight 11-in-1 intelligent electric drive unit, promising efficient and eco-friendly performance. Despite a challenging start in the Thai EV market, with just over 1,000 units sold by March, Geely Auto has made strategic efforts to boost its global presence, as showcased by a significant price reduction of the EX5 in Thailand.
Geely Auto is making strides in the global EV market, demonstrated by an 18% Year-over-Year (YoY) increase in sales and a 38% YoY growth in exports to overseas markets in 2023. This growth is partly attributed to the launch of the EX5, a key component of Geely’s global New Energy Vehicle (NEV) strategy, and part of their ongoing commitment to global expansion and electrification. The Geely EX5, along with other electrified models, is expected to play a significant role in Geely Holding’s anticipated growth in the EV and alternative fuel vehicle market in 2024.
Geely’s commitment to sustainability is demonstrated through its ambitious carbon reduction goals and resource conservation initiatives. Their sustainability strategy extends to their operations in Thailand, where they have partnered with the Thonburi Group to boost localized collaboration and provide Thai consumers with an innovative brand experience. The Geely EX5, with its competitive pricing and advanced features, is positioned to make a significant impact on Thailand’s EV market, amidst government incentives designed to promote the production and purchase of EVs.
Despite stiff competition in the Thai EV market, particularly from the Proton eMas 7, the Geely EX5 has strategically responded with a significant price cut. Both models, while sharing the same powertrain, differ in battery packs and pricing strategies. The future prospects for the Geely EX5 and eMas 7 lie in their advanced features, strategic pricing, and the growing global demand for sustainable transportation solutions.
Detailed Overview of Geely EX5
The Geely EX5 is an innovative global model developed by Geely Auto, known for its advanced technology and expertise in designing, building, and producing world-class electric vehicles. It was first showcased at the prestigious 2024 Automechanika Frankfurt.
Design
The EX5 features a bold and dynamic exterior design, with a sleek, aerodynamic profile achieving a class-leading drag coefficient of 0.269. The sophisticated LED taillights and technological front grille underline its modern aesthetics. The EX5 interior design pairs cutting-edge technology with premium craftsmanship, aiming to redefine the modern driving experience.
Technology
The EX5 is equipped with the latest “Short Blade Battery” known for its exceptional safety and durability, and which has undergone rigorous tests under versatile extreme conditions. It is powered by the 11-in-1 intelligent electric drive unit, offering 160kW of peak power, ensuring a powerful, smooth, and eco-friendly performance. This drive unit is compact and lightweight, contributing significantly to the vehicle’s overall efficiency.
Charging
The EX5 boasts advanced charging capabilities, allowing it to charge faster thanks to its 11kW on-board charger and 100kW DC charging capability. With 100kW DC fast-charging capability, it can regain 30-80% of its battery capacity in just 20 minutes.
Safety Features
The Geely EX5 has a range of advanced active safety features, ensuring a safer, more confident drive. The car can react instantly to potential collisions by providing emergency steering adjustments, thereby enhancing control and reducing the risk or severity of an accident. The car’s structure features 8 horizontal and 2 vertical supports, bolstered by the “Cloverleaf” energy dissipation system, offering unmatched protection.
Performance
The EX5 is built on the Geely Global Electric Architecture (GEA) platform. Its smart electric motor provides 218 horsepower and 320 Nm of torque. The EX5 is designed for efficiency, with observed figures of under 15 kWh/100 km in various driving conditions. The powertrain is fed by a 60.22 lithium-iron-phosphate (LFP) battery, which has a high energy density and surpasses typical LFP batteries found in various other electric SUVs.
Geely’s Presence in the Global EV Market
Geely Auto, a subsidiary of the Hong Kong-listed holding company (HK.0175) that includes brands Lynk & Co and Zeekr, is establishing a significant presence in the global electric vehicle (EV) market. This global presence is partly realized through the launch of its EX5 model, which was developed with left- and right-hand drive options and refined with the input of Geely’s global design centers in Gotheburg, Shanghai, Coventry, and Milan. The EX5 is a significant component of Geely’s global New Energy Vehicle (NEV) strategy.
Geely Auto’s commitment to global expansion and electrification was emphasized at Automechanika Frankfurt, where they showcased their latest electrified models including the EX5, E8, and Xingyuan. The brand’s sales growth has been driven by an expanding global presence and electrified vehicle sales, with an 18% YoY increase in 2023 resulting in 1.68 million units sold.
Geely’s entry into the international EV market has also been noted in countries like Australia and Thailand. In Australia, the EX5 has been noted for its blend of comfort, technology, and efficiency, positioning it as a strong contender in the competitive family SUV segment. Despite less impressive sales figures in the early stages, with over 1,000 units sold by March in Thailand, Geely’s presence is already being felt in the region. The company is implementing its global strategy in a systematic way, seeking to boost overseas sales in Asia and the European Union by partnering with local players.
Geely’s Commitment to Sustainability
Geely’s expansion into global markets, including the Middle East, Asia Pacific, Africa, and Europe, has been characterized by a strong focus on sustainability and rapid electrification. This has been achieved through the introduction of 12 high-value products across 30 countries, all aimed at supporting global goals for sustainable mobility. This strategic expansion is particularly focused on key regions such as Norway, Australia, Thailand, and Indonesia. Victor Yang Xueliang, the Senior Vice President of Geely Holding Group, emphasizes that the company is committed to creating a better way of living by enhancing the mobility experience.
Strategy and Objectives
Geely’s sustainability strategy is focused on six core areas: compliance, addressing climate change, resource conservation, safe mobility, sustainable value chains, and employee and community welfare. The Group plans to achieve carbon neutrality by tapping into two major sources of energy: green electricity and green methanol. The company has committed to reduce lifecycle carbon emissions per vehicle by more than 25% by 2025 and aims to achieve carbon neutrality by 2045. This commitment to environmental responsibility is also evident in Geely Auto’s operations, which aim to achieve 100% standard treatment and emission of exhaust gas, waste water, and solid waste across all vehicle plants by 2022.
The Thai EV Market
The Thai EV Market has witnessed a significant boost due to various policy measures designed to stimulate the production and purchase of electric vehicles. These measures, which are set to be implemented from January 1, 2024, are part of an initiative to fortify environmental sustainability and elevate Thailand’s standing in the global green revolution .
Among the key policy measures is the “EV Tax Incentive Package,” which the National Electric Vehicle Policy Committee and other relevant government bodies endorsed on February 15, 2022. This package is a significant move by the Thai government to drive the development and transition toward zero-emission vehicles and establish Thailand as a battery electric vehicle production hub for the ASEAN region .
Thailand’s robust EV incentives for the period 2024-2027 reflect a strategic commitment to sustainable and green transportation solutions. The tailored measures aim to accelerate the adoption of electric vehicles and position Thailand as a pivotal player in the global electric mobility landscape . This proactive approach has led to Thailand attracting major automotive industry players, thereby strengthening its impact on the global EV market .
However, the growth in the Thai EV market is not without challenges. Not all electric vehicles have been received well in the market, as seen with the Geely EX5, which recorded sales of just over 1,000 units by March . Despite these hurdles, the growth potential of the Thai EV market remains robust due to the strong government support and the increasing global demand for sustainable transportation solutions.
Geely EX5 in the Thai EV Market
The Geely EX5, an electric vehicle (EV) has made significant strides in the Thai EV market, despite facing stiff competition. With over 1,000 units sold by March, it’s trailing behind the eMas 7, which has sold over 5,000 units, a fact that’s rather surprising considering the relatively smaller EV market in Malaysia compared to Thailand’s. The Thai electric SUV market is dominated by the BYD Atto 3, but the Geely EX5 is gradually making a name for itself. New competitors such as the Deepal S05 and MG S5, have also entered the market, with launches at the Bangkok motor show.
The Geely EX5 has had its price slashed, now making it slightly cheaper than the Proton eMas 7 in Malaysia, though the comparison may not be directly equivalent. Despite the price cut, Geely Auto is optimistic about increasing its market share, and is not deterred by the 18.8 per cent tariff levied by the EU on its pure EVs made in China. Geely has adopted a strategy of partnering with local players to boost overseas sales, with a focus on Asia and the European Union.
Geely Auto unveiled the world’s first right-hand drive GEELY EX5 at the 41st Thailand International Motor Expo 2024, in a strategic partnership with Thonburi Group. This move leverages Thonburi Group’s local expertise and Geely’s global EV technology leadership to meet the growing demand for sustainable transportation solutions in Thailand.
The Geely EX5 is now available for booking and purchase, as the company hopes to reshape Thailand’s EV market. This game-changing electric SUV can be explored at Booth B18 at the 41st Thailand International Motor Expo until 10th December 2024.
Geely Auto reported sales of 1.68 million units in 2023, marking an approximately 18% YoY increase, bolstered by their expanding global presence and electrified vehicle sales. Exports to overseas markets increased 38% YoY to 274,101 units. Consumer behavior towards EVs suggests that reputation-driven consumers prefer EVs when the purchase price is higher than that of other vehicles. Thus, the Geely EX5’s competitive pricing may attract a wider consumer base.
Comparison of Geely EX5 and eMas 7 Twin
The Geely EX5 and Proton eMas 7, despite being twins, have some significant differences, especially in terms of pricing and sales. The Geely EX5 had recorded sales of over 1,000 units by March of a particular year, while the eMas 7 surpassed 5,000 units, even though the EV market in Malaysia is considerably smaller than that of Thailand. As a response to the tough competition, the Geely EX5 has been heavily discounted, with a significant price cut of 100,000 baht (RM13k), thereby reducing its starting price to 799,000 baht (RM104.5k).
In terms of performance, both the Geely EX5 and eMas 7 share the same powertrain, featuring a front-mounted electric motor that produces 218 hp and 320 Nm. However, the battery packs differ between the two models. While both variants of the Geely EX5 utilize the same 60.22 kWh Aegis Short Blade battery from Geely, the base variant of the eMas 7 gets a smaller 49.52 kWh pack.
In addition to the significant price cut, Geely offers a slew of benefits to attract potential buyers, including three years of free scheduled servicing and a 12-month/1000kWh subscription to Evie’s public EV charging network.
However, consumer behavior indicates a preference for more expensive EVs, suggesting a reputation-driven motivation rather than pure environmental concern. Additionally, government incentives, such as tax benefits, can greatly influence the decision to purchase an EV, thus making these vehicles more attractive and cost-effective.
Impact of Price Cut on the Thai EV Market
The Geely EX5 has not been experiencing favorable sales numbers, with only slightly over 1,000 units sold by March of this year. However, its competitor, the eMas 7, has managed to sell over 5,000 units despite the Malaysian EV market being significantly smaller than that of Thailand’s. These figures indicate that Geely’s pricing strategy might not be as competitive as desired, leading to a major price cut of 100,000 baht (RM13k), reducing the starting price to 799,000 baht (RM104.5k).
This aggressive pricing strategy came about amid a fierce EV price war in Thailand, with other EV models such as the BYD Atto 3, Chery Omoda E5, and Aion Y Plus attempting to match the price point set by the Proton eMas 7 in Malaysia.
The price cut comes in response to the Thailand government’s EV 3.5 policy. This policy, set to be implemented between 2024 and 2027, aims to stimulate the production and adoption of electric vehicles by offering various incentives.
The drastic price reduction of the Geely EX5 in Thailand reflects the growing intensity of the country’s EV market and underscores the manufacturer’s determination to stay competitive. Given the influence of sociodemographic variables, car attributes, and external environmental factors on consumer behavior, it is likely that the price cut will drive increased adoption of the Geely EX5. The Geely Group, which has held the majority shareholding of the company since September 2016, will undoubtedly continue to devise innovative sales and marketing strategies to strengthen its bond with EV buyers.
Future Prospects for Geely EX5 and eMas 7 Twin
The competitive landscape of the electric vehicle (EV) market in Thailand and Malaysia features a series of discounting strategies to increase sales. The Geely EX5, despite having booked just over 1,000 units by March of the year, hopes to boost its competitiveness with a major price cut of 100,000 baht (RM13k), bringing the starting price to 799,000 baht (RM104.5k) . In contrast, the eMas 7 has seen stronger sales with over 5,000 units sold, leading other EV models to scramble to price match it in the Malaysian market .
Looking ahead, Geely Holding anticipates continued growth in electrified and clean alternative fuel vehicles sales and margins across its brands in 2024 . Almost all brands under the holding have announced new electrified models set to start global production and delivery in 2024 . This expansion and growth, coupled with the EX5’s advanced features and pricing strategies, highlight the potential future prospects for the Geely EX5 and its twin, the eMas 7, in the competitive EV market.
